#tds flipkart

[cadeveshthakur]

Flipkart Lower Deduction Certificate (LDC)|Online sellers|TDS Compliance...

[infinityservicesblog]

Section 194O of the Income Tax Act

Section 194O of the Income-tax Act, 1961 deals with Tax Deducted at Source (TDS) on payments made to e-commerce participants. It was introduced in the Union Budget 2020 and came into effect on 1st October 2020.

Here's a summary of the key points of Section 194O:

Who is responsible for deducting TDS? 

 E-commerce operators like Amazon, Flipkart, Meesho, etc., are responsible for deducting TDS at the rate of 1% on the gross amount of sales made through their platform by sellers (e-commerce participants).

What transactions are covered? 

The TDS applies to sales of goods, provision of services, or both facilitated through the e-commerce platform. This includes professional and technical services as well.

When is the TDS deducted? 

The TDS is deducted at the time of crediting the seller's account, irrespective of the mode of payment, or at the time of making payment to the seller, whichever is earlier.

Threshold limit: 

There is no threshold limit for e-commerce companies. They are required to deduct TDS on all transactions facilitated through their platform. However, for individual/HUF e-commerce participants, no TDS is deducted if the gross amount of sales during the previous year does not exceed Rs 5 lakh and they have furnished their PAN or Aadhaar.

Purpose of Section 194O: 

This section aims to improve tax compliance by bringing e-commerce participants under the TDS net. Many small sellers operating on e-commerce platforms often miss filing their income tax returns. By collecting TDS at the source, the government ensures that some tax is collected upfront even if the seller doesn't file their returns.

I hope this summary is helpful. If you have any further questions about Section 194O or its implications, feel free to ask!

Gaurav Sharma

8878797882

Infinityservices2018@gmail.com

Infinityservices2018.com

[notiziariofinanziario]

Il 2023 ha messo a dura prova la criptovaluta MATIC 

Nel 2023 il prezzo della criptovaluta MATIC ha oscillato recuperando meno rispetto al resto del mercato. Tutto sommato, però, il token di Polygon ha chiuso il 2023 con una nota positiva, guadagnando un modesto 28%. Anche se sembra un risultato minimo rispetto alle performance che hanno caratterizzato buona parte del mercato nel corso del 2023, il fatto di aver chiuso l’anno in verde significa che MATIC continua a conservare un certo potenziale di crescita. Nonostante tutto, gli esperti si dicono ottimisti sul futuro del token. Ma è ancora presto per cantare vittoria. L’inizio del 2024 ha azzerato i guadagni recenti di MATIC. La condizione generale del mercato e le performance di MATIC a inizio 2024 A partire dal 2 gennaio 2024, MATIC ha iniziato a erodere i guadagni ottenuti fino a quel momento e il prezzo è passato da 1,08$ a dicembre a 0,74$ in meno di due settimane. Adesso il token è scambiato a 0,8022$ in calo del 3,56% in 24 ore, calo che diventa del 19,54% in una settimana, azzerando quasi tutti i guadagni di dicembre, un mese di solito buono per le criptovalute. Ma questi freddi numeri non raccontano tutta la storia. MATIC conserva il quindicesimo posto per capitalizzazione di mercato nel mondo crypto, con un valore di quasi 7,3 miliardi di dollari. Nonostante le cattive performance recenti, la sua posizione dimostra il suo ruolo tra gli attori più importanti in un mercato aspramente competitivo. L’innovazione non si ferma per Polygon Labs Sono state annunciate nuove funzionalità per MATIC da Polygon Labs a partire dal 2024. Già durante il 2023, il team ha messo a segno importanti progressi, in particolare con il lancio di Polygon zkEVM a marzo. Questo sviluppo incentrato sulla tecnologia a conoscenza zero, è fondamentale per perseguire l’obiettivo di diventare una piattaforma importante con una rete interoperabile tra le blockchain di livello 2. A completare il quadro concorrono anche i cambiamenti significativi nell’ecosistema Polygon, incluso il previsto aggiornamento del suo token nativo da MATIC a POL e la transizione del meccanismo di consenso di tipo PoS a un modello di blockchain validium sviluppata su Ethereum. Questi cambiamenti, per ora in fase di sviluppo, potrebbero influenzare in modo significativo il valore e la percezione di MATIC nel mercato. La portata dei cambiamenti previsti sul valore di MATIC Grandi aziende e marchi, come OKX e Flipkart, hanno già abbracciato la visione proposta da Polygon, utilizzando un kit di sviluppo del canale (CDK) lanciato lo scorso agosto. Potrebbe essere proprio la fiducia dimostrata dai principali attori del mercato a dare una misura del potenziale di crescita di MATIC. Inoltre, la piattaforma TheDeFiInvestor ha recentemente anticipato la possibilità di un grande annuncio che riguarda Polygon zkEVM già per la prossima settimana. Questo annuncio, legato al lancio di Polygon Hermez, un rollup a conoscenza zero pensato per aumentare la scalabilità e la riservatezza delle transazioni su Polygon, potrebbe generare un significativo aumento di interesse e investimenti. La maggior parte degli analisti crypto ritiene molto probabile che il prezzo del MATIC ricominci a salire. Domenica scorsa il token aveva anche registrato un breve aumento a 0,84$, prima che gli orsi riprendessero il controllo del mercato. Studiando l’indicatore sequenziale TD (Tom DeMark), utilizzato per rilevare i punti di inversione di tendenza, vediamo la presenza di un segnale di acquisto sul grafico a 4 ore di MATIC. Questo suggerisce un possibile recupero dei guadagni persi e un’ascesa ai livelli di prezzo di 0,88$ o anche 0,96$. Questo sarebbe già un aumento sostanziale rispetto al prezzo attuale, alimentando le ipotesi di un futuro radioso per MATIC nel 2024. Alternative a bassa capitalizzazione e alto potenziale: Bitcoin Minetrix Bitcoin Minetrix, una startup di cloud mining tokenizzato, sta acquisendo popolarità e di recente ha raccolto 7,8 milioni di dollari con la prevendita del suo token BTCMTX. Il vantaggio offerto è il cloud mining di Bitcoin basato su Ethereum, più economico del mining tradizionale e anche più semplice rispetto al protocollo tradizionale. Innovativo e accessibile, Bitcoin Minetrix offre un modello di ricompensa unico per i possessori di BTCMTX. Gli utenti guadagnano crediti sul cloud mining che offre un reddito passivo basato sulla quota di questi crediti. A loro volta, i crediti si possono convertire in hash power per il mining in cloud, garantendo flessibilità e facilità di accesso senza precedenti in questo settore molto elitario. Se sei interessato, approfitta della prevendita del token BTCMTX a 0,127$. Read the full article

