Online Correction Facility to Add/Modify Deductee in TDS Return
Many times, deductor have to make the changes in the previously filed TDS return due to some mistake, omission etc. TRACES provide online functionality for making various types of the corrections in the already filed TDS return which are as follows: – PAN correction Challan correction Add a new challan to statement Resolution for overbooks […]
Casual Taxable Person in Goods and Service Tax
For some persons, it is hard to maintain a fixed place of business due to seasonable nature of their industry. Also, if they have to register as a regular taxable person then they have to file monthly or quarterly return on a regular basis throughout the year. This lead to the logic for creating special […]
Mixed Supply & Composite Supply under GST
Mixed Supply A mixed supply is one in which two or more individual supplies of goods or services are made as a single supply but such supply does not constitute as a composite supply. For example, a departmental store makes a package on occasion of Diwali which consists of sweets, chocolates, and packed juices. This […]
Standard Deduction – Section 24a
Standard Deduction of 30% of Annual Value is allowed as deduction to every person. Any type of expenses incurred by the assessee for acquiring, constructing, repairing, reconstructing, maintaining, renovation, renewal etc shall not be allowed as deduction. Flat 30% of deduction shall be allowed irrespective of the expenses incurred by the assessee.
Minimum Alternative Tax (MAT)
MAT stands for Minimum Alternative Tax. MAT was introduced by the Finance Act, 1987 with effect from Assessment Year 1998-99. Later on, it was withdrawn by the Finance Act, 1990 and reintroduced by Finance Act, 1996 with effect from 01St April 1997. Currently, the MAT is applicable only to companies as per the provision of […]
Refund of Unutilised Input Tax Credit for Zero-Rated Supplies
What is Input Tax Credit under GST? Input Tax Credit (ITC) means claiming the credit of the GST paid on the purchase of goods and services which are used for the furtherance of the business. ITC is a mechanism to avoid the cascading effect of taxes. Previously, no credit of taxes paid to Central Government […]
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 […]