Budget 2020 – Suggestion given for removal of GST Audit, Tax Audit One of the suggestion given by Advocate community for Budget 2020 is that GST Audit and Tax Audit should be abolished. As per the suggestion, India is a digital economy, where Tax Audits and GST Audits cast shadow on our digital economy. Further as per the argument, there are sufficient safeguards by way of penal provisions provided in tax regime. Therefore, there is no necessity to subject the taxpayers to GST Audits. They also belive, that when entire…
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Non Quoting of Aadhaar or PAN can lead to 20% TDS Deduction
Non Quoting of Aadhaar or PAN can lead to 20% TDS Deduction As per CBDT Circular Number 4/2020, dated 16.01.2020, CBDT has clarified that Employer will deduct 20% TDS in case of Non Quoting of Aadhaar or PAN details. This rule is applicable in case of employee whose salary is more than Exempted Slab. Section 206AA of provides for deduction of TDS at rate of 20% or higher, in case of Non quoting or incorrect quoting of PAN Number. Also, No Lower Tax Deduction declaration is valid in case you…