has the meaning assigned to it in section 92A of the Income tax Act, ;] 3 Omitted (w.e.f. ) by s of the Finance Act, (8 of ). of the Finance Act (32 of ) to the designated areas in the Continental Shelf and has the meaning assigned to it in section 92A of the Income tax Act, ;]. Omitted vide Finance (No.2) Act , w.e.f. assigned to them in clauses (30), (26) and (23A) of section 2 of the Income-tax Act, (
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Chapter V of the Finance Act, Income-tax Act, (43 of );. (14) .. Charge of service tax on and after Finance Act, —. presently services are subject to service tax (list of taxable services at annexure Thus, the law relating to Service Tax is still governed by Chapter V of the. The legal provisions for the levy and collection of Service Tax were introduced through Chapter V of the Finance Act, Initially the service tax rate was 5% of.
What's New eFiling For an optimal eFiling experience, we suggest using one of the following browsers and higher: Chrome v41, Firefox v55, Edge v13, Safari v10 or Opera v Tax Season SARS will improve eFiling and the MobiApp with several exciting innovations in the upcoming Tax Season , read more Single registration Allows taxpayers to register, maintain and view associated tax and customs registrations in a consolidated tax profile, read more Mobile Tax Units Find out where our mobile units are and see our tax workshops to learn more about tax, read more Beware of scams Beware of fake SARS jobs on Facebook and refund emails claiming to be from SARS. Also, only use registered Tax Practitioners, ask for the registration number and verify online, read more Customs busts Customs officials this week intercepted drugs with a combined value of approximately R12 million in three separate incidents at ORTIA, read more Employer Statement of Account changes To ensure that the information in the statement is clear, we have changed the way in which financial transactions are displayed, read more Issues with PDF's?
Replaced clause x every electronic commerce operator who is required to collect tax at source under section 52 Earlier clause x every electronic commerce operator Section Procedure for registration: Amended also as to allow persons having multiple places of business in a State or Union territory to obtain a separate registration for each such place of business, and to insert the provisions for separate registration for a person having a unit s in a Special Economic Zone or being a Special Economic Zone developer, distinct from his other units located outside the Special Economic Zone.
Earlier Proviso: Provided that a person having multiple business verticals in a State or Union territory may be granted a separate registration for each business vertical, subject to such conditions as may be prescribed.
Cancellation of registration: Amended so as to provide for temporary suspension of registration while the cancellation of registration is under process. Accounts and other records: Amended so as to provide that any Department of the Central or State Government or local authority which is subject to audit by the Comptroller and Auditor-General of India need not get their books of account audited by any Chartered Accountant or Cost Accountant.
Furnishing of returns: Amended so as to provide for prescribing the procedure for quarterly filing of returns with monthly payment of taxes. Section 43A: Procedure for furnishing return and availing input tax credit. Goods and services tax practitioners: Amended so as to allow Goods and Services Tax Practitioners to perform other functions such as filing the refund claim, filing the application for cancellation of registration, etc.
Payment of tax, interest, penalty and other amounts: Amended in order to provide that the credit of State tax or Union territory tax can be utilised for payment of integrated tax only when the balance of the input tax credit on account of central tax is not available for payment of integrated tax.
Replaced Sub-section 2 : The input tax credit as self-assessed in the return of a registered person shall be credited to his electronic credit ledger, in accordance with section 41 or section 43A, to be maintained in such manner as may be prescribed.
Section 49B: Order of utilisation of input tax credit: Newly inserted: This Section seeks to empower the Government to prescribe any specific order of utilisation of input tax credit of any of the taxes for the payment of any tax.
Section Collection of tax at source: Amended in order to give the reference of section 39 of CGST Act Furnishing of Returns Replaced sub-section 9 : Where the details of outward supplies furnished by the operator under sub-section 4 do not match with the corresponding details furnished by the supplier under section 37 or section 39, the discrepancy shall be communicated to both persons in such manner and within such time as may be prescribed.
Refund of tax: Amended in order to provide that the principle of unjust enrichment will apply in case of a refund claim arising out of supplies of goods or services or both made to a Special Economic Zone developer or unit, and to allow receipt of payment in Indian rupees, where permitted, by the Reserve Bank of India in case of export of services.
Appeals to Appellate Tribunal: Amended in order to specify fifty crore rupees as the upper limit of the amount of pre-deposit payable for the filing of appeal before the Appellate Tribunal. Detention, seizure and release of goods and conveyances in transit: Amended in order to increase the time limit before which proceedings shall be initiated.
Transitional arrangements for the input tax credit: Amended in order to clarify with retrospective effect from 1st July that the cesses and additional duty of excise on textile and textile articles levied under the pre-Goods and Services Tax laws shall not be a part of the transitional input tax credit under the goods and services tax.
Job work procedure: Amended in order to empower the Commissioner to extend the time limit for return of inputs and capital goods sent on job work, up to a period of one year and two years, respectively. Newly inserted paras after 6: 7. To locate the nearest TRP, you can visit — www dot trpscheme dot com Q What do the terms like Income-tax other than companies and Income-tax on companies that are mentioned in Challan mean?
However, the tax that is paid on the non-corporate assessees it is known as income-tax and to pay this in the challan, this tax is mentioned as Income-tax other than companies — Q What is the process to calculate advance tax and to pay it? One can make the deposits of the advance tax through challan ITNS by selecting the relevant column for advance tax. Q What is the meaning of tax on regular assessment and what is the process to pay it?
When the Income Tax Department finds underestimation of the income and the consecutive due tax, it takes special measures to calculate the actual amount of tax that should be paid. This kind of demand raised on the person is known as Tax on Regular Assessment.
This tax on regular assessment — must be paid within 30 days of the receipt of the demand notice.
Q What precautions should one take while filling the challan of the tax payment? Mode of payment and amount of the tax.
Therefore, you should get this counter-foil with the stamp. The PAN number provided to collector or deductor by the taxpayer is not correct. The deductor or collector has not provided the PAN of the taxpayer.
Take to the bank to rectify the issue in the challan details that are uploaded through the bank. Q Define Assessing Officer in brief. This officer has given a particular jurisdiction in a specific geographical area in the town or city or on the class of people. Q Since income tax is levied on the income of each person.
So, according to the law of the Income-Tax what is considered as income? Income can also come from the investments as commission, dividend, interest, etc. In addition to this, the income can also be earned on the sale of some capital assets such as gold, building, etc.
Q Define taxable income and exempt income? The law of the Income-Tax exclusively grants tax exemptions to some income.
Q What is the meaning of capital receipt and revenue receipt?