Aman Bajaj & Associates

Here's some clarity!

FAQ - Can we get GST Benefit on Mobile Phones | Electronics | Tax Benefits | CA Aman Bajaj To shed light & bring clarity once & for all, I went for making this video as I get asked by almost all my clients this very question!......

I always say this to my friends,
"Regret is a better teacher than Advice!"

I guess this resonates very boldly in my personal finance journey & I am not ashamed to share this with the world!

If you were to add to this list, what would be your mistake which you regret it till date ?
























#101 #

Sunday tweets

Just FYI!
Food license (FSSAI) is necessary even if you keep water bottles at your shop for retail trade.
Even a newspaper vendor who keeps water bottles on the side is required to obtain the same.
Wine Shop owners need to obtain the food license for the mineral water bottles, finger snacks, etc. in addition to the FL/CL License.

Avoid Penalties, be Proactive in such compliances.

take note!

Thought of just giving some to the provision of the Act!

This is for the benefit of the who have a lot of about the new law!

Hope this clears the air!

*New Income Tax Compliance*
The Government of India has introduced a new
*Section 206C(1H) of the Income Tax Act, 1961* with regards to “Tax Collection at Source”

Applicable to all sellers of goods whose turnover for the preceeding Financial Years exceeds Rs. 10 Crores rupees.

If during FY 2019-20, turnover was exceeding ₹10 Crores then for FY 2020-21 w.e.f 01.10.2020
this provision will become applicable to such sellers.

*Applicable from 01.10.2020*
1. Every seller who has received any amount as sale consideration above Rs. 50 lakhs has to collect additional 0.075% of bill amount, collect PAN and pay as TCS every month.

2. TCS returns have to be filed just like TDS returns are filed.

3. So everyone is advised to complete accounting for half year till 30.09.2020 and separate parties with whom sale of Rs. 50 lakhs is made.

4. From every sale after 01.10.2020 to such parties levy 0.075% TCS in every bill and keep record of the same

Accordingly sellers will need to add 0.075% to the bill value and deposit with the government.

Let us know if you need any assistance.

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Spreading some quick tips😁

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