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Buy treadmill online for home use at best price. UrbanTrek™ TD-M6 100% Pre-Installed, Multi-Feature, 100% Flat Treadmill with free shipping and warranty.

[guptachandanassociates]

HC grants relief to ‘Flipkart’ on reimbursement payments; Nil TDS Certificate can be issued u/s 195

HC grants relief to ‘Flipkart’ on reimbursement payments; Nil TDS Certificate can be issued u/s 195

INCOME TAX : There is no bar on applying u/s 195(2) or u/s 197 for nil TDS certificate, even in respect of tax-exempt paymentsINCOME TAX : There is no bar on applying u/s 195(2) or u/s 197 for nil TDS certificate, even in respect of tax-exempt paymentswww.taxmann.com Latest Case LawsRead More

[legalwindowjai]

GST Registration in Jaipur

About GST Registration

Introducing Goods and Services Tax (GST) has been a big tax reform in India. And so much time has passed since its introduction that questions like “what is GST Registration” do not sound right. So here is a brief introduction

·       GST is the only tax that one has to get his/her business registered under.

·       If your business is not GST registered, heavy fines and penalties can be levied.

·       GST Registration allows you to collect GST from your customers.

·       To avoid going against the law, get your business registered for GST.

·   You can get your GST Registration in Jaipur through Legal Window. Here, we excel in lessening the burden of a lengthy registration process. Our expert team will guide you on how you can get GSTIN in a hassle-free way. You can apply anytime for your GST number whether you are based in Delhi NCR, Mumbai, Bengaluru, Chennai, or anywhere in India.

Types of GST

India has a Dual GST Model. Under this tax may be levied simultaneously by both Central and State governments on certain taxable supplies. Such as on inter-state supplies, tax is levied by Central Government.

Features

Central GST – CGST

State GST – SGST

Integrated GST – IGST

Tax Levied By

Central Government on Intra-State supplies of  Goods and/or Services

State Government, on Intra-State supplies

Central Government, on Inter-State supplies

Applicability

Supplies inside a state

Supplies inside a state

Interstate supplies and import

Input Tax Credit

Against CGST and IGST

Against SGST and IGST

Against CGST, SGST, and IGST

Tax Revenue Sharing

Central Government

State Government

Shared between State and Central governments

Free Supplies

Applicable

Applicable

Applicable

Who Must Get GST Registration

All businesses involved in buying or selling goods or providing services, or both, should register for GST. But for the below-listed persons, GST Registration is compulsory.

· Previous Law Converted Taxpayer – All individuals or companies registered under the Pre-GST tax laws like Service Tax or Excise or VAT, etc.

· Turnover for Goods Provider – If your sales or turnover of goods is crossing Rs. 40 lakh in a year then GST Registration is mandatory. For the Special Category Status, the limit is Rs. 20 lakh in a year.

· Turnover for Service Provider – If you are a service provider & sales or turnover is crossing Rs. 20 lakh in a year then GST Registration is mandatory. For the Special Category Status, the limit is Rs. 10 lakh in a year

· Casual Taxpayer – If you supply goods or services, in events/exhibitions, and do not have a permanent place for doing business. In such cases, GST is charged based on an estimated turnover of 90 days. The validity of the Registration is also 90 days.

· Agents of Suppliers or Input Service Distributor (ISD) – All supplier agents and ISD, to earn benefits of Input Tax Credit, need GST Registration.

· NRI Taxable Person – If you are an NRI or handling the business of NRI in India.

· Reverse Charge Mechanism (RCM) – Businesses who need to pay taxes under the RCM also need to be GST registered.

· E-Commerce Portals & Sellers – Every e-commerce portal (such as Amazon or Flipkart) under which multiple vendors are selling their products. Or for all vendors. You need a GST Registration.

· Outside India Online Portal – For suppliers of online information and database access or retrieval services from a place outside India to Indian Residents.

· Transferee – When the business has been transferred.

· Inter-State Operations – Persons making an inter-state supply. Whatever the turnover.

· Brands – Aggregator who supplies service under his Brand or Trade Name.

· Other Taxation – Persons who are required to deduct tax u/s 37 (TDS) of the Income Tax Act.

· Voluntary GST Registration – Any entity can obtain GST registration at any time. Even when the above mandatory conditions don’t apply to them.

· Inter-State Registration – If you are a supplier in more than one state you need GST Registration in all the states that you supply goods or services.

· Branches – If your business has multiple branches in multiple states, register one particular branch as the main office or head office and the remaining branches as additional. (Not applicable if the business has separate verticals as listed in Section 2 (18) of the CGST Act, 2017.)

The Special Category States under GST Act are:

(a) Arunachal Pradesh, (b) Assam, (c) Sikkim, (d) Meghalaya, (e) Tripura, (f) Mizoram, (g) Manipur, (h) Nagaland, and (i) Himachal Pradesh. These states can opt for tax payable at a concessional rate.

GST Registration Process on Government Portal

To register for GST on the Government site, you need to follow the below steps. Cautiously & Accurately.

· Go to the Government GST Portal and look for Registration Tab.

· Fill PAN No., Mobile No., E-mail ID, and State in Part-A of Form GST REG-01 of GST Registration.

· You will receive a temporary reference number on your Mobile and via E-mail after OTP verification.

· You will then need to fill Part-B of Form GST REG-01. To be duly signed (by DSC or EVC) and upload the required documents specified according to the business type.

· An acknowledgment will be generated in Form GST REG-02.

· In case of any information is pending from your side. It will be sought from you by intimating you in Form GST REG-03. for this, you may be required to visit the department and clarify or produce the documents within 7 working days in Form GST REG-04.

· The office may also reject your application if they find any errors. You will be informed about this in Form GST REG-05.

· Finally, a certificate registration Finally, a certificate of registration will be issued to you by the department after verification and approval in Form GST REG-06

The procedure of GST Registration through Legal Window

 Fill out the simple application form provided on our website.

 Send your documents that are required according to your category of business.

 We will file all your forms on behalf of you along with the declaration.

 As soon as we will get your GST number, we will send you by E-mail.

 What’s included in our package?

GST Certificate with ARN and GSTIN Number

GST HSN Codes with Rates

GST Invoice Formats

GST Return Filing Software

GST Invoicing software

Documents Required

For Sole Proprietorship / Individual

· Aadhaar card, PAN card, and a photograph of the sole proprietor

· Details of Bank account- Bank statement or a cancelled cheque

· Office address proof:

oOwn office – Copy of electricity bill/water bill/landline bill/ property tax receipt/a copy of municipal khata

oRented office – Rent agreement and NOC (No objection certificate) from the owner.

For Partnership deed/LLP Agreement

· Aadhaar card, PAN card, Photograph of all partners.

