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Taxpayers often make mistakes of paying extra Income tax against the applicable tax. In such mistakes, taxpayers are eligible to get a refund of the excess tax amount paid by him. Today in this article we are going to talk about all the provisions related to the claim of Income Tax refund of excess IT paid by the taxpayer. Basic Provisions If the taxpayer by mistake paid the excess tax amount than the applicable tax (whether it is advance, TCS/TDS, self-assessment, or regular assessment tax) then the taxpayer is eligible to get the refund of the excess tax paid by him/ her. In the matter of refund of tax provisions under Section 237 to 245 are applicable. When Does the Income Tax Refund Arise? Section 237 states that ‘ If a taxpayer can prove in front of the Assessing Officer (AO) that the tax paid by him or on his behalf or treated as paid by him or on his behalf for any previous year exceeds the applicable tax amount then he\ she is eligible for the refund of the excess amount. The ...

The validity of Electronic Way Bill or e-Way Bill has been extended by the Central Board of Indirect Taxes and Customs (CBIC) till 30th June 2020. The date has been extended for all the bills generated on or before 24th March 2020 and validity of which has been expired between 20th March 2020 and 15th April 2020.  In a notification released by the board, paragraph first of clause (ii) read "Provided that where an e-way bill has been generated under rule 138 of the Central Goods and Services Tax Rules, 2017 on or before the 24th day of March, 2020 and whose validity has expired on or after the 20th March, 2020, the validity period of such e-way bill shall be deemed to have been extended till the 30th day of June, 2020." Read Also:    E-way Bill Generation and Registration Pdf Guide by Gen GST Software V2.0 The notification will prove to be beneficial for the transporters and truckers of the country. The board had earlier extended the validity of bills till 31st May 2020 fo...

Employees need to declare their investment to save tax at the beginning of every financial year (April Month) to allow the employer to deduct tax at source (TDS). But Lockdowns due to Covid-19 this year is unsettling everything and it also caused a delay in investment declaration submission this year. Meanwhile, Finance Minister Nirmala Sithraman introduced a new Income tax Regime on 1st Feb 2020 and allowed people to choose one of them as their default tax regime. The New tax regime features more tax slabs and lower tax rates below an income of 10 Lakh which seems more beneficial compared to the Old tax regime . The inclusion of a new option makes the declaration more important because if employees will not declare their choice then the employers will be not able to deduct the TDS as per the last year’s tax-saving investment declarations. The Government also made it mandatory to choose the Income-tax regime at the beginning of a financial year. It needs to be mentioned here that the ...

Taxpayers often make mistakes while filing GST challan, one of the most common ones is “making payment under the wrong head”. At Present time when countrywide lockdown has been imposed and the end of it is not appearing clear, taxpayers are already going through a liquidity crunch, and on top of that these common mistakes are worsening the condition because their payment gets blocked, What are the steps government has taken to rectify and solve these mistakes? The government had earlier introduced the GST PMT-09 Form through notification no. 31/2019 dated June 28, 2019, for the same and now made it live on April 21, 2020, for taxpayers who made mistakes during making GST Challans. Form GST PMT-09 can be utilized for shifting falsely or incorrectly paid GST through cash ledger. Taxpayers can also use it if they have paid CGST instead of SGST. Who can Fill the GST PMT-09 Form? Each and every taxpayer who wants to correct their wrongly paid tax can fill the GST PMT-09 Form . Authorities ...

Prime Minister Narendra Modi had earlier announced an economic package that was focused on land, labor, law, and liquidity to get the country’s economy on track, and Nirmala Sitharaman, Finance Minister has announced some measures as part of the Covid-19 relief package . The announcements will help businesses in one way or another and also help to boost the cash flows in the markets, but do you know all the measures announced by the Finance Minister? No, Right? Don’t worry, here they are TDS and TCS Rate Reduction A deduction of  25% in existing rates for TDS for non-salary payments made to residents A deduction of 25% in the rate for TCS for specified receipts Now reduced TDS rates will be applied on payment made for rent, dividend, contract, professional fees, interest, commission, brokerage. The reduced TDS will be applied throughout the current Financial year The government expects that the reduction in TDS and TCS rates will result in the release of liquidity of ...

The outbreak of coronavirus has impacted every kind of business and other organisation. Moreover, everything is closed because of the lockdown. Offices of companies and chartered accountants are closed and the businessmen are facing numerous issues because of it. The approaching deadlines for filing the TDS (Tax Deducted at Source) returns for the fourth quarter and GST (Goods and Services Tax) returns for March are creating stress among the businessmen. A lot of deadlines will be falling between 30th April 2020 and 5th May 2020. A lot of business owners and other individuals have requested the Prime Minister, Mr Narendra Modi and the finance minister, Mrs Nirmala Sitharaman to extend these deadlines further. Although the government has already extended the due dates of most of the returns till 30th June 2020. The industrialists have said that the last date for filing the TDS returns via Gen TDS Software for the fourth quarter is 30th April 2020 but they are not able to file...

Medicines and other medical supplies are taxed at four different tax slabs Nill, 5%, 12% and 18%. No tax is levied on the supplies of blood and its-by products and all the contraceptives, while GST on all the life-saving medicines is 5% (vaccines for AIDS, TB, diabetes, malaria, etc.). The highest 18% GST is charged on medicines that have nicotine polacrilex in their composition. The highest tax slab is 28% but none of the medicines or medical supplies are charged at 25% GST.  Medicines and medical supplies listed under their respective GST rates: Medicines and Medical Supplies taxed at NIL GST : Human Blood and any medicine that has the composition of by-products of blood.    Any kind of contraceptive medicine. Medicines and Medical Supplies taxed at 5% GST : Oral Rehydration Salts Diagnostic kits for hepatitis Human/animal blood vaccines Artificial limbs, crutches, walking frames, wheelchairs, etc.  Insulin injections and tablets....