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In a notification released last week, the Central Board of Indirect Taxes and Customs (CBIC) has said that 9 Provisions of Finance Act, 2020 will be officially effective from 1 January 2021. In other words, 1 January, 2021 has been finalized as the date from which the provisions of sections 119, 120, 121, 122, 123, 124, 126, 127 and 131 of the Finance Act, 2020 shall be enforced by the board. 9 Provisions of The Finance Act, 2020 The provision of Section 119 intends to add the words “or services” after the words “or goods” in section 10 of the CGST Act. The provision pertaining to Section 120 will omit the words “invoicing relating to such” from section 16(4) of the Act. The provision of Section 121 says that a taxable person is no longer mandatorily required to register under section 22 or section 24 and can opt out of voluntary registration made under sub-section (3) of section 25. Section 122 provision has been introduced to make an amendment in section 30 of the CGST Act, “Provided...

If the payment is more than the specified threshold then a company and the individual furnishing the payment is needed to deduct tax at source as per the income tax act. Tax Deducted at Source (TDS) has to be cut down at the price estimated by the tax department. The deductor is said to be the person or the company that files the payment while on the other side the term deductee is said to be the one a company/person who takes the payment. It is the responsibility of the deductor to cut out the TDS and should deposit it in the specific account of the government.  You can save your salary from getting deducted through investment in tax-saving schemes. under Section 80C you must attempt and claim for tax advantages as much as possible.  There are various ways so to get avoid paying the TDS through PPF investment (Public Provident Fund), NPS (National Pension System), ULIP (Unit-linked Insurance Plans), Sukanya Samriddhi Yojana, Tax Saving FDs, ELSS Equity Funds. Your child’s pa...