FAQ’s on TDS Under Section 194-IB
Section 194-IB contains provisions relating to TDS on payment of rent by individuals or HUF not covered under Section 194-I.
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FAQ’s on TCS Under Section 206C(1H)
Tax to be collected at source by the seller on receipt of sale consideration for the goods sold to the buyer.
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FAQ’s on TDS under Section 194-IA
The person who is buying any immovable property has to deduct tax at the rate of 1% while making payment to the seller.
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FAQ’s on TDS under Section 194Q
Tax to be deducted at source by the buyer while making payment to the seller in respect of purchase of goods.
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FAQ’s on TDS under section 194-I
The person (other than individual and HUF) who is responsible for paying rent to residents is liable to deduct tax at source under section 194I of the Income Tax Act, 1961.
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FAQ’s on TDS under section 194-O
A E- commerce operator is required to deduct TDS @ 1% while making payment to E-commerce participants on the gross amount of sale of goods/services or both.
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FAQ’s on Composition levy – Section 10 of CGST Act, 2017
The Composition scheme under GST is an alternative method of levy of tax especially for small tax payers whose aggregate turnover does not exceed Rs.1.5 crore in the previous financial year.
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FAQ’s on Supply – Section 7 of CGST Act, 2017
If the value of the gift exceeds Rs. 50,000, the transaction shall be considered as supply as per para 2 of Schedule 1 of CGST Act. Therefore, GST will be applicable.
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FAQ’s on Reverse Charge Mechanism
Normally, the supplier should collect GST from the receiver and remit it to the government. In cases where reverse charge mechanism is applicable, the onus to pay GST rests upon the receiver of the supply.
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FAQ’s on Section 8 of CGST Act, 2017 – Composite & Mixed supply
In certain cases, supplies are a combination of goods or combination of services or combination of both goods and services and each component of such supply may be taxed at different rates.
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