Saravana & Co VPS Consultancy Sarulatha & Saravanan

08/02/2020

BUDGET 2020:
206C – TCS
Overseas Tour program package
Tour operator to collect TCS @ 5%
In non-PAN/Aadhar cases TCS @ 10%
Above TCS not applicable if the buyer of package had deducted TDS on such package payment
Not applicable if package buyer is govt, govt dept

On Regular sales turnover
TCS @ 0.1% on sales turnover in excess of Rs. 50 lakhs in a year from buyer
In non-PAN/Aadhar cases TCS @ 1%
Applicable for sellers, whose sales turnover in immediately previous year is in excess of Rs. 10 Crores
Not applicable if buyer is govt, govt dept
No TCS is such sale transaction is subject to TDS by buyer
194-C
In a contract manufacturing, the raw material provided by the assessee or its associate shall fall within the purview of the ‘work’ under section 194C.

For TDS 194A, 194C, 194H, 194I, 194J and 206C
Individual and HUF
Turnover limit is Rs. 100 lakhs for business and Rs. 50 lakhs for profession. No more tax audit criteria

08/02/2020

BUDGET 2020:-
* 15% concessional tax rate for new power generation companies.
* To amend I-T Act to allow faceless appeals.
* To launch new direct tax dispute settlement scheme -- Vivaad se Vishwaas scheme.
* Interest and penalty will be waived for those who wish to pay the disputed amount till March 31.
* Aadhaar-based verification of taxpayers is being introduced to w**d out dummy or non-existent units; instant online allotment of PAN on the basis of Aadhaar.

08/02/2020

BUDGET 2020:-
If no business income – every year the above rates can be opted
If business income – tax rates once opted above, shall be binding for all years
Option available only once for withdrawal if he has business income. Then if he ceases to have business income, he can chose whatever option he wants.
If condition not satisfied, optional rate will cease and regular rates will apply for all years where the optional rate is opted
80C- 80 U – CHAPTER VIA - NO deductions permissible.
80CCD[2] –PERMISSIBLE - pension scheme of Central Government – MAX 10% OF SALARY
80JJAA – PERMISSIBLE – ADDITIONAL EMPLOYEE COST
80LA – PERMISSIBLE

24/12/2018

Insurance policy exemption:-

Premium 10% of sum assured விட கூடுதலாக இருந்தால், Maturity வரவுகளுக்கு வருமான வரி உண்டு.

Premium 10% of sum assured விட கூடுதலாக இருந்தால், 80-C, deduction கிடையாது.

ஆகையால், Insurance premium கட்டும் போது, Premium, sum assured ஐ விட 10% , அல்லது, அதை விட குறைவாக இருக்கும் வகையில் பார்த்துக் கொள்ளவும்.

Send a message to learn more

19/09/2018

*from now*
all assessment/scrutiny online
*shortly in future*
income tax office will not know the assessee
assessee will not know the income tax officer
*like 12th exam paper*
examiner will not know student - student will not know examiner

03/07/2018

https://portal.incometaxindiaefiling.gov.in/e-Filing/Services/ePAN.html?lang=eng
anyone can apply for pan now real time
pan will be generated instantly
required
aadhar and mobile number attached to aadhar
pan free and instantly available for some limited time.
use the above link to get pan for friends, relatives, associates, business colleagues free of cost and instantly. one condition
aadhar + mobile number attached to aadhar + correct date of birth in aadhar database in dd/mm/yyyy format
if there are any issues, you can update aadhar and then apply for pan
hurry!!!

This is to inform that by clicking on the hyper-link, you will be leaving e-Filing Portal and entering website operated by other parties. Such links are provided only for the convenience of the client and e-Filing Portal does not control or endorse such websites, and is not responsible for their con...

18/04/2018

Link your Aadhar with PAN. Compulsory after June 2018. If not Income Tax Returns can't be filed.

30/03/2018

INCOME TAX DEPARTMENT IS AWARE OF ALL YOUR FINANCIAL TRANSACTIONS.
உங்கள் நிலம் வீடு விற்பனை பற்றிய தகவல் வருமான வரி துறைக்கு, சார் பதிவாளர் அலுவலகம் தகவல் தந்து விடும்.
வருமான வரி தாக்கல் செய்யும் போது, விற்பனை கணக்கு காட்டி வரி கட்டி தாக்கல் செய்யவும்.

23/02/2018

13/12/2017

Office get together at erode Barbeque Nation