Steel and Hardware Chamber of Vidarbha, the premier apex trade association of industries and traders engaged in the business of iron, steel & hardware, organized a Knowledge Imparting Session on various aspects of Tax Collection at Source (TCS) on Sale of Goods under Income Tax Act being introduced w.e.f. 01/10/2020 addressing the issues regarding how to conduct business transactions and its accounting.
Key speaker, CA Kirti Kumar Thakkar, with the help of PowerPoint Presentation and practical examples explained in lucid language the nitty-gritty of the newly introduced Section 206C (1H) of Income Tax and the precautions to be taken by businessmen in their day-to-day working. He explained that new law has been brought on books to further the stated objective of the government of widening and deepening the tax net. He went on to explain as to who are covered under the provision, who are exempted, what types of transactions are liable and various formalities associated with the compliance of the said law.
Some practical examples and issues were also discussed by him. He informed that there are many confusions in the newly introduced section on which there is no clarification from government and hence its implementation should be deferred at least by 6 months up to 31.03.2021. CA Kirti Kumar Thakkar satisfactorily answered the queries of members in the question and answer session.
At the outset Rajesh Lakhotia, President of the Chamber welcomed the guest speaker, members and addressed the gathering.
At the conclusion of the enlightening session, members opined that the new TCS provision goes against the ethos of ease of doing business professed by the present government since 2014 and same will increase compliance burden on part of assessee and professionals as well.
Members unanimously appealed to the Smt. Nirmala Sitharaman, finance minister, government of India, to recall the provision or at least postpone the implementation date to 01/04/2021 and during the period explore other ways and means to achieve the goals or to address the concerns raised by the stakeholders.
The session was compered by Sameer Agrawal, Hon. Secretary and question & answer session by Sanjay K. Agrawal. Vote of thanks was proposed by Manish Jejani, Joint Secretary.
Members in large numbers and their representatives attended the zoom and facebook live webinar, informs a press-release issued by Sameer Agrawal, Secretary of the Chamber.