CBIC has clarified the manner of dealing with differences in ITC available in GSTR-3B and ITC available as per GSTR-2A vide Circular No. 183/15/2022-GST dated 27th December, 2022 for FY 2017-18 and 2018-19 in various situations.
Under Section 206C, Sub-section (1H) has been inserted vide Finance Act, 2020. As per sub-section (1H), every seller of goods, who receives consideration or aggregate of consideration for sale of goods exceeding INR 50 Lacs in any year, shall collect TCS @ 0.1% of sales consideration from buyer for amount exceeding INR 50 Lacs.
No filing or late filing of TDS/TCS return can take you into a wholesome of troubles. As the taxation rules suggest, taxpayers come under two penalties in case of non-filing of TDS returns or statements. The first penal consequence the taxpayer will have to face comes under section 234E (Fee for default in furnishing statements), and the second one falls under section 271H (Penalty for failure to furnish statements). However, you will have to pay the late filing fee and interest as well in case of late filing. Here in this article, we are going to discuss all the important
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