Income Tax Refund: Why you must respond to outstanding tax demand online

March 16, 2020

If you are waiting for the income tax refund and not yet received it, there could be an outstanding tax demand from the income tax department. If any tax refund is due, the refund will be adjusted against the outstanding demand. Currently, in order to speed up the processing, the tax refunds up to Rs 5,000 are being issued without adjustment of outstanding demand. However, in the case of higher…

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GST query: Vendors on e-commerce platforms get notices

March 16, 2020

Hundreds of online vendors selling goods on e-commerce platforms like Amazon and Flipkart have received notices from the GST authorities to explain the differences in sales numbers reported by the e-commerce operators when they collected tax at source (TCS) and the sales reported by the sellers in their monthly return GST-3B. Large-scale evasion is suspected as taxpayers seem to have under-reported sales and paid lower taxes in self-declared returns. The…

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