Monthly Archives - March 2017

Composition Levy under GST

A taxable person, whose aggregate turnover in the preceding financial year did not exceed 50 lakh rupees can opt for composition levy scheme & pay tax at a lower rate to be notified by government (it would not be less than 2.5 % for manufacturer & 1 % for other taxable persons) Tax would be calculated on the turnover. Person opting for composition levy cannot take credit of input tax Following persons cannot opt for composition levy: A supplier of service A taxable person [...]

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A simple explanation of section 194C- TDS on payment to contractors

Who is required to deduct TDS under sec 194C? Sec 194C requires the following persons to deduct TDS under this section if the payment is made to any “resident contractor or sub-contractor” for carrying out any “work” in pursuance of a contract: The central government or any State Government Any local authority Any corporation established by or under a Central, State or Provisional Act; Any company Any co-operative society Any authority constituted in India by or under any law, engaged either for dealing with and satisfying the needs for housing [...]

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