Faceless agent
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Various representations have been received by the Board for issuing guidelines for removing certain difficulties. Sub-section (4) of section 194-0 and sub-section (1-I) of section 206C of the Act empowers the Board (with the approval of the Central Government) to issue guidelines for the purpose of removing difficulties. The collection is required to be made at the time of receipt of amount of sales consideration. 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.įinance Act, 2020 also inserted sub-section (1 H) 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 the provisions of proposed sub-section (10A) of the section 206C of the Act) of the sale consideration exceeding fifty lakh rupees as income-tax. However, exemption from the said deduction has been provided in case of certain individuals or Hindu undivided family fulfilling specified conditions. However applicability shall be on payment received on or after 1st October, 2020.įinance Act, 2020 inserted a new section 194-0 in the Income-tax Act 1961 (hereinafter referred to as “the Act”) which mandates that with effect from 1St day of October, 2020, an e-commerce operator shall deduct income-tax at the rate of one per cent (subject to the provisions of proposed section 197B of the Act) of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform. The threshold of Rs50 lakhs is year based and hence payment received before 1st October,2020 are to be considered. TCS to be collected and paid on all payment received on or after 1st October ,2020 including amount of GST and also sales made prior to 1st October,2020.
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Regarding the calculation of threshold for the financial year 2020-21, the tax body clarified The CBDt has issued a detailed list regarding the applicability of the new TDS/TCS provisions. The Central Board of Direct Taxes (CBDT) on September 29 issued a detailed clarification circular no 17 pertaining to the new TDS/TCS provisions set to be applicable from October 1, 2020, onward.
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CBDT issues Guidelines on new TDS & TCS norms applicable from 1 October 2020 Guidelines under section 194-0 (4) and section 206C (1-I) of the Income-tax Act, 1961