{"id":287,"date":"2018-12-23T14:44:43","date_gmt":"2018-12-23T14:44:43","guid":{"rendered":"http:\/\/newstar.bold-themes.com\/magazine\/?p=287"},"modified":"2025-03-20T06:07:07","modified_gmt":"2025-03-20T06:07:07","slug":"building-a-new-world","status":"publish","type":"post","link":"https:\/\/knmindia.com\/japanese\/building-a-new-world\/","title":{"rendered":"\u5b9f\u88c5\u3055\u308c\u308bTDS\u304a\u3088\u3073TCS\u306e\u6700\u65b0\u306e\u66f4\u65b0 October 01st 2020"},"content":{"rendered":"
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CONTENTS<\/b><\/h1>\n

 <\/p>\n<\/div>\n

1. General update on Covid-19<\/b><\/span><\/h1>\n

2. Change in TCS-Section 206C & its implications<\/b><\/span><\/h1>\n

3. Change in TDS-Section 194-O & its implications<\/b><\/span><\/h1>\n

 <\/p>\n

1. General update on Covid-19<\/b><\/span><\/h2>\n

The 2019\u201320 coronavirus pandemic is an ongoing\u00a0pandemic\u00a0of\u00a0coronavirus disease 2019\u00a0(COVID-19) caused by\u00a0severe acute respiratory syndrome coronavirus\u00a0(SARS-CoV-2).\u00a0The disease was first identified in December 2019 in Wuhan<\/i><\/b>, the capital of China’s Hubei province, and has since spread globally, resulting in the ongoing coronavirus pandemic. The World Health Organization (WHO) declared the 2019\u201320 coronavirus outbreak a Public Health Emergency of International Concern on January 30, 2020 and a pandemic on March 11, 2020<\/i><\/b>.<\/p>\n\n\n\n\n\n\n
Countries impacted\u00a0 Countries<\/b><\/td>\n215<\/b><\/td>\n<\/tr>\n
Total Cases as on September 17, 2020<\/td>\n30,042,776<\/td>\n<\/tr>\n
Total deaths as on September 17, 2020<\/td>\n\u00a0\u00a0\u00a0\u00a0 945,166<\/td>\n<\/tr>\n
Recovered Cases as on September 17, 2020<\/td>\n21,808,582<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Updated on September 17, 2020 till 6:49 GMT<\/p>\n

 <\/p>\n

*Please note that total countries includes territories and international conveyances also.<\/p>\n

 <\/p>\n

TABLE-1: ECONOMIC OUTLOOK FOR MAJOR ECONOMIES<\/i><\/b><\/p>\n

 <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Real y-o-y growth (%)<\/b><\/td>\n\u201919<\/b><\/td>\n\u201920<\/b><\/td>\n\u201821<\/b><\/td>\n<\/tr>\n
Gross Domestic Product<\/b><\/td>\n<\/td>\n<\/tr>\n
World<\/td>\n2.9<\/td>\n-4.4<\/td>\n4.0<\/td>\n<\/tr>\n
US<\/td>\n2.2<\/td>\n-5.9<\/td>\n1.5<\/td>\n<\/tr>\n
Eurozone<\/td>\n1.3<\/td>\n-8.9<\/td>\n4.3<\/td>\n<\/tr>\n
-Germany<\/td>\n0.6<\/td>\n-5.8<\/td>\n3.7<\/td>\n<\/tr>\n
-France<\/td>\n1.5<\/td>\n-11.0<\/td>\n6.6<\/td>\n<\/tr>\n
-Italy<\/td>\n0.3<\/td>\n-10.8<\/td>\n4.6<\/td>\n<\/tr>\n
-Spain<\/td>\n2.0<\/td>\n-13.8<\/td>\n5.3<\/td>\n<\/tr>\n
-Netherlands<\/td>\n1.6<\/td>\n-5.2<\/td>\n2.1<\/td>\n<\/tr>\n
United Kingdom<\/td>\n1.5<\/td>\n-10.5<\/td>\n4.4<\/td>\n<\/tr>\n
China<\/td>\n6.1<\/td>\n1.2<\/td>\n4.7<\/td>\n<\/tr>\n
Japan<\/td>\n0.7<\/td>\n-4.9<\/td>\n2.9<\/td>\n<\/tr>\n
Brazil<\/td>\n1.1<\/td>\n-5.9<\/td>\n3.6<\/td>\n<\/tr>\n
India<\/td>\n4.8<\/td>\n-4.8<\/td>\n9.0<\/td>\n<\/tr>\n
Australia<\/td>\n1.8<\/td>\n-5.5<\/td>\n3.2<\/td>\n<\/tr>\n
Level in US dollars<\/b><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Oil<\/td>\n64<\/td>\n41<\/td>\n50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

