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Guidelines under section 194-O (4) and section 206C (1-I) of the Income-tax Act, 1961 - Income Tax - 17/2020

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..... ever, exemption from the said deduction has been provided in case of certain individuals or Hindu undivided family fulfilling specified conditions. This deduction is required to be made at the time of credit of amount of such sale or service or both to the account of an e-commerce participant or at the time of payment thereof to such e-commerce participant, whichever is earlier. 2. Finance Act, 2020 also inserted sub-section (1H) in section 206C of the Act which mandates that with effect from 1st day of October, 2020 a seller receiving an amount as consideration for sale of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year to collect tax from the buyer a sum equal to 0.1 per cent (subject to .....

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Guidelines under section 194-O (4) and section 206C (1-I) of the Income-tax Act, 1961 - Income Tax

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..... transactions in securities and commodities which are traded through recognized stock exchanges or cleared and settled by the recognized clearing corporation, including recognized stock exchanges or recognized clearing corporation located in International Financial Service. Centre; (ii) transactions in electricity, renewable energy certificates and energy saving certificates traded through power exchanges registered in accordance with Regulation 21 of the CERC; and For this purpose,- (i) “recognized clearing corporation” shall have the meaning assigned to it in clause (i) of the Explanation to clause (23EE) of section 10 of the Act; (ii) “recognized stock exchange” shall have the meaning assigned to it in clause (ii) .....

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Guidelines under section 194-O (4) and section 206C (1-I) of the Income-tax Act, 1961 - Income Tax

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..... “ABC” may take an undertaking from “XYZ” regarding deduction of tax. 4.3 Applicability of on insurance agent or insurance aggregator: 4.3.1 It has been represented that insurance agents or insurance aggregators in many cases have no involvement in transactions between insurance company and the buyer for subsequent years. It has been represented that in subsequent years, the liability to deduct tax may arise on the insurance agents or insurance aggregators even if the transactions have been completed directly with the insurance company. This may result into hardship for the insurance agents/aggregators. 4.3.2 In order to remove difficulty it is provided that in years subsequent to the first year, if the insurance age .....

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Guidelines under section 194-O (4) and section 206C (1-I) of the Income-tax Act, 1961 - Income Tax

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..... r paid on or after 1st October, 2020. (ii) Since sub-section (1H) of section 206C of the Act applies on receipt of sale consideration, the provision of this sub-section shall not apply on any sale consideration received before 1st October 2020. Consequently it would apply on all sale consideration (including advance received for sale) received on or after 1st October 2020 even if the sale was carried out before October 2020. (iii) Since the threshold of fifty lakh rupees is with respect to the previous year, calculation of receipt of sale consideration for triggering TCS under sub-section (1H) of section 206C shall be computed from 1st April, 2020. Hence, if a person being seller has already received fifty lakh rupees or more up to 30th Sep .....

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Guidelines under section 194-O (4) and section 206C (1-I) of the Income-tax Act, 1961 - Income Tax

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..... 06C of the Act, if the receipt of sale consideration for such vehicles during the previous year exceeds fifty lakh rupees during the previous year. (iii) In case of sale to consumer, receipt of sale consideration for sale of motor vehicle of the value exceeding ten lakh rupees would not be subjected to TCS under sub-section (1H) of section 206C of the Act if such sales are subjected to TCS under sub-section (1F) of section 206C of the Act, 4.6 Adjustment for sale return, discount or indirect taxes 4.6.1 It is requested to clarify that whether adjustment is required to be made for sales return, discount or indirect taxes including GST for the purpose of collection of tax under sub-section (1H) of section 206C of the Act. It is hereby clarifi .....

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Guidelines under section 194-O (4) and section 206C (1-I) of the Income-tax Act, 1961 - Income Tax

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