Until 48th GST Council Meeting, an unregistered dealer (buyer of flat) could claim refund of GST paid upon cancellation of such flat only from builder that too within the time limit where the builder could issue a credit note to such buyer.
All the income earned through winnings from lottery, crossword puzzle, gambling, betting, horse racing and any similar nature were taxed under section 194B of the Income Tax Act, where the payer of such winnings would require to deduct TDS at 30% if such winnings exceed Rs 10,000/-
To make tax compliances hassle-free and to provide relief to senior citizens, Government of India through Union budget 2021 came up with a new section which provides conditional relief from filing the Income Tax Return. As per Section 139 of Income Tax Act, every person who has a taxable income is required to file Income Tax Return.
Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years.
Every assessee, to whom GST is applicable, pays the GST in the form of cash/bank transfer. Such a deposit reflects under electronic cash ledger in the account of the assessee on the GST portal. Thus this amount reflecting under electronic cash ledger is used to pay off GST taxes, penalty, interest, or any other amount payable under the GST Act.