India GDP Growth<\/b><\/span><\/h3>\n

 <\/p>\n

\"\"<\/p>\n

In 2019-20, the Indian economy grew by 4.2% against 6.1% expansion in 2018-19. Economic growth slowed to an 11-year low of 4.2% in 2019-20, according to data released by the National Statistical Office.<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

\"\"<\/p>\n

\u00d8Moody’s<\/b> has projected India’s real\u00a0\u00a0 GDP to contract by 11.5 % <\/b>in FY21, reported against to 2.5%<\/b><\/p>\n

\u00d8India Ratings and Research, the India GDP growth\u00a0<\/b>forecast for FY21 was revised further down to a contraction of 11.8\u00a0% <\/b>from the earlier contraction of 5.3%<\/b>.<\/p>\n

\u00d8Fitch Ratings <\/b>has revised India’s GDP outlook for FY21, <\/b>stating that it will contract 10.5 %, <\/b>as against\u00a0an earlier estimate of 5 % contraction.<\/b><\/p>\n

\u00d8Goldman Sachs\u00a0<\/b>estimated real GDP growth to contract 14.8%, in FY21.<\/p>\n

\u00a0\u00a0\u00a0 <\/b>Economists<\/b> at\u00a0State Bank of\u00a0\u00a0\u00a0 India\u00a0<\/b>projected a negative growth of 10.9 %.<\/p>\n

 <\/p>\n

CHANGING<\/b> CONSUMER<\/b> BEHAVIOR<\/b> DURING<\/b> THE<\/b> PANDEMIC<\/b><\/h5>\n
WHAT\u2019S <\/b>THE NEXT<\/b>–<\/b>NORMAL<\/b><\/h5>\n

\"\"<\/p>\n

 <\/p>\n

GUIDELINES ON UNLOCK 4, WILL BE IN FORCE UP TO SEPTEMBER 30, 2020<\/b><\/span><\/h3>\n

 <\/p>\n

In areas outside the containment Zones, all activities will be permitted, except the following:-<\/p>\n

1.Schools, colleges, educational and coaching institutions will continue to remain closed for students and regular class activity up to September 30.\u00a0 However, Online\/distance learning shall continue to be permitted and shall be encouraged.<\/p>\n

2.Cinema halls, swimming pools, entertainment parks, theatres and similar places will remain closed. However, open air theatres will be permitted to open with effect from September 21, 2020.<\/p>\n

3.International air travel of passengers, except as permitted by MHA.<\/p>\n

4.Social\/academic\/sports\/entertainment\/cultural\/religious\/political functions and other congregations with a ceiling of 100 persons, will be permitted with effect from September 21, 2020, with mandatory wearing of face masks, social distancing, provision for thermal scanning and hand wash or sanitizer.<\/p>\n

 <\/p>\n

2. Change in TCS-Section 206C\u00a0 & its implications<\/b><\/span><\/h2>\n

 <\/p>\n

Background<\/b><\/u><\/p>\n

Indian Income Tax act has the provisions for tax collection at source. Section 206C of the Income-tax act governs the goods on which the seller has to collect tax from the buyer at the time of sale. In order to widen the tax brackets Government has come forward with some more item to be covered. New Item has been proposed in the Union Budget 2020 and was applicable from April, 01st 2020 but later on as per Finance Act 2020, it will be applicable from October, 01st 2020.<\/p>\n

 <\/p>\n

Let\u2019s discuss the provisions of TCS in detail:<\/p>\n

\u00d8Item covered<\/i><\/b><\/p>\n