· Details of Bank such as a copy of the cancelled cheque or bank statement

· Proof of address of the principal place of business and additional place of business :

oOwn office – Copy of electricity bill/water bill/landline bill/ a copy of municipal Khata/property tax receipt

oRented office – Rent agreement and NOC (No objection certificate) from the owner.

· In case of LLP- Registration Certificate of the LLP, Copy of board resolution Appointment Proof of authorized signatory- letter of authorization

For Private limited/Public limited/One person company

· Company’s PAN card

· Certificate of Registration

· MOA (Memorandum of Association) /AOA (Articles of Association)

· Aadhar card, PAN card, a photograph of all Directors

· Details of Bank- bank statement or a cancelled cheque

· Proof of Address of Principal place of business and additional place of business:-

oOwn office – Copy of electricity bill/water bill/landline bill/ a copy of municipal khata/ property tax receipt

oRented office – Rent agreement and NOC (No objection certificate) from the owner.

· Appointment Proof of authorized signatory- letter of authorization

For HUF

· A copy of the PAN card of HUF

· Aadhar card of Karta

· Photograph

· Proof of Address of Principal place of business and additional place of business:

oOwn office – Copy of electricity bill/water bill/landline bill/ a copy of municipal khata/ property tax receipt

oRented office – Rent agreement and NOC (No objection certificate) from the owner.

· Details of Bank- bank statement or a copy of a cancelled cheque

For Society or Trust or Club

· Pan Card of society/Club/Trust

· Certificate of Registration

· PAN Card and Photo of Promotor/ Partners

· Details of Bank- a copy of the cancelled cheque or bank statement

· Proof of Address of registered office :

oOwn office – Copy of electricity bill/water bill/landline bill/ a copy of municipal khata/ property tax receipt

oRented office – Rent agreement and NOC (No objection certificate) from the owner.

· Appointment Proof of authorized signatory- letter of authorization

Penalties of Non-Compliance

All GST Returns must be filed by the 20th of the following month. There are strict laws under the GST Act for non-compliance with the Rules & Regulations.

Penalty for Not Getting GST Registration, when a business is coming under the purview. The penalty is 100% of the tax amount if the offender has not filed for GST registration and intends to purposefully avoid it. The amount is the tax as applicable. Or Rs. 10,000, whichever is higher.

A penalty of 100% tax due or Rs. 10,000, whichever is higher, is also applicable to those who choose Composition Scheme despite not being eligible for it.

Any offender not paying his due tax or making short payments (genuine errors) is liable to pay a penalty of 10% of the tax amount. This amount cannot be less than Rs 10,000.

A person guilty of not providing the GST invoice is liable to be charged 100% tax due or Rs. 10,000. Whichever is higher.

An offender will be charged a fine of Rs. 25,000 for incorrect invoicing.

If a person has not filed for unpaid tax, there is a penalty of Rs. 50 per day. Rs. 20 per day if he was to file for NIL returns. And the maximum amount must not exceed Rs. 5,000.

There is also a provision of a penalty by a jail term for tax offenders to commit fraud.

Benefits of GST Registration

· Elimination of Multiple Taxes

One of the benefits of GST is the elimination of multiple indirect taxes that existed earlier. So many taxes have been replaced. Taxes like excise, octroi, sales tax, Service tax, CENVAT, turnover tax, etc are not applicable anymore and all those have come under a common tax called GST.

· Saving More Money

GST applicability has resulted in the elimination of double charging in the system for the common man. Through this, the price of goods and services has been reduced & helping the common man to save more money.

· Ease of business

GST brought the concept of “One Nation One Tax”. That unhealthy competition that existed earlier among the States has benefited businesses wishing to do interstate business.

· Cascading Effect Reduction

From manufacturing to consumption, GST is applicable at all stages. It is providing tax credit benefits at every stage in the chain. In the earlier scenario, at every stage, the margin used to get added and tax was paid on the whole amount. Under GST the businesses are taking benefit of Input Tax Credit and tax is being paid on the amount of value addition only. GST has reduced the cascading effect of tax thereby reducing the cost of the product.

· More Employment

Because GST has reduced the cost of products, the demand, for some – if not all, products has increased. With the increase in demand, to meet the increase in supply, the employment graph has started going up.

· Increase in GDP

The higher the demand, the higher will be the production. This results in a higher Gross Domestic Product (GDP).

· Reduction in Tax Evasion

Goods and services tax is a single tax that includes various earlier taxes and has made the system efficient with fewer chances of corruption and Tax Evasion.

· More Competitive Product

Manufacturing has become more competitive with GST eliminating the cascading effect of the tax, inter-state tax, and high logistics costs. Bringing competitiveness as GST will address the cascading effect of the tax, inter-state tax, and high log benefits to the businessman and consumer.

