TAXGyaAan

Central Board of Direct Taxes and Customs issued an Order dated September 29, 2020, regarding the information of GST Returns in Form 26AS.   Central Board of Direct Taxes (Board), hereby authorizes the Principal Director General of Income-tax (Systems) or the Director-General of Income-tax (Systems) to upload information relating to GST return , which is in his possession, in the Annual Information Statement in Form 26AS.   Author's comment Inter-unit transactions would pose a challenge in line to line matching of the tax data as per GST returns and as per Income tax filings. SOURCE : CBIC NOTIFICATIONS Disclaimer :  TAXGyaAan is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It will not be treated as professional advice. This Blog should not be substituted for professional advice. For specific Queries, please post in the comments section.

  The Finance Act, 2020 has made an amendment by insertion of sub-section (1H) in section 206C of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) which is effective from 01.10.2020. As a result of the said amendment, 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 shall at the time of receipt of such amount collect from the buyer, a sum equal to 0.1 percent of the sale consideration exceeding fifty lakhs as income tax. This provision is applicable only on those businesses whose turnover of Last F.Y. is more than Rs. 10Crs If the buyer has not provided PAN or Aadhar, then TCS rate will be 1%. Note : For F.Y. 2020-21 rate of TCS is 0.075%. This provision is not applicable if the buyer is: Ø       Central Government, state government, an embassy, a high commission, legation, commission, consulate and the trade representation of foreign state. ...