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[ with effect from 1st July 2021 ] Finance Act 2021 has introduced a new Section 206CCA in Income Tax Act, 1961 to provide for collection of Income Tax at Source at higher rate than prescribed under respective section. 1.1 Provision enacted Where Tax is…
Details TCS collected by Seller u/s 206C 1H TDS deducted by Buyer u/s 194Q Rs Rs Goods Sold 1,10,000.00 1,10,000.00 (-)Discount -10,000.00 -10,000.00 Taxable Value [Sales] 1,00,000.00 1,00,000.00 GST@18% 18,000.00 18,000.00 Value Including GST 1,18,000.00 1,18,000.00 TCS@0.1% on Value including GST 118.00 – TOTAL…
With effect from 1st July 2021 The Finance Act 2021 introduced the new Section 206 CCA of the Income Tax Act, 1961 Income tax levied at a rate higher than that indicated under the relevant section. Rule 1.1 is enforced Where the amount or amount…