LTCG Gain on listed equity shares which is more than 1,00,000/- to be taxed at 10%.
Welcome Health & Education Cess @ 4%
What to do when you get such intimation: You are required to login to your account at ITD website and submit a response online explaining such difference within the stipulated time. In case timely response is not received, ITR will be processed without providing any further opportunities in this regard. This can lead to: Delay in refund processing Demand notice to pay tax, interest and penalty Delay in loan/visa application processing
Only tax details declared in your ITR were matched with the tax details available in your Form 26AS.
Now all details declared in your ITR w.r.t. Income (gross total income, taxable income, other income like interest income, etc.) / Deductions / TDS, are being matched with the details available in your Form 16 as well. If there is any variance in details given in ITR and Form 26AS / Form 16 / Form 16A, you would get an intimation u/s 143(1)(a) of the Income Tax Act.
The new GST regime will comprise of the following taxes – Central Goods and Services Tax (CGST) – This tax will be levied on intra-state (within same state) supply of goods and services State Goods and Services Tax (SGST)- This tax will also be levied on intra-state (within same state) supply of goods and services Union Territory Goods and Services Tax (UTGST) – This tax will be levied on the supply of goods and services within the same Union Territory Integrated Goods and Services Tax (IGST) – This tax will be levied on inter-state (among different … Click here to continue…..
GST is payable by any person making taxable supplies of goods/ services and whose turnover [on a pan-India basis of all offices having the same Permanent Account Number (PAN)] exceeds INR 20 lakhs. However, where a person who is registered under GST receives goods or services from an unregistered vendor, the registered recipient will be required to pay GST on the goods or services procured. Additionally, on certain goods and services specified by the Government, tax is to be paid by the recipient, under reverse charge instead of the supplier.
CBEC to be renamed as Central Board of Indirect Taxes(CBIT) after GST rolls out. GST SECTIONS- AN ONSHOT OVERVIEW Section-1 Short Title, extent and commencement Section-2 Definitions Section-3 Meaning and Scope of Supply Section-4 C lasses of officers under Central Goods and Services Tax Act Section-4 Classes of officers under State Goods and Services Tax Act Section-5 Appointment of officers under Central Goods and Services Tax Act Section -6 Powers of officers Section-7 Levy and Collection of Central / State Goods and Services Tax Section-8 Composition Levy Section-9 Taxable Person Section-10 Power to grant Exemption Section-11 Remission of Tax on … Click here to continue…..