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Category: Finance

Section 194M- TDS summary on payment to resident contractors and professionals

Section 194M- TDS summary on payment to resident contractors and professionals

A lot of modifications have been noted in the Finance Act recently. In particular, in the tax area –income tax or GST. Some parts are modified and some are launched lately. Let’s see one of the 194 M section of the freshly launched TDS. Q. What is section 194M? This section was implemented to provide a 5% TDS tax on the amount paid or credited in a year due to contract job or professional service in a financial year above…

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Section 103 of Finance (No. 2) Act, 2019 applicable from 01.09.2019

Section 103 of Finance (No. 2) Act, 2019 applicable from 01.09.2019

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes and Customs Notification No. 39/2019 – Central Tax New Delhi, the 31st August, 2019   G.S.R. ….(E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of September, 2019, as the date …

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What is Accounting ?

What is Accounting ?

  Accounting has been hailed by many as the “language of business”. There are many quotations like “A pen is mightier than the sword but no match for the accountant” by Jonathan Glancey which tell us about the power and importance of accounting. The text book definition of accounting states that it includes recording, summarizing, reporting and analyzing financial data. Let us try and understand the components of accounting to understand what it really means: Like And Share Our Facebook…

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