pan

Linking of Aadhaar with PAN

The extended due date for linking of Aadhaar number with PAN is now 30th June, 2021. Get your Aadhaar linked with PAN today.

Which section is applicable - Section 194Q or Section 206C(1H)

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

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.