The Finance Act, 2020 has introduced the new section 206C(1H) of the Income Tax Act, 1961 for Tax Collected at Source on sale of goods.
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Faceless Assessment Scheme, 2020 was notified on 13.08.2020 wherein the Scheme was made applicable with immediate effect. Henceforth, all assessment orders w.e.f. 13.08.2020 (Subject to a few exceptions) shall be passed by National E Assessment Centre through Faceless Assessment Scheme, 2020.
A brief Presentation on the same containing its Features, Benefits, Complexities, Procedure etc. is given below.
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“To provide further relief to the taxpayers, the #Government has issued Notification No. 35/2020 dated June,24 2020 amending The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, #2020, thereby extending due dates under various provisions of Income Tax Act. Details are given below for your reference. We hope you will find the same useful and comply accordingly.”
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All listed entities are required to disclose the impact of #Covid-19 on their financial statements in their results. Detailed disclosures are also required in notes. The auditor is also required to comment on the same in his audit report. In the attached file, we have compiled disclosures made by various companies in this regard. Hope you will find it useful.
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Presentation on Section 115BAC – TDS on Employees Salary
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