Know about credit note under GST
Credit Note under GST is issued by the supplier after it has issued the invoice to the buyer. It is applicable under certain circumstances only. Credit Note Credit Note under …
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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.