· Increase in Revenue

Under the GST regime, 17 indirect taxes have been replaced with a single tax. The increase in product demand means higher tax revenue for state and central governments.

What is a Voluntary GST Registration?

A person who is not liable, still files for GST application, can get registered. However, then, it becomes essential for him to file Returns, after getting a GST number. Else, he will have to pay a penalty, as applicable.

You can choose to register for GST voluntarily too.

Especially if you are wishing to claim Input Tax Credit. Even if you are not liable to be registered, you can be registered voluntarily. After registration, you will also have to comply with regulations as applicable to those required to be registered.

Benefits of registering voluntarily under GST

·       Take Input Tax Credit,

·       Operate interstate without restrictions,

·       Have the option to register on e-commerce websites,

·       Have a competitive advantage compared to other rival businesses,

·       Fewer hassles and better compliance with government licensing agencies,

·       Focus on Your Business Growth.

Input Tax Credit or ITC

Inputs are all those goods that went into creating the finished products provided to the final consumer. Businesses are charged GST on goods/services that are used as inputs. The ITC mechanism allows GST registered businesses to receive refunds on the GST paid for purchasing all inputs. This helps prevent the cascading taxation effect, which was the primary reason behind the introduction of the GST.

For instance: GST payable on the supply of the final product of a manufacturer is Rs. 850 and the GST paid on inputs is Rs. 725. The manufacturer can claim the Rs. 725 as ITC. This brings the net tax payable at the time of supply to Rs. 125 only (Rs. 850 – Rs. 725).

Under the previous indirect tax regime of levy of Service Tax, VAT, and Excise – a lot of input tax credit was not properly utilized.

Who are eligible to claim Input Tax Credit?

ITC is available only to those entities that have registered under the GST Act. Only GST registered businesses can claim ITC on the tax paid for the purchase of any business relevant inputs.

Who cannot claim ITC?

Input Tax Credit can be claimed only for business purposes. It is not available for goods or services exclusively used for:

·       Personal use,

·       Exempt supplies,

·       Supplies for which ITC is specifically not available.

Apart from the above, there are some other cases where ITC will be reversed. Such as Credit Notes issued to ISD, Non-payment of invoices within 180 days, assets bought partly or wholly for exempted supplies or personal use, etc.

Conditions for claiming Input Tax Credit

1.     GST invoice showing details of tax paid is necessary,

2.     The goods on which GST has been paid have been received by the consumer,

3.     The applicant has filed the relevant tax returns,

4.     The supplier had paid the due tax to the government,

5.     The ITC applicant is registered under GST,

6.     If goods were received in installments, ITC can be claimed only after the final lot has been received.

ITC cannot be claimed if:

·       Composition tax registered entities paying GST on inputs,

·       If depreciation has been claimed on the tax part of a capital good,

·       On goods not used as inputs such as supplies for personal use,

·       On goods on which ITC is not applicable under the GST Act (exempted goods).

Input tax credits can be used as:

·       CGST input tax credits are allowed to be used to pay CGST and IGST,

·       SGST input tax credits are allowed to be used to pay SGST and IGST,

·       IGST input tax credits are allowed to be used to pay CGST, SGST, and IGST.

What is the composition scheme under GST?

Small businesses with an annual turnover of less than Rs. 1.5 crore (Rs. 75 Lakhs for the Special Category States) can opt for the Composition scheme.

1.     Composition dealers need to pay nominal tax rates based on the type of business. (a maximum of 2% for manufacturers, 5% for the restaurant service sector, and 1% for other suppliers.)

2.     Composition dealers are required to file only a single quarterly return (instead of the monthly returns filed by normal taxpayers).

3.     They cannot issue tax invoices. That is, they cannot collect tax from customers and they are to pay the tax out of their pocket.

4.     Entities that have opted for the Composition Scheme cannot claim any Input Tax Credit.

Who can opt for the Composition scheme?

·       All SMEs looking for lower compliance and lower rates of taxes under GST.

·       A GST taxpayer, whose turnover is below Rs 1.5 crore, can opt for the Composition Scheme. (In the case of Special Category Status, the present limit is Rs 75 lakh.)

·       The Aggregate Turnover of all businesses registered under the same PAN would be taken into consideration to calculate turnover.

·       Shall pay tax at normal rates in case he is liable under the reverse charge mechanism.

·       Dealers of intra-state supply of goods (or service of only the restaurant sector).

​Which businesses are not eligible to apply for the Composition Scheme?

