TAX समाचार (NEWS) ~ Accounting & Tax Consultancy

    TCS rates effective from 14-05-2020 till 31-03-2021   Nature of Receipts Section of the Income-tax Act Existing Rate of TCS Reduced rate from 14/05/2020 to 31/03/2021 Sale of Tendu Leaves 206C(1) 5% 3.75% Sale of Timber obtained under a forest lease 206C(1) 2.5% 1.88% Sale of timber obtained by any other mode 206C(1) 2.5% 1.88% Sale of Any other forest produce not being timber/tendu leaves 206C(1) 2.5% 1.88% Sale of scrap 206C(1) 1% 0.75% Sale of Minerals, being coal or lignite or iron ore 206C(1) 1% 0.75% Grant of license, lease, etc. of Parking lot 206C(1) 2% 1.5% Grant of license, lease, etc. of Toll Plaza 206C(1)...

TDS rates effective from 14-05-2020 till 31-03-2021 Nature of Payment Relevant Section TDS rate effective till 13-05-2020 TDS rate effective from 14-05-2020 Receiving accumulated taxable part of PF 192A 10% 10% Interest received on securities 193 10% 7.5% Dividend received from Mutual funds and on company's shares 194 & 194K 10% 7.5% Interest other than Interest on Securities e.g. Fixed deposit interest 194A 10% 7.5% Winnings from lottery, crosswords or any sort of game 194B 30% 30% Winnings from horse races 194BB 30% 30% Insurance Commission received by an Individual 194D 5% 3.75% Life Insurance Policies not exempt under Section 10(...

With wide-ranging COVID- 19 travel restrictions all around for an undetermined period,  the companies and their auditors are encountered with uncertainties in a number of audit  areas. Difficulties are also faced by entities in meeting their reporting timelines and the  same extend to auditors and their ability to complete the audit on time due to impediments  presented by COVID- 19. Considering this, auditors may need to perform additional  performance procedures to evaluate the appropriateness of management in assessing  the impact of uncertainties in the business.  Amid the economic turmoil, COVID- 19 is the principal consideration in the auditor's determination in assessing whether one or more Critical Audit Matter (CAM) exists and if exists, how to address those CAMs while reporting financial statements. A lot more doubts are rising till date on part of auditor in fulfilling their reporting requirement. To provide a detailed reporting framework to...