Online Functionality to File an Appeal Against Demand Order to Appellate Authority
Appeal under GST GST tax laws primarily impose two types of obligation – tax-related and procedural related, which are required to be compiled by the tax-payers. The taxpayer’s compliances with this obligation are verified by the proper tax officers via return filing, audit, scrutiny, examination, search, seizure etc. In certain cases, there is the difference […]
Difference between Zero Rated, Nil Rated, Non-GST and Exempt Supplies
Under GST, there are various types of supplies which creates confusion for the end user. While the end result of all these supplies is the same, i.e. GST is not applicable on the supply, but it is important to know the difference especially for the purpose of filing correct GST returns and accurate claim of […]
Interest on Refund of Income Tax – Section 244A
Where any refund is payable to the assessee, the assessee is entitled to receive interest along with the refund as per the following provisions- When refund is of any advance tax paid or TDS or TCS – The interest is payable at the rate of 0.5 percent per month or part of month from 1st […]
Interest on Excess Refund – Section 234D
If the assessee is granted refund under section 143(1) when no refund is due on regular assessment or granted excess refund under section 143(1) then the assessee is liable to pay simple interest at the rate of 0.5% per month of part of the month from the date of refund to the date of regular […]
Interest for Deferment of Advance Tax – Section 234C
Interest is payable by assessee under section 234C for non payment or under payment of advance tax. Rate of Interest – Simple Interest @ 1% per month or part of month Interest is calculated by Non Corporate Assessee as provided under:- Interest is Payable under Section 234C if Period of Interest Amount on which Interest Payable […]
Why there was a need for 3 types of GST – CGST, SGST & IGST
Since GST subsumed both indirect taxes of central government (excise duty, service tax, custom duty, etc. ) and state governments (VAT, Luxury tax, etc.), both the government now depend on GST for their indirect tax revenue. Therefore the GST rate is composed of two rates, one of CGST and one of SGST. Therefore, while making […]
Tax on buying/selling of immovable property below stamp duty value
If any immovable property is sold below the stamp duty value (or circle rate) then such case will fall under Section 50C, Section 43CA, Section 56(2)(x) and double taxation shall apply on the difference in the stamp duty value and transfer price. Taxability in the hand of Seller If the immovable property is considered as […]
Winning from the Lottery, Crossword Puzzle, Race, Games etc.
As per Section 115BB, a flat tax rate of 30% is applicable on income arising by way of winnings from any: – Lottery Crossword Puzzle Race including horse race (not being income from the activity of owning and maintaining race horses) Card Game and other game of any sort ( As per Section 24(ix) includes […]
Capital Gain on sale of Equity Shares – LTCG & STCG
Profit or gain arising on transfer of shares (considered as an investment not a business by assessee) is chargeable to tax under the head ‘Capital Gains’. Types of Capital Gain Capital gains on shares are divided into two types : – Short Term Capital Gains Long Term Capital Gains CAPITAL ASSETS SHORT TERM CAPITAL ASSETS […]
Taxability on Buyback of Shares of Companies
In simpler terms, buyback of shares means buying by a company of its own shares in accordance with the provision of the law. Taxability on buyback of shares is divided on the basis of the listing of the company i.e. a) Buyback by Listed Companies b) Buyback by Unlisted Companies Buyback by Listed Companies Taxability […]