New Change in GST I Interest Applicability I CA Satbir Singh
New Change in GST I Interest Applicability I CA Satbir Singh
Tag Archives: Interest
Big Change in GSTR3B interest and Late Fees calculation I New GST Circular I CA Satbir Singh
Big Change in GSTR3B interest and Late Fees calculation I New GST Circular I CA Satbir Singh
GST Order levying Interest not Valid as passed without hearing Taxpayer : HC
GST Order levying Interest not Valid as passed without hearing Taxpayer : HC GST Order levying Interest:HC HIGH COURT OF PATNA Gaya Marketing v. State of Bihar SANJAY KAROL, CJ. AND ANIL KUMAR UPADHYAY, J. CIVIL WRIT JURISDICTION CASE NO. 23783 OF 2019 JANUARY 14, 2020 Gautam Kumar Kejriwal, Advocate for the Petitioner. Vikash Kumar, for the Respondent. ORDER… Read More »
Breaking News ! No Late fees for GST Annual Return GSTR 9 and GSTR9C
Breaking News ! No Late fees for GST Annual Return GSTR 9 and GSTR9C
Pay GST Interest on Cash and ITC (Gross Tax Liability) if delay in filing Returns : HC
Video Explanation of Payment of Interest under GST Until a return is filed as self-assessed, no entitlement to credit and no actual entry of credit in the electronic credit ledger takes place. As a consequence, no payment can be made from out of such a credit entry. It is true that the tax paid on the… Read More »
Allow Interest on refund from beginning of AY even if mistake committed by assesse : HC
HIGH COURT OF BOMBAY Principal Commissioner of Income-tax-2 v. State Bank Of India AKIL KURESHI AND M.S. KARNIK, JJ. IT APPEAL NO. 1218 OF 2016 JANUARY 4, 2019 Suresh Kumar for the Appellant. Atul Jasani for the Respondent. ORDER 1. The appeal is filed by the revenue to challenge the judgment of the Income Tax Appellate Tribunal “Tribunal” for short” dated… Read More »
Assessee is entitled to Interest on Income tax Refund
Interest on Income Tax Refund ; Section 244A(1) of Income Tax Act 1961 Facts of the Case The appellant had paid a sum of Rs. 20,00,000/- on 29.6.1991, as tax due under section 140A. This amount actually became refundable due to the appellate proceedings. Therefore, the appellant claimed the refund of the said amount of… Read More »
Interest not received on doubtful loan can’t be taxed on accrual basis
Facts of the Case:- Assessee had advanced certain amount to a party on interest that said amount was outstanding and income from interest accrued had not been shown in the return. Assessing Officer View Point :- Assessing Officer, invoking the provisions of section 145, held that the interest was accrued to assessee for the year… Read More »
Interest earned by Finance Company not taxable as income from other sources as it was held as business income in earlier years
Interest income of finance company not taxable as other sources of income if it was held as business income in earlier years IN THE ITAT MUMBAI BENCH ‘C’ Preimus Investment & Finance Ltd. v. Deputy Commissioner of Income-tax I.P. BANSAL, JUDICIAL MEMBER AND RAJENDRA, ACCOUNTANT MEMBER IT APPEAL NO. 4879 (MUM.) OF 2012 [ASSESSMENT YEAR… Read More »
Interest on Self Assessment tax
How the Interest on Self Assessment tax Paid will be calculated ? Payment of excess self-assessment tax can’t be regarded as payment of tax before processing of return under section 143(1). Thus, refund of excess self-assessment tax will not carry any interest from the date of payment but it will carry interest from the… Read More »