The composition scheme does not apply to:

·       Service providers,

·       Inter-state sellers,

·       E-commerce sellers,

·       Supplier of non-taxable goods,

·       Manufacturer of Notified Goods,

·       All the suppliers of services except those providing restaurant services (not serving alcohol),

·       Suppliers of – ice cream, pan masala, or tobacco (and its substitutes),

·       Casual Taxable Person,

·       Non-resident Taxable Person,

·       Supplier of exempted goods or services.

How to apply for the Composition Scheme?

1.     In case of new registration, you can opt for the scheme at the time of GST Registration.

2.     If you are already registered you can file for it by submitting GST CMP-02 online.

[vikrantteotiaseo2020]

Water is the most important resource for human beings. We cannot survive without it. But what about the quality of water? There are many factors that can affect water quality, such as impurities in the water, bacteria and viruses, and mineral content. The purity of drinking water is measured by its turbidity level or TDS (total dissolved solids). The higher the TDS of a water source, the more likely it will have a negative impact on our health. Therefore, you should invest in a good quality purifier to make sure that your family always has access to clean drinking water. The best water purifier for home is one that will suit the needs of the individual or family. There are many different types of water purifiers for home to choose from. Some people prefer a countertop filter while others prefer a whole house filter system. Before you start looking for the best water purifier for home use, it is important to choose the best quality one. It must be durable and should last for several months. The CDC recommends purchasing a unit that uses a real Reverse Osmosis (RO) technology. Other features include good quality filters, mineral cartridges, aTDS adjuster, and a pre-filter. The package includes all fitting accessories for a hassle-free installation.

The best water purifiers should have UV filtration and a capacity that suits your needs. There should also be a consideration for the build quality and capacity. You can find the best water purifiers in India from online stores like Flipkart. However, the brand name of the purifier should not be your only consideration. Make sure to do your research before buying a water purifier to avoid compromising the quality of the water.

If you live in an area with frequent power outages, you should opt for a water purifier with storage. Non-electric storage water purifiers do not use electricity and can work with gravity. If you live in an area with inconsistent power, you should also opt for a non-electric storage type. This way, you can always use the water purifier when you need it. Then, when you run out of water, you can just fill up the tank with freshwater.

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[vjmglobal]

Union Budget 2020| TDS by E-commerce Operator

In Union Budget 2020 speech, Hon’ble Finance Minister Nirmala Sitharaman has proposed a new Tax deducted at source (“TDS”) provisions for e-commerce transactions. The newly proposed TDS provisions have been introduced with the goal of ‘widening and deepening’ the tax base across the country.

With the introduction of this provision the e-commerce companies like Flipkart, Amazon will have to deduct an extra 1% of tax as TDS while paying the seller registered under them. While under the Goods and Services Act, the e-commerce companies were already deducting 1% TDS from the seller registered with them.

1. What is TDS?

TDS is the abbreviation used for Tax Deducted at Source. It indicates deduction of tax (whether Income tax or GST) at the time of execution of transaction only.

Indian tax authorities have introduced TDS with an objective of increasing transparency. Tax deducted at source is used through which a part of the tax on the transaction is deducted and paid to the government at the time of execution of transaction only by the prescribed party of the transaction.

At the time of assessing final tax liability, a taxpayer can claim the TDS amount as a tax credit.

2. TDS at 1% on E-commerce operators

Through the Union Budget, 2020, Hon’ble Finance ministry has taken another step in the same direction with the proposal of requiring e-commerce companies to deduct taxes at source from the payments made to the e-commerce sellers.

Union Finance Minister Nirmala Sitaraman said in her budget speech,

“In order to widen and deepen the tax net, it is proposed to provide that e-commerce operators shall deduct TDS on all payments or credits to e-commerce participants at the rate of 1% in PAN/Aadhaar cases and 5% in non-PAN/Aadhaar cases.”

The proposal of TDS is strived to be achieved by introducing a new section 194-O in the Income-tax Act, 1961.

2.1 Some essential takeaways

The payment and deduction of TDS- 1% on the gross amount of sale

Applies on all the payments to resident e-commerce participant

Time of deduction: Earlier of credit to the name of e-commerce operator or payment

The provision applies even if the purchaser makes the payment directly to the e-commerce participant

Deduction of TDS under any other provisions will not happen

There will not be any deduction if the e-commerce participant is an individual or HUF with an income of less than 5 lacs and has successfully furnished PAN or Aadhar

Furthermore, an e-commerce participant is any Indian resident who sells goods or offers services through the electronic or digital facility or platform.

