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
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
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
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
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 (
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
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
In order to curb black money, the government has imposed various restrictions on cash payments from time to time. Paying/Receiving cash beyond these limits attracts a heavy penalty which can be up to 100% of the amount received/paid. Here is the list of various restriction which is imposed under the
At the time of filing income tax return, many of us claimed the refund of excess income tax paid or TDS deducted i.e. income tax paid is more than income tax chargeable on the total taxable income for the year. Depending on the option exercised by the assessee, at the
Section 80JJA has been substituted by Finance Act 2016 (with effect from FY 2016-17) which provide the deduction to an employer for generating employment. Eligibility for claiming the deduction Available to that assessee: – who is required to get his books of accounts audited under Section 44AB and income include