Discussing 3 stringent Income Tax provisions applicable w.e.f 1st July 2021 i.e. Section 194Q, Section 206AB, and Section 206CCA of the Income Tax Act.
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Section 194Q, which will be effective from 1st July 2021 states that TDS is to be deducted at 0.1% if the aggregate amount of purchases by buyer exceed Rs 50 lakh.
CBIC has clarified that services provided to an educational institution by way of serving food is exempt from levy of GST irrespective of its funding from government grants or corporate donations.
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Section 194Q/206C(1H) states that TDS/TCS @ 0.1% shall be deducted when the aggregate value of purchase/sale of goods during the year exceeds Rs. 50 lakhs.
The pandemic has brought the focus on the importance of cost management of resources. In this article, we have answered queries which a company can have with regard to cost records applicability, or cost audit.
Merely having a University/Educational Institution is not sufficient for applicability of Notification No. 45/2017 - Central Tax (Rate) and 47/2017 - Integrated Tax (Rate), for applicability of concessional tax rate of 5%.
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