Tax Collection at Source on Sale of Goods – Extended Spotlight Obligation starts from 1st Oct 2020

To increase the tax base and to have more information about business transactions, Indian Government has made certain changes in the Income Tax Act 1961 through The Finance Act 2020. One of the change introduced is obligation on seller to collect tax at a specified rate from purchaser over and above the consideration for goods supplied and deposit that tax with the Govt. Earlier such obligations were there but with reference to trading of alcohol, forest products and scrap sale. The current chaTo increase the tax base and to have more information about business transactions, Indian Government has made certain changes in the Income Tax Act 1961 through The Finance Act 2020. One of the change introduced is obligation on seller to collect tax at a specified rate from purchaser over and above the consideration for goods supplied and deposit that tax with the Govt. Earlier such obligations were there but with reference to trading of alcohol, forest products and scrap sale. The current chataxmann.com Latest ArticlesRead More

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