18Sep 2020 by Alok Shah No Comments

Note on section 206C(1H) of the Income-tax Act, 1961 – Tax Collection at Source (‘TCS’) on sale of goods

Income Tax
Note on section 206C(1H) of the Income-tax Act, 1961 – Tax Collection at Source (‘TCS’) on sale of goods Background: Finance Act 2020 has inserted new section 206C(1H), effective 1 Oct 2020, wherein TCS @ 0.1%1 of the sales consideration is required to be collected from a buyer, at the time of receipt of such consideration, if sale of goods exceeds INR 50 Lacs in the Previous Year. Relevant extract of the provision [Section 206C(1H)]: Every person, being a seller, who receives any amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, other than the goods covered in sub-section (1) or sub-section (1F) or sub-section (1G) shall, at the time of receipt of such amount,…
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08Sep 2020 by Alok Shah No Comments

How to Set Up Company Information in QuickBooks Online

Quickbooks
How to Set Up Company Information in QuickBooks Online You can follow along on your own QuickBooks Online account. If you don't have one already, click here to sign up for a free 30-day trial and follow along below. Why Is It Important to Set Up Company Information? It’s important to complete company information because what you provide in this section will affect the contact information that appears on the invoices, sales receipts, and estimates that you send to your customers. If you don’t complete Company set up then you are more likely to encounter issues. For example, if you send invoices to customers who you expect to mail you a check but you did not set up your contact information in Company Settings, then your invoice will not include…
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29Aug 2020 by Alok Shah

All About filing ITR 1 Sahaj For AY 20-21

Income Tax
All About filing ITR 1 Sahaj Who Should use this ITR1 Sahaj ? This form is for Individuals being a Resident (other than not ordinarily resident) having total income upto Rs. 50 lakhs, having Income from Salaries, one house property, other sources and agricultural income up to Rs. 5,000. Who is not eligible to use Form ITR-1 (Sahaj) for A.Y. 2020-21? This ITR Form should not be used by an individual who (Either conditions is fulfilled)– a) is a Director in a company; (b) has held any unlisted equity shares at any time during the previous year; (c) has any asset (including financial interest in any entity) located outside India; (d) has signing authority in any account located outside India; or (e) has income from any source outside India. This…
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25Aug 2020 by Alok Shah

How to E-Verify Your Income Tax Return

Income Tax
How to E-Verify Your Income Tax Return Once you have filed you return it is to e-verified or sent via post to CPC Bangalore. E-verifying the return is fast and easy way. Here are the few ways to e-verify your return Via net bankingVia Aadhaar OTPVia EVC on the Income Tax Department website Steps to E-Verify Your Tax Return  Step 1: Login to incometaxindiaefiling.gov.in  Step 2: Select the ‘View Returns/Forms’   Step 3: Select the option ‘Click here to view your returns pending for e-verification’     Step 4. Select the option ‘e-verify’.   Step 5: When you click on e-verify, there is a list of modes through which you can generate an EVC.   Step 6: Upon successfully generating the EVC through the desired mode, enter the EVC and submit.    Step 7: A confirmation message will be displayed with a transaction…
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25Aug 2020 by Alok Shah

Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens

Income Tax
Rs 20,000 hotel bill, Rs 50,000 insurance premium may come under I-T lens Did you spend over Rs 20,000 on a hotel stay or took a domestic business class fight? You could well come under the income tax scanner as the government plans to widen the list of reportable financial transactions to plug tax evasion and widen the tax base. The government proposes to include payments over Rs 50,000 on life insurance, health insurance premium payment over Rs 20,000, foreign travel and donations and payment of school/ college fees over Rs 100,000 a year in the list of Statement of Financial Transactions (SFT). Other transactions proposed to be included are purchase of white goods, jewellery and paintings over Rs 100,000 and demat accounts and bank lockers. With a list of…
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24Aug 2020 by Alok Shah

Changes and Update in GST Announced on 24th August 2020

GST
Few of the announcements and changes are as below For smaller taxpayers with an annual turnover of up to Rs 5 cr, the rate of interest for late filing of GSTR-3B returns halved to 9% if filed by Sep 30, 2020. The mandatory requirement of filing returns & statement of outward supplies using digital signature was relaxed.With effect from FY 2019-20, the Composition Scheme was extended to suppliers of services (up to Rs.50 lakh turnover). Further, composition taxpayers were allowed to furnish returns on an annual basis only as against having to file quarterly returns as was the case earlier.Filing of "Nil" GST returns through the SMS facility from the registered mobile number has been introduced which is expected to help almost 22 lakh Nil filers. A big step forward…
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