About the Section 194N This section is inserted in the Union Budget 2019 proposed on 5 th July, 2019. However, in this section certain amendment is incorporated by Union Budget 2020 proposed on 27 th March, 2020. Hence lets understand about this section including with amendment. According to this section, Every Person ( Payer ) being i. A banking Co. ii. Co-operative society (engaged in banking business) iii. A post office Who is responsible to paying cash, whether amount or aggregate of amounts, in exceeding rupees 1 Crore during the previous year to any person (i.e. recipient) from single account or multiple accounts? Rate of Deduction of Tax Then the...
Meaning of One Person Company One-person company means as its name says that only one person in a company as a member. In other words, we can say one-person company can be incorporated by having an only one member. The Companies Act, 2013 completely revolutionized corporate laws in India by introducing several new concepts that did not exist previously. On such game-changer was the introduction of One Person Company concept. This led to the recognition of a completely new way of starting businesses that accorded flexibility which a company form of entity can offer, while also providing the protection of limited liability that sole proprietorship or partnerships lacked. Advantage: Main advantage of the one-person company is limited liability of Member . There are less compliances than a private limited company other than one-person company. Perpetual Status. The member can be exit easily by transferring his/her share. Limitation:...
Notification No.: 62/2020-Central Tax Effective from 21 st August, 2020 Aadhar Authentication for GST Registration Where an applicant, other than notified u/s 25(6D), opts for authentication for Aadhar number, he shall, while submitting application under sub rule (4), with effect from 21 st August, 2020, undergo authentication of Aadhar number and the date of submission of the application in such cases shall be the date of authentication of the Aadhar number, or fifteen days from the submission of the application in Part-B of Form GST REG-01 under sub-rule (4), whichever is earlier. Where person fails to Aadhar authentication Provided that where a person, other than a person notified u/s 25(6D), fails to undergo authentication of Aadhar number as specified in sub-rule (4A) of rule 8 or does not opt for authentication of Aadhar number, the registration shall be granted only after physical verification of the place of business in the presence of the said person, in the ...
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