GST registration for Multiple Businesses
The GST registration is PAN based and State specific. Supplier has to register in each of such State or Union territory from where he effects supply. What is considered to …
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Which Section is applicable – Section 194Q or Section 206C(1H)?
Through the Union Budget, 2021, a new section namely Section 194Q was inserted in the Income Tax Act and this section is similar to the provisions of Section 206C(1H) of the Act. This is so because both of these sections deals with same transaction of sales/purchases above Rs. 50 lacs from party whose turnover whose turnover is previous year exceeds Rs. 10 crore. Further, Section 194Q talks about deducting TDS and Section 206(1H) talks about collecting tax.
Extension of due dates due to COVID-19
Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years.
Know Steps to Update Details on PAN Card
The PAN Card details can be updated through filling of Form 49A. This can be done through process online or offline procedure. There are two PAN issuing authorities in India …