Dear Sir/Madam,

1) Our Turnover for Previous F.Y. (i.e. 2020-21) was more than Rs. 10 Crores.
2) We have a supplier who has charged TCS u/s 206C (1H) on the applicable Transactions since April 2021 to till date and will continue the same till 30.06.2021.
3) Now as per Rule u/s 194Q Buyer is liable to deduct TDS on Purchases exceeding Rs. 50 Lakhs. This rule will be applicable from 01.07.2021.

So, please help me understand few point with view to TDS on Purchase of Goods Rule u/s 194Q -

1) Will I have to deduct TDS on Purchases taken from this Supplier from 01.07.2021, as Purchases have already exceeded Rs.50 Lakhs as of date
OR
the threshold of Rs. 50 Lakhs be counted from transaction on and after 01.07.2021 to abide with TDS on Purchase of Goods Rule.

2) Will I have to deduct TDS while making payment of Invoice pertaining to April - June 2021 in which TCS was charged
OR
TDS be deducted on Transactions/Invoices on and after 01.07.2021 at the time of booking.

3) Is TDS to be deducted on NET Value excluding GST or on Gross Invoice Value.

4) Can my supplier continue to charge TCS instead of I deducting TDS.

Looking forward to your expert advise and guidance !

Thanks & Regards,
Rachana

Hi,
I am Proprietor of a firm and director of Pvt Ltd company. Proprietor firm have work experience in specific field and Pvt. Ltd is just few years old company and have less experience. How can i use work experience of proprietorship firm's in Pvt ltd for govt. tenders.

Thanks in Advance

DEAR SIR,
what is the procedures to be followed to takeover father business by son (father death) in gst and income tax?

Dear Experts,
Was there any extension in TDS deposit for March 2021 of section 194A I.e. interest other than security & deposit.

Pls clarify....

Thanks & Regards
Nikhil shakya

Can a listed company open a demat account in its name to hold the aggregate of Bonus Issue Fractional Entitlement for later disbursement of its sale proceeds to Entitlement holders
or
The demat account has to be in an individual name of any of its Director or KMP as Trustee/Nominee for further action

Our company had purchased a mobile worth Rs 1 lakh. Under which head it will be shown..And what will be the un the books

If a bill from supplier/service provider contains both GST and assessee has deducted TDS also, then how much amount would be charged to P&L A/c :

Case 1: assessee may take the ITC
Case 2: assessee isn't allowed to take ITC

Eg: A consultancy service has been received for Rs. 100000/- plus GST @ 18% is Rs. 18000/- and assessee has deducted TDS u/s 194J @10% Rs. 10000/-.
Now at the time of finalizing books, what amount an assessee may transfer to P&L A/c under the head Consultancy Charges

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Please let me know the procedure and documentation or checklist to be followed

Thanks in Advance

A doctor it returns filed two status(individual and huf).
Salaries transactions in individual books.
Salaries paid to compounder
Salaries paid to doctor (huf status)
Question:
Above transactions allowed in it act.

ONE OF THE GST REGISTERED DEALER WHO HAS NOT PAID LATE FEE& PENALTY DUE TO LESSER INCOME THAN THE LATE FEE & PENALTY CLAIMED BY GST DEPT. Because of non payment of Penalty & late fee the GST portal has a mechanism where it prohibits the dealer who is a defaulter of Late fee & penalty. Hence the dealer is unable to file GSTR3B in subsequent months. The dealer has purchased all itmes from the registered GST Seller. What is the option to claim ITC by the GST regd person other than filing GSTR3B