A view on the financial world.
There is often a certain level of confusion when it comes to contractual employees to file their returns. Do they show their income under head salaries or show under some other head? So income under head salaried is recorded only when there is an employer-employee contract. TDS for the same is deducted u/s 192. However, …
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TCS on High Value sale of Goods - Section 206C (1H) > Applicable on sellers of goods whose turnover exceeds INR 10 crores during the last year. This means that for the provision to be applicable during FY20-21, the sales should have exceeded INR 10 crores during FY19-20.> TCS is to be collected from buyers …
Continue reading "Major TCS Amendments applicable from 1st October 2020"
I. New Classification for MSMEs As announced as a part of economic stimulus and reforms in response to Covid 19, the Ministry of Micro, Small and Medium Enterprises has modified the classification criteria for MSMEs as follows- Existing Criteria- New Criteria (Applicable from 1st July 2020)- Note: All units with GSTIN listed against same PAN …
Continue reading "Udyam Registration and New Classification for MSMEs – All You Need to Know."
During the presentation of the Fiscal Budget, the Finance Minister announced revised slab rates of taxation for individuals, which are lower than the prevailing rates. However, there is a certain catch to it. Under the new rates, the assessee has to forego certain exemptions and deductions while computing the taxable income. Hence they might actually …
Ever since its recent spurge, the world has been abuzz with the possibilities and risks revolving around the latest fad among the investors, the Bitcoins. Bitcoins saw a huge spike in their prices, with more and more people wishing that they had invested in the cryptocurrency earlier. But it raises many questions altogether, and today …
Continue reading "Bitcoins- A Revolution or a Bubble about to Burst? – All You Need to Know"
The Financial Lens 