Latest FAQ on GST Dec 2018 – 3rd Edition

Central Board of Indirect Taxes & Custom has issued frequently asked questions (FAQs) on Goods and Service Tax (GST) 3rd edition on 15th December 2018. The changes announced in GST Council meeting held on 22nd December 2018 are being incorporated and the updated edition will be uploaded shortly. The compilation of Frequently Asked Questions (FAQs) … Read more

30 Most Important Questions on TCS Under GST

Q.1 What is Electronic Commerce? As per Section 2(44) of the CGST Act, 2017, electronic Commerce means the supply of goods or services or both, including digital products over digital or electronic network. Q.2 Who is an e-commerce operator? As per Section 2(45) of the CGST Act, 2017, electronic Commerce operator means any person who … Read more

67 Most Common Questions on TDS Under GST

Q.1 As a DDO I am deducting TDS from salary and also while making payment of other bills under Income Tax Act. Then why should I need to deduct TDS again? TDS under Income Tax is different from TDS under GST. There was a provision of TDS under VAT Act also. TDS under the GST … Read more

Latest FAQ on GST eWay Bill – All Confusion Cleared

FAQs- General Portal of eWay Bill What is the common portal for generation of e-way bill? The common portal for generation of e-way bill is I am not getting OTP on my mobile, what should I do? Please check if you have activated ‘Do Not Disturb (DND)’ facility on your mobile or your service … Read more

Most Common Questions on GST – Part 2

Most Common Questions on GST – Part 2 Check FAQ on GST Part 1 Here Levy What is the taxable treatment of the services provided by a Service Provider in respect of such services which are covered under circular 25/2012- Mega Exemption Notification for Government, railways and other Departments? Such Services are exempt from Service … Read more

Most Common Questions on GST – Part 1

The emails were received by the GST Policy Wing from various sources and were scrutinized and developed into short FAQs. It should be noted that the emails received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity. Most Common Questions on GST – Part 1 Check … Read more

50 Most Asked Questions on eWay Bill – Clear Your Confusion!

Frequently Asked Questions on E Way Bill Q 1). What is an E Way Bill? Ans. E-way bill (FORM GST EWB-01) is an electronic document (available to supplier / recipient / transporter) generated on the common portal evidencing movement of goods of consignment value more than Rs. 50000/-. It has two Components-Part A comprising of … Read more

28 Most Common Questions on Income Tax – All Confusion Cleared

Q.1) What is Income-tax? ​​It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.​ Q.2) What is the administrative framework of Income-tax? The revenue functions of the Government of India are managed by the Ministry of Finance. … Read more

4 Most Asking Questions on E-filling of Income Tax Return


Q.1) Can revised return be filed with a different Form no. than original return form? A person can revise his return of income under section 139(5) with correct applicable ITR Form, if he has not furnished return of income with correct ITR Form under section 139(1) in pursuance of notice issued under section 142(1). Q.2) … Read more

5 Common Queries on Income Tax Deductions – Check Before Filing ITR!


Q.1) Under which section interest on deposit in case of senior citizens is allowable as deduction?| What is the upper limit/maximum deduction allowed under section 80TTB?| What is the maximum deduction allowable under section 80TTB? Section 80TTB in respect of interest on deposits in case of a senior citizen, has been introduced by Finance Act, … Read more

25 Most Asked Questions on TDS – All Clarified with Examples!

25 most asked questions on tds

FAQs on Tax Deducted at Source (TDS) Q.1) What is tax deducted at source? For quick and efficient collection of taxes, the Income-tax Law has incorporated a system of deduction of tax at the point of generation of income. This system is called as “Tax Deducted at Source”, commonly known as TDS. Under this system … Read more

FAQs on Income from other source


FAQs on Income from other source Q.1) What is Casual Income? Casual income means any receipts which are of a casual and non-recurring nature. For example, income earned by way of winnings from lotteries, races including horse races, crossword puzzles, etc. Q.2) Under which head pension received from employee provident fund organization under Employee Pension … Read more

17 Most Asked Questions on Income Tax Provisions for non-residents


FAQs on Provisions useful for non-residents Q.1 Is the residential status of a person relevant for determining the taxability of the income in his hands? Yes, the residential status of a person earning income is very much relevant for determining the taxability of such income in his hands. Taxability of any income in the hands … Read more

FAQs on Interest u/s 234A, 234B & 234C

234a 234b 234c interest-min

FAQs on Interest under section 234A, 234B & 234C Q.1) What are the consequence on failure to pay advance tax? ​​ ​If you fail to pay Advance Tax or pay at a rate less than stipulated rates you will be required to pay Interest under sections 234B & 234C of the Income Tax Act, 1961. … Read more

25 Most Common Questions Asked on TAN – All Confusion Cleared!


Q.1) What is TAN? TAN i.e. Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment … Read more

42 Most Common Queries on PAN – Must Check Before Apply

pan card queries

Q.1) What is PAN? PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card). Given below is an illustrative PAN: ALWPG5809L More about PAN Card – Check Here Q.2) What … Read more

17 Most Common Queries on Computation of Income Tax

Q.1) Under how many heads the income of a taxpayer is classified? S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.: Salaries Income from house property Profits and gains of business or profession Capital gains Income from other sources​​ Q.2) What is gross total … Read more

14 Most Common Questions on Set Off and Carry Forward of Losses

14 Most Common Questions on Set Off and Carry Forward of Losses

Q.1) If income from any source is exempt, then can loss from such source be adjusted against any other taxable income? If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax. E.g., Agricultural income is exempt from … Read more

23 Common Questions on Salary Income – Answers with Examples

Q.1) What is considered as salary income? section 17​​ of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. Q.2) What are allowances? Are all allowances taxable?| What … Read more