Inter State supply v/s Intra State supply in GST
GST is a dual model tax which is implemented in India, whereas both Central Government and state Government levy GST simultaneously. If a transaction happens between same state, then both Central Government and State Government levy GST i.e., Central Goods and Services tax (CGST) and State Goods and Services tax (SGST) or if transaction occurs in union territory, then instead of SGST, Union Territory Goods and Service tax (UTGST) will be levied and if transaction occurs between two different states, or one state and one Union territory or as the case maybe, then Integrated Goods and Services tax shall be levied.
Know your Income Tax Slab for Year 2022-23
Income tax in India is payable on slab basis and is applicable in case of Individual, Hindu Undivided Family (HUF), Association of Person (AOP), Body of Individual (BOI) and Artificial Juridical Person (AJP).
Income- What does it mean in Income Tax
Income Tax is levied on the Income earned by any person during the relevant Financial year. Hence, it is very important to understand what exactly includes in Income under this act.
The word “Income” has a widest meaning and it must be given its natural and grammatical meaning. The Definition of Income is inclusive in nature as it starts with “Income Include”.
The Purpose of legislation is to keep the scope of Income very wide, it means, that it also includes receipts which did not falls into any of the above clauses but might be taxable considering it partook the nature of income.
Rules of Interpretation of Income Tax Act, 1961
The Provisions of Income Tax Act, 1961 should be followed by every taxpayer, however, there is a certain situation where provisions are not very clear and sometimes don’t cover such situations as Lawmakers are not always very efficient to cover all the situations and cases.
In such a case, rules of interpretation come into the picture. These rules are the principles that help in the interpretation of the law. The basic objective behind these rules is to ascertain the intention of the lawmakers. These rules are not static and they keep on evolving.
Sometimes, there may be a situation, where two or more rules of interpretation are applicable. In such a case, the court will decide the most appropriate rule of interpretation considering the facts of the case.
Taxable Event under GST
Taxable event means any event or instance, occurrence of which triggers or result in a tax liability.