The proposal is going to take effect from 1st October 2020.

To understand the provision clearly let’s have a look at an example,

Let’s assume ‘A’, an Indian resident. ‘A’ runs a bakery business and he sells his bakery products on an e-commerce website XYZ.com. The company XYZ runs the website. Here, in this case, A is the e-commerce participant, and ABCD is the e-commerce operator.

Now, let’s further assume ‘B’ is an Indian resident who buys cakes on XYZ.com and pays Rs. 1000 for the same. After deducting commission, service fee, and taxes, XYZ is about to remit Rs. 800 to A. With the introduction of this provision, XYZ needs to deduct Rs. 8 more as 1% TDS and pay a sum of Rs. 792 to A, the bakery owner.

3. Modus Operandi of transactions of E-Commerce Operators

E-commerce is a platform where buying and selling of goods or services or both proceeds through an electronic medium. The clause 44 of section 2 of the Central GST Act, 2017 defines E-commerce as follows:

“Electronic commerce operator as defined under clause 45 of section 2 of Central GST Act, 2017 means any person who owns, operates or manages digital or electronic facility or platform for electronic commerce”.

Hence, companies selling their own products through their websites will not be considered as e-commerce operators. Therefore followings are the basic functions of E-commerce operators:

Display the availability of the product and services on their website

Making arrangement for dispatches of products and services through any of their registered vendors

Once the vendor supply the product or service to customers, the e-commerce operator is responsible for settling the payment within a specific period

As per the memorandum, an e-commerce operator is anyone who owns, operates or manages electronic or digital facilities over electronic or digital networks for the supply of goods or services.

Furthermore, an e-commerce participant is any Indian resident who sells goods or offers services through the electronic or digital facility or platform.

4. Significance of introduction of new provisions

With the market for e-commerce companies growing rapidly, the measures Indian government has taken is definitely a bold one.

The e-commerce sector in India is one of the fastest in the world. As per recent stats it can grow upto $200 billion by the year 2026.

Hence, it’s pretty evident that any change in the taxation procedure of this sector must have to be well-thought-out. Not only that the changes also need to be implemented smoothly.

Talking about the scope of the levy, section 194-O does not define the quantum on which the taxes need to be deducted. It only talks about the ‘gross amount of service or sale or both.’

This can open a window for taxpayers and the administrator for litigation by adopting various interpretations.

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[cadeveshthakur]

Follow the CA Devesh Thakur channel on WhatsApp: https://whatsapp.com/channel/0029Va6GOVE9MF92Ylmo7e0L

[aksclothings]

Manufacturer in Jaipur and Surat

Styles make new design. Also, subsequently, on the off chance that you love to explore different avenues regarding your garments, consistently attempt new things. For instance, in the event that you are searching for another ladies' design that inspires certainty and can be made out of any texture, at that point you should attempt Kurtis with Shrugs. Kurtis with coats are now a style symbol, however have you attempted the shrugs variation?? They can be wonderful gathering dresses and evening wears  <!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}-->designer kurtis at wholesale price . You can patch up your closet with shrugs and long kurtis. Get them from India's top planner cotton kurti providers, like AKS  cotton kurtis wholesale online  https://www.aksclothings.com/wholesale-sarees-kurti-manufacturer-in-jaipur-surat. What is Kurti with Shrug?? A shrug kurti is a twofold layered kurti, where the top and base layers are either sewed or worn independently. The shrug is frequently worn on top of a sleeveless kurti, very much like a long coat or coat tied at the midriff or chest. At AKS, you can discover shrug kurtis of two lengths – up to the knee or upto the lower leg. Coats are unique. They are short, where the coat is midriff length or more limited  <!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Designer cotton kurti suppliers Various Types of Shrug Kurtis for Different Occasions Since you understand what a shrug kurti is, the means by which it is not the same as coats, and where to get them, how about we check the various kinds of shrugs for various events. AKS is a decent spot to purchase online cotton kurtis at discount costs. They patch up their assortment fortnightly with the goal that you discover recent trends at least cost. The brand is likewise accessible in commercial centers, like Flipkart, Myntra, and TataCliq, and has set up its quality in Singapore  wholesale sarees surat . Coat like Shrug: Can be worn on top of pants and jeans with shirts. They are stylish and agreeable. Twofold kurti shrugs: These shrugs are regularly sewed with the kurti, where both the inward kurti and external shrug are of similar lengths. These are evaluated as the most Indian outfit of 2020 . Long Shrug: Long shrugs are normal, delightful, frequently with a front-cut, and can be worn under different base wears, including stockings, palazzos, jeans, skirts, and three-fourths. They look like pullovers with connected shrugs https://www.aksclothings.com/wholesale-sarees-kurti-manufacturer-in-jaipur-surat.

