Bombay High Court held that registered person making a zero rated supply under LUT may claim refund of unutilized credit including that of Compensation Cess. Accordingly, refund of compensation cess ...

In strict accounting jargon, it is an ‘Annual Financial Statement – AFS’ of the Union Government’s total income earned from taxes levying, directly and indirectly, say income tax ...

In the budget announced in 2018, the total cess on income tax increased by 4%. However, the income tax rates and the existing tax slabs remained unaltered. The two factors that decide the basic ...

Section 80C deduction allows an individual to save a maximum income tax of Rs.46,800 (inclusive of cess at 4%). The maximum income tax saving is applicable where the income is taxed at the highest ...