The objective of the GST system’s refund provisions is to harmonise and standardise the processes involved in filing returns. Businesses or individuals must file a refund claim using the appropriate forms, such as Form GST RFD-01, along with supporting documentation in order to be eligible for...
When you are eligible for income tax refund you must claim it whiling file your income tax return. No special form is to be submitted to claim the refund. However, if you forget to claim it then you can revise your return within a specified period of time and claim the refund in the ...
If the regular tax liability gets reduced due to any error during the regular assessment process. If you have paid taxes in abroad for the same income you have taxed in India, you can claim a refund. This is mentioned under the rules of DTAA. If you have forgotten to claim tax benefits...
How HBL and MBL works. How shipper and consignee are mentioned in HBL and MBL. Let us take the same example. When receiving goods from exporter X, A as freight forwarder release House Bill of Lading to X in his specified format. Here, the shipper is X and consignee is Y in the said...
If you are unable to submit these forms, you can still claim a TDS refund at the time of filing your year-end tax returns. There are also some ways to save on tax on FDs. A post office FD is one way as it does not attract any TDS deduction. ...
Explain that to claim your income tax refund or TDS refund, all you have to do is file your income tax return and declare your income, deductions and tax paid details to the Income Tax Department. It is important to remember that online filing of your ITR is necessary to cl...
Notice to GST return filing defaulters When to file Annual Return of GST online? Changes of operation of SEZ Does CVD exists under project imports? Baggage clearance after GST implementation Refund of SAD paid on imports How to claim ITC under imports?
Linking your bank account to PAN can help you claim a refund if TDS deducted is more than actual tax. The PAN card is a mandatory identity proof required while opening a new bank account. Buying and selling immovable assets like property and car worth more than Rs.10 lakh. Financial transa...
24% Per Annum: This higher rate applies in cases of undue or excess claim of input tax credit (ITC) or reduction in the tax liability. 2. How Is Interest Calculated? The interest on late GST payments is calculated using the following formula: Interest = Tax Amount × (Interest Rate / ...
Adding to this, any mistakes made while submitting self-assessment tax or advance tax during the year will also result in non-deposit of tax. Such tax deposits will also not be reflected in Form 26AS, and further, the facility of the claim tax credit will also be unavailable for the ...