[pkstudiosindia]

Water Filter India Trending Videos-Top 7 Best TDS Meter in India 2020 with Price | RO Water Testing Meter | Measuring TDS/TEMP/PPM

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मैं #Amazon , #flipkart की तरह एक #Online / #Offline #project पर काम कर रहा हूँ जिसे #develop करने के लिए मुझे 100 लोग चाहिए #male_or_female जो लोग #LOCKDOWN की वजह से जॉब नही कर पा रहे हैं वो या अपनी दुकानें नही खोल पा रहे है #part_time #fulfillment घर में बैठ कर 25000 से 50000 महीना कमा सकते है अगर आप #interested हैं तो #YES #type करे आपको #online #busines #project की पूरी जानकारी दी जाएगी. #REGISTRATION_FREE रजिस्ट्रेशन फ्री ☎️ 📞 #WhatsApp or #call me +91-9001247080 +91-9509599112 +91-9001247080 कॉल या 80 YEARS OF HERITAGE कॉल या ( +919509599112 वाट्सएप ) भारत की सबसे बड़ी ( +91-9509599112 वाट्सएप ) डायरेक्ट सेलिंग कंपनी Modicare फ्री मेम्बरशिप डिस्काउंट कार्ड फ्री मेम्बरशिप के लिए नीचे लिखित जानकारी को WhatsApp पर भेजें। 1. अपना पूरा नाम 2. अपनी पूरी जन्म दिनांक जागो 3. अपना मोबाइल नंबर permanent ( ग्राहक जागो ) 4. अपने आधार कार्ड के आगे-पीछे की फोटो 5. सामान खरीदी का बिल प्राप्त करने के लिए 'ई-मेल' आईडी 6. आपको कैशबैक (कमीशन) TDS कट कर मिलेगा, उसके लिए आपके पैन कार्ड के आगे की फोटो 7. कैशबैक (बोनस) प्राप्त करने के लिए अपने नाम के सेविंग एकाउंट के चेक का फोटो, जिस पर आपके नाम के साथ एकाउंट नम्बर, IFS कोड भी प्रिंट हो (चेक पर सिग्नेचर व कैंसिल नहीं करना है) (या पासबुक की फोटो फ्रंट पेज की) मोदीकेयर प्रोडक्ट्स की लगातार खरीद पर 50%-60% तक का डिस्काउंट TRAVEL FUND + CAR FUND + HOME FUND EXTRA 1. मोदीकेयर में मेम्बर के लिए कोई किट नहीं है। 2. मोदीकेयर में सामान खरीदने की बाध्यता नहीं है। 3. मोदीकेयर में अपने नीचे मेम्बर जोड़ना जरूरी नहीं है। विशेष : 4. मोदीकेयर मेम्बर बनने के लिए किसी भी प्रकार का कोई चार्ज नहीं है। https://www.instagram.com/p/CCSJyApJ-Pg/?igshid=ojg174la6wvk

[monicasharmalove]

Amazfit launches health-and-fitness centric Stratos 3 smartwatch: Know more

Xiaomi-supported wearable brand Huami on Monday propelled the Amazfit Stratos 3 smartwatch in India at Rs 13,999. The watch is fueled with a double chip and double working framework, and offers 14-day battery life, as indicated by the organization.

Customers can buy the Amazfit Stratos 3 on in.amazfit.com and Flipkart.

"Stratos 3 is a minimal watch for competitors and high-perseverance sports exercise. This smartwatch accompanies some propelled functionalities," said Mark Mao, Vice President of Overseas Business, Huami.

The Stratos 3 is stuffed with various games modes, for example, running, swimming, to progressively expert and continuance sports, for example, trail running, climbing, climbing or Triathlon.

It highlights 80 games modes, pulse checking, and 'First Beat' proficient level games examination for aptitudes improvement and injury anticipation.

It is outfitted with a 35-70-hour ceaseless GPS tracker, transflective MIP show with a 1.34-inch (320x320 pixels) full-round presentation, Corning Gorilla Glass 3 assurance and hostile to unique finger impression covering.

The gadget has worked in movement profiles like Ultra-Endurance Mode, VO2Max, Exercise Effect (TE), Exercise Load (TD), and Recovery Time Data.

[cadeveshthakur]

Online sellers|TDS compliance 3 Rates applicable for Flipkart sellers FY 2023-24