The Services Accounting Codes (SAC) system is used to classify services in India for taxation purposes.
These codes cover the wide range of services that a Chartered Accountants Office provides to its clients. It is important for businesses to correctly classify the services they offer using SAC codes, as incorrect classification can result in incorrect taxation and penalties.
This article is penned down to enlighten the implications in respect of capital goods that are lost, stolen, destroyed, or disposed of by way of gift and sale of capital goods under the Goods and Services Tax Act, 2017.
E-RUPI is Contactless digital Platform to enable payments at any place in the country, this Facility will provide users to get prepaid vouchers of the desired amount to complete the payment with the merchants accepting E-RUPI.
“Compliance Check for Section 206AB & 206CCA” functionality enables tax deductors/collectors to verify if a person is a “Specified Person” as defined in Section 206AB & 206CCA. This functionality is available to the Principal Officers of the registered TAN at the home page of Reporting Portal (After Login).
All users who wish to use DSC are required to re-register their DSC on the new portal using ‘Register DSC’ service. The DSC registered on the previous e-filing portal will not be migrated to the new portal due to security and technical reasons. The Register Digital Signature Certificate (DSC) service is available to all registered users of the e-Filing portal.
Since tax deductor/collector is responsible for deducting/collecting TDS/TCS, it becomes their responsibility to identify the specified person which in turn leads to an additional burden on their part. To ease this compliance burden, CBDT has issued a Circular regarding the use of functionality under Section 206AB and 206CCA of the Income-tax Act, 1961.
Finance Act, 2021 has introduced Section 194Q in the Income-tax Act, 1961 requiring the buyer of goods to deduct TDS @ 0.10% on amounts paid or payable to the seller of goods. These provisions are applicable to those buyers whose total turnover/ gross receipts/ sales in the preceding financial year exceeds ₹ 10 crores.
Traces Codes for Lower Deduction/ Reason for Non-Deduction/ Higher Deduction/ Threshold/ Transporter etc. for Form 26Q, for Non-Deduction/ Lower Deduction/ Grossing-Up/ Higher Deduction for Form 27Q and for Non-Deduction/ Lower Deduction/ Grossing-Up/ Higher Deduction for Form 27EQ.
Everyone from large corporates to small businesses to the common man waits with bated breath to see the changes that the budget 2021 brings with it. It’s the first budget post the pandemic. The Indian economy had taken a hit but is now on the road to recovery.
Certain key points as regards refund have been discussed in this article under the following heads, a) The process to claim an income tax refund, b) Early processing of return leads to early refund receipt, c) What to do if a refund is not processed at CPC, d) Interest on income tax refund etc.
