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  [Payment of certain amounts by an e-commerce operator to an e-commerce participant]. Finance Act 2020 introduced a new section in the form of  Section 194O  to the Income Tax Act 1961 related to collection of tax by E-Commerce Operator. The below changes have taken  effect from October 01, 2020. We have summarized the provisions of section 194O in an easy to understand language as below: 1) An e-commerce operator (i.e. E-Marketplace) must deduct TCS @ 1%  (0.75% for FY 20-21)  at the time of credit of amount of sale of goods or services or both to the account of an e-commerce participant (i.e. Seller on e-Commerce Platform) or at the time of payment thereof to such e-commerce participant. 2) TCS shall be calculated on gross payment amount. This means if any charges are deducted by E-Commerce operator, that shall not be reduced for TCS calculation. 3) TCS is also applicable and shall be deducted even if the Seller has directly delivered the goods/services and/ or received the payment

  TCS i.e. Tax Collection at Source has been there in Income Tax Acts for Decades. However, the government is trying to increase the scope of TCS gradually to plug the revenue leakage. Through Finance Act 2020, Section 206C was amended to include certain items on which TCS becomes applicable effective October 01, 2020. In this analysis, we are not discussing the TCS provisions which existed before the current amendment. We will be only focussing on New TCS Provisions effective October 01, 2020. Sub-sections (1G), (1H), (1-I) and (1J) were inserted in Section 206C of the Income Tax Act w.e.f. 1-10-2020. We have summarized all changes and its clarifications at one place as below: S.No Details TCS Percentage TCS Percentage for FY 2020-21 1 TCS on remittance out of India other than Tour Package.  TCS on remittance out of India under the Liberalised Remittance Scheme of the Reserve Bank of India for other than Tour package purchase 5% on payment more than Rs. 7 lakhs 3.75% 2 TCS on remittan

  Searching for the correct manufacturing software for your SME is essential to productivity and success for a lot of reasons. It can help you boost your supply chain by providing automation, visibility, digital transformation and control and, helping you effectively scale your business and advance your existing systems without a huge spend. Undoubtedly, your business could profit from an enterprise resource planning or ERP software. Top ERPs for SME list can help you evaluate the right software for you. It can help you simplifies numerous features of your organization in a single platform. Below are the software’s or modules which can streamline your process: Manufacturing ERP Software Inventory Management Software Procurement Software Supplier Management Software Accounting Software Sales Management software Asset Management Software We understand that ERPs are wonder-workers. But if yours resembles numerous SMEs, you most likely dread exploring and executing innovation. With numerou

  Do you have any idea why is Project Management frequently time taking and wasteful? Is it accurate to say that you are always consistently updating spread sheets, and participate in weekly meetings? I believe it is a waste of time as well as effort. You may have a full overview of your project, with a small help from the correct software. There is a lot of project management software solutions out there, helping you keep steady over every project. What is Project Management Software? Project Management Software is utilized by a broad scope of businesses for project planning, scheduling, and resource allocation. It empowers project managers and whole teams to manage their quality management, budget, and all documentation exchanged all through a project. This software additionally fills in as a platform for encouraging collaboration among project partners. What Makes Excellent Project Management Software (PMS)? From finding deliverables to handling assets and from spending management t