ELSS (Equity Linked Savings Schemes) Scheme Of Mutual Funds Is Best Choice For Tax Planning under Section 80C of Income Tax Act, 1961. Investors can save up to Rs 1.5 Lakhs in eligible schemes for deduction under Section 80C of the Income Tax Act 1961. There are broadly two types of tax savings schemes – […]
Article explains Provisions of TDS under GST, By whom TDS under GST are to be deducted, Date from which Deduction of TDS under GST to be made, Rate of TDS under GST, Threshold limit for deduction of TDS under GST, When deduction for TDS under GST is required to be made or not to be made, Cases for deduction and non-deduction of TDS under GST, Date of deposit of TDS under GST, Issue of TDS certificate under GST, Filing of TDS return under GST, Late Fees for not issuing the TDS Certificate or Late filing of TDS return under GST, Interest for non-payment of TDS under GST etc.
As per the present provision of Section 10(38) of Income Tax Act, the Long Term Capital Gains arising on transfer of Equity Shares or Units of Equity Oriented Funds or units of business trusts are exempt.
The applicability of various taxes (such as Excise, Custom, Service Tax, VAT and CST) in the present indirect tax system and in the coming GST regime has been explained through this article with the help of examples in each of the situations mentioned below:
Under the Service Tax Law, tax on Reverse Charge basis is leviable under various services but the concept of Reverse Charge on goods is totally a new concept under the GST regime. Sections 9(3) & 9(4) of the GST Act, 2017 deals with the provisions of Reverse Charge
Goods include: Every kind of movable property, Actionable claims, Growing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a contract of supply.
Taxable event is that event, happening of which attracts liability to tax. Taxable event is a very important event in any law as the levy and collection of tax is based on the happening of the taxable event. Although, the taxable event happens to be at a particular point of time, the levy and collection of such tax may be postponed for administrative convenience, to a later date.
Under Section 4A of the Central Excise Act, the Central Government has the power to notify the goods which shall be valued on the basis of MRP less abatement permitted. However in GST Law there is no provision for determination of value on the MRP basis.
The applicability of various taxes (such as Excise, Custom, Service Tax, VAT and CST) in the present indirect tax system and in the coming GST regime has been explained through this article with the help of examples in each of the situations mentioned below:
To determine the value on which GST would be levied has been described in the Chapter IV of CGST ACT, 2017. The Provision says that there are five items such as taxes under other statutes, interest or late fee for the delayed payment of consideration, incidental expenses, subsidy etc, which should be included in the transaction value. There is one exclusion i.e. Discount which should be excluded from the Transaction Value. However there are certain transactions (such as barter, exchange, transaction with related parties, transaction between principal and agent) for which we have to refer to the valuation rule prescribed under GST Act. Different scenario under which we have to refer Valuation rule has been provided in the PPT enclosed. Detailed provisions of Transaction Value u/s 15 of the CGST act are as under:
