TCS on Sale of ALL Goods Section 206C(1H) Introduction:The changes brought about in the Finance Bill, 2020, introduction of Section 206C(1H) is astep to track usage of unaccounted money. The Section requires the seller to collect tax atsource on sale of certain goods, details of which shall act as data centres for the Governmentto track high value transactions and create audit trail of buyers procuring goods withoutdisclosure in their books of accounts. Kindly note provision of Section Section 206C(1H) areapplicable from 01.10.2020.
What are the changes?No perpetual registration from now on for all trusts, all the trust must get renewedevery 5 Years, meaning thereby every trust registered with Income Tax shouldget their approvals renewed and there is no lifetime approvals.Why this change?• To curb the malpractices that have been noticed in the functioning of sometrusts.
Return / Form Original Date/NormsNew Dates/ NormsIncome Tax Return for the FY 2018-19 31.3.2020 30.06.2020Aadhar – Pan Linking 31.3.2020 30.06.2020Vivad Se Viswas Scheme 31.3.2020 WithoutAdditionalPayments30.06.2020 – 10 %Additional Payment30.06.2020Delayed Payments of Advance tax, SelfAssessment Tax, Regular Tax, TDS, TCS,Equalisation Levy, STT, CTTInterest at 12% and18%Reduced InterestRate of 9% for thePayment MadeBetween March 20 –June 30 2020.Due Dates for Various Matters Such asNotice, Intimation, Filing of AppealExpiring BetweenMarch 20, 2020 toJune 29, 2020June 30, 2020
Following points will clarify some of the issues:1) FY 2019-20 is not at all extended till 30th June, only the date is extended for somecompliances.2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.3) In the FY 2019-20, income is taxable till 31st March only and not upto 30th June, i.e.for taxability of income financial year is considered till 31st March only.4) Deductions under 80C, 80D, etc. can be claimed by investing till 30th June.5) New LIC, Mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible forthe deduction for the FY 2019-20.