1. Tax Audit is mandatory if ‘business’ is having total sales, turnover or gross receipts more than Rs. 1 crore in any Previous Year (‘PY’). [Read clause (a) of Section 44AB of the Income Tax Act, 1961 (‘the IT Act’)]. 2. However, the aforesaid limit of Rs. 1 crore shall be read as 5 crores […]
Rule 19 of the Central Goods and Services Tax Rules, 2017 briefly covers the provisions relating to filing of an application for amendment in GST registration. Amendment application is to be filed, electronically, in Form GST REG-14. The present article covers the provisions governing the filing of an application in Form GST REG-14 for amendment […]
Analysis of Foreign Contribution (Regulation) Amendment Act, 2020 (No. 33 of 2020) Purpose and effective date Purpose – To amend the Foreign Contribution (Regulation) Act 2010. Effective date – 29th September 2020 is the date on which the amendments shall come into force (Notification S.O. 3395(E) dated 29.09.2020) Amendments in a glance Public servants not […]
Ministry of Finanace Department of Revenue Central Board of Indirect Taxes & Customs North Block, New Delhi-110001 Tel. No. : + 91-11-23092849, Fax No. : + 91-11-23092890 E-Mail : ajit.m@gov.in Date: 26/October, 2020 D.O.No.38/CH(IC)/2020 The use use of IT products in enhancing our service delivery has been a major theme in my recent letters to […]
It has now been decided to extend the validity of license for import of tur from 15.11.2020 till 31.12.2020 and the cut—off date for ICLC for import of tur shall accordingly be 31.12.2020.
The issue under consideration is whether CIT(A) is correct in confirming the disallowance made by the Assessing Officer u/s.14A read with Rule 8D(2) of the Income Tax Rules, 1962?
Q.1 Who can file the Refund Application on account of assessment / provisional assessment / appeal/ any other order? Ans: Any person, including regular taxpayer, casual taxpayer, non-resident taxpayer or unregistered person, in whose favour an Assessment Order/Provisional Assessment Order/Appeal Order or any other Order entailing refund has been issued may file the application for refund.
Refund application on account of excess payment of tax can be filed, when the taxpayer has paid excess tax (in the form of advance tax or tax deducted/collected at source or self-assessment tax or payment of tax on regular assessment) against the tax required to be paid by him.
If the supplier of deemed exports has not collected tax from the recipient of deemed exports and paid the tax amount to the government, then the supplier of deemed exports would be eligible to claim the refund of tax amount paid by him, by providing the declaration that the recipient shall not claim any refund with respect of the said supplies and recipient has not availed any input tax credit on such supplies.
FAQs on Refund on Tax paid on an Intra-State Supply which is subsequently held to be Inter-State Supply and Vice Versa. When refund application can be filed using reason as Refund on tax paid on an Intra state supply which is subsequently held to be inter-state supply and vica versa
