GST Refund Rejection: Appeal & Documentation 📌 Quick Answer GST refund applications under Section 54 of the CGST Act are rejected primarily due to documentation gaps, computational errors in Rule 89 formulas, and failure to establish the nexus between input tax credit and zero-rated supplies. At Virtual Auditor, we handle refund rejections at every stage […]
Category Archives: Income Tax Company
Faceless Assessment & Appeal: How the New System Works Quick Answer The Faceless Assessment Scheme under Section 144B of the Income Tax Act eliminates physical interface between the taxpayer and the Assessing Officer. All scrutiny proceedings — notices, questionnaires, document submissions, hearings, and orders — are conducted electronically through the e-filing portal. The assessment is […]
18 Valuation Methods Compared: Which to Use When (India) 📌 Quick Answer: How to Choose the Right Valuation Method in India India’s regulatory landscape prescribes different valuation methods for different purposes — Rule 11UA for Income Tax, FEMA NDI Rules for foreign investment, IBBI Regulation 35 for insolvency, and SEBI ICDR Regulations for listed companies. […]
Presumptive Taxation: Section 44AD, 44ADA, 44AE — Eligibility, Thresholds & Benefits Quick Answer Presumptive taxation under Sections 44AD, 44ADA, and 44AE of the Income Tax Act, 1961 allows eligible small businesses, professionals, and goods-carriage operators to declare income at prescribed deemed-profit rates without maintaining detailed books of account. Section 44AD applies to businesses with turnover […]
TDS on Property Purchase: Section 194-IA Compliance — Form 26QB, Rate & Threshold Quick Answer Under Section 194-IA of the Income Tax Act, 1961, every buyer of immovable property (other than agricultural land) is required to deduct TDS at 1% of the consideration or stamp duty value (whichever is higher) if the amount equals or […]
Tax Audit Under Section 44AB: Applicability, Due Date & Penalties Quick Answer Section 44AB of the Income Tax Act, 1961 mandates tax audit for businesses with turnover exceeding Rs.1 crore (or Rs.10 crores if cash transactions do not exceed 5% of total transactions) and professionals with gross receipts exceeding Rs.50 lakhs. The audit report must […]
New Tax Regime vs Old Regime 2026: Which to Choose — Section 115BAC Post-Budget 2025 Quick Answer For FY 2025-26 (AY 2026-27), the new tax regime under Section 115BAC is the default regime, with significantly revised slabs announced in Union Budget 2025 — the basic exemption limit is now Rs.4 lakhs, the highest slab (30%) […]
GST Classification & HSN Code Disputes: Appeal Strategy Quick Answer GST classification disputes arise when the department and the taxpayer disagree on the HSN code (for goods) or SAC code (for services) applicable to a supply, resulting in a differential tax demand. Classification is governed by Section 9 of the CGST Act read with rate […]
GST for Real Estate: Builder Compliance, ITC & Anti-Profiteering 📌 Quick Answer GST on real estate underwent a fundamental overhaul on 1 April 2019 through Notification 3/2019-Central Tax (Rate). Under-construction residential apartments attract 1% GST (affordable housing) or 5% GST (non-affordable), both without ITC. Builders must maintain project-level accounts, comply with the 80% registered procurement […]
GST for E-Commerce: TCS Under Section 52 & Seller Compliance 📌 Quick Answer Every e-commerce operator (ECO) in India must collect TCS at 1% (0.5% CGST + 0.5% SGST, or 1% IGST) on the net value of taxable supplies made through its platform, under Section 52 of the CGST Act read with Rule 67. Sellers […]