The taxation system in India is governed by Income Tax Act,1961. Among various provisions, Section 194Q and Section 206C is crucial in regulating tax collection at source (TCS) and tax deducted at source (TDS). Although, these sections aim at collecting taxes from specific transactions, they differ in
Read more →
The concept of ITR-U also known as Updated return was introduced in Union Budget of 2022. CBDT vide Notification No. 48/2022 dated 29.04.2022 notified Rule 12AC for furnishing ITR-U as per the provision of section 139(8A) of Income Tax Act,1961. ITR-U acts as a rescuer for those
Read more →
Refund on export of Goods Refund on export of goods In India, export of goods is considered as interstate supply and therefore integrated GST is payable. However, under the provisions of the IGST Act, exported goods are treated as zero-rated supplies, allowing the exporter to claim a
Read more →
