Tomorrow is the due date to deposit TDS for the month of July i.e. 07-08-2021.
Pls pay within time to avoid the interest

Also check specifically the applicability of sec 194Q (TDS on Purchase of Goods), if your turnover last year was more than Rs 10 crores

Regards
MLG Associates

Format of Letter to Customer for TDS TCS Changes wef 1-7-2021

Date : _____

To

Customers Name =

Kind Attn : Mr / Ms _____

Mail to Customers for TDS/TCS Changes

Dear Sir,

We value our business relationship with you.

This letter is regarding the action required as per change in TDS and TCS laws from 1-7-2021

Action on TDS u/s. 194Q

Since your Turnover must be over Rs 10 crores p.a. and since our sale to us is expected to be over Rs 50 lakhs p.a., we request you to deducting a TDS u/s 194Q at 0.1% only.

We are not a specified person u/s 206AB. And have filed our returns as per Law.

We understand that our future payments will be after this TDS

And we will get credit of this TDS in your Form 26AS in due course

Action on TCS u/s. 206(1H)

As per 206(1H), if TDS is done by the customer then TCS is not required

Hence in our case, as per expert guidance, we have told our despatch department, that no TCS shall be charged on bills from us to you, from 1-7-2021.

For XXXXX Pvt Ltd

Authorised Signatory

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p.s.

For Any Queries, you may refer to FAQ on TDS 194Q on https://youtu.be/2rXjCFVJVfo

And https://finsys.co.in/today-3-30pm-seminar-on-tds-on-goods-iamsmeofindia/

Import Export Code Number (IECode)

Last date of IE Code annual confirmation / amendment / updation is 30-6-2021…. hope you have done the same, if not, pls do

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DGFT had issued a notification for applying, updating IEC (Now e-IEC). It is mandatory Every year from April to June even if, all details of IEC remain same all existing holders have to confirmed compulsory. Otherwise, IEC may be de-activated if not upgraded. In this article, we will discuss IEC Code Requires Renewal Every Year, else De-activated.

DGFT Notification on IEC Code Requires Renewal Every Year

In exercise of powers discussed by Section 3 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, as revised from time to time, the Central Government has amends the IEC related provisions under Chapter-1 and Chapter-2 of Foreign Trade Policy, 2015-2020.

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Further, DGFT applying a new amendment for updating IEC (Now considered e-IEC). Now, every year from April to June even if all details of IEC remain same all existing holders have to confirmed compulsory. IEC may be de-activated if not confirmed.

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New Amendments for Import Export Code

• Importer Exporter Code (IEC) is obligatory for export/ import from/to India as specified in the Policy.
• DGFT issues Importer Exporter Code in electronic form (e-IEC) where Application for issuance of e-IEC can be made instantly on the
  

Good News

New definition of (SMCs) Small and Medium companies in Accounting Standard

New Limit of Turnover : Rs 250 Crores

New Limit of Borrowings : Rs 50 Crores

 

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Ministry has issued, The Companies (Accounting Standards) Amendment, Rules 2021 passed on 23^rd

TODAY, 3.30pm. Seminar on TDS on Goods.

IamSMEofIndia
presents
Special Session on
Important changes in TDS/ TCS laws applicable from 1st July

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Speaker: Sangeet Kr Gupta, FCA.

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Why you must attend: