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A GST refund is the reimbursement of excess GST paid by a taxpayer, claimable under Section 54 of the CGST Act, 2017, read with Rule 89 of the CGST Rules, 2017, by filing Form GST RFD-01 on the GST portal within 2 years from the relevant date. The most common refund categories are: (1) export […]
Introduction With an aim to enhance tax compliance and eradicate black money circulation, the CBDT has implemented a new facility called “ITR Filing Compliance Check” functionality. This was announced on 31st August 2020 to assist Scheduled Commercial Banks (SCBs) monitor the status of tax returns filed by its customers involved in massive cash withdrawal operations. […]
Introduction Settlors relinquish primary control of trust property to beneficiaries, which also results in a transfer of ownership. The destiny of the resolute owners is quiet and passive, much like that of the Trust’s property and other finances. This article addresses the legal analysis of the trust property by showing how ownership of the trust […]
Introduction Direct and indirect taxes are the two fundamental types of taxes that governments collect revenue from. The difference between direct and indirect taxes is something crucial to be known by people as well as businesses. Direct Taxes Direct taxes are levied directly on the income or wealth of the taxpayer. Directly, the taxpayer liable […]
The Employees’ Provident Fund (EPF) is more than just a retirement savings scheme; it is a crucial financial safety net for millions of salaried employees in India. With the launch of EPFO 3.0, simplified withdrawal rules, higher auto-settlement limits, and upcoming ATM and UPI-based withdrawals, EPF’s latest news in 2026 has brought significant reforms. Whether […]
The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. Section 54EE talks about the long-term capital gain exempted when invested in long-term assets. One can claim this exemption by following a few conditions. Following assets are not considered […]
Sub Section 01- In the case of an assessee engaged in retail trade of any goods or merchandise, regardless of anything to the contrary contained in sections 28 to 43C, a sum equal to 5% of the total turnover on account of such business in the previous year, or, as the case may be, a […]
An amount deposited into a ‘Deposit Account’ or ‘Special Account’ for the utilization of the same for the specified purpose is allowed as a deduction under section 33AB. A deduction under section 33AB of the Income Tax Act is available to an assessee carrying on a business in India of growing and manufacturing tea, coffee, […]
#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation The Site Restoration Fund Section 33ABA and Rule 5AD are applicable to all assessees or taxpayers engaged in the business of: prospecting for petroleum or natural gas; extraction or production of petroleum or natural gas; or both in India. The Central Government has entered into an agreement with […]