CS Executive Tax Laws cheat sheet

Charge of tax: Section 4 levies income tax on total income of every person for each assessment year at rates fixed by the annual Finance Act; 'person' includes individual, HUF, company, firm, AOP/BOI, local authority and artificial juridical person.

Previous year (Sec 3) is the year in which income is earned; assessment year is the following 12 months beginning 1 April. Exception: income of a shipping business of a non-resident is taxed in the year of departure.

Rates: individual/HUF basic exemption and slab rates depend on the option chosen under Sec 115BAC (default new regime); companies are taxed at 22% under Sec 115BAA or 15% under Sec 115BAB, subject to conditions.

Residence-linked rates: for non-residents, the basic exemption limit is not available and slab rates do not apply to most incomes; surcharge and health and education cess at 4% apply on tax plus surcharge.

Five heads of income: Salaries; Income from house property; Profits and gains of business or profession; Capital gains; Income from other sources. Total income is computed head-wise, then deductions under Chapter VI-A are allowed.

Income is classified by its nature: a receipt is taxable under the head indicated by its character, not by the name given to it. Agricultural income is exempt under Sec 10(1) but is aggregated for rate purposes.

Rounding rules: total income is rounded to the nearest Rs 10 (Sec 288A) and tax payable to the nearest Rs 10 (Sec 288B).

'Assessee' (Sec 2(7)) means a person liable to pay tax, or deemed to be an assessee, including an assessee in default; 'assessment' includes reassessment and best judgment assessment.

Individual: resident if stay in India in the previous year is 182 days or more; or 60 days or more in the previous year plus 365 days or more in the preceding four years. The 60-day limb is replaced by 182 days for Indian citizens leaving for employment abroad or as crew, and for citizens/PIOs visiting India with income other than foreign-source up to Rs 15 lakh.

Resident but not ordinarily resident (RNOR): resident who is non-resident in 9 of the 10 preceding years, or who has been in India for 729 days or less during the 7 preceding years.

Deemed resident under Sec 6(1A): an Indian citizen with Indian-source income above Rs 15 lakh who is not liable to tax in any other country is treated as resident but not ordinarily resident.

Residence tests for others: HUF is resident if control and management is wholly or partly in India; a company is resident if it is Indian-registered or, from AY 2021-22, has place of effective management in India; a firm/AOP is resident if control and management is wholly or partly in India.

Scope: resident and ordinarily resident is taxed on global income; RNOR is taxed on Indian income plus foreign income from a business controlled in or profession set up in India; non-resident is taxed only on Indian-source income.

Indian-source income includes income received in India, income accruing or arising in India, and income accruing abroad from a business controlled in India or a profession set up in India.

Exceptions: salary for services rendered in India is deemed Indian-source even if paid abroad; dividend paid outside India by an Indian company is deemed Indian-source only if it is not deemed to have been paid in India.

Relief under Sec 90/90A/91: a resident can claim foreign tax credit for doubly taxed income under a DTAA or unilateral relief; non-residents may claim treaty benefits where the treaty is more favourable than the Act.

Salary is taxable on due or receipt basis, whichever is earlier; advance salary is taxed on receipt, and arrears are taxed in the year of receipt unless relief under Sec 89 applies.

Components: basic salary, dearness allowance, bonus, commission, fees, advance salary, arrears, and allowances; fully exempt allowances include allowance of a High Court/Supreme Court judge and, subject to limits, house rent allowance, leave travel concession and gratuity.

HRA exemption (Sec 10(13A)) is the least of: actual HRA received; rent paid less 10% of salary; 50% of salary (metro: Delhi, Mumbai, Kolkata, Chennai) or 40% elsewhere.

Retirement benefits: gratuity exempt up to Rs 20 lakh for non-government employees; leave encashment on retirement exempt up to Rs 25 lakh; commuted pension exemption is 1/3 (with gratuity) or 1/2 (without gratuity) of commuted pension for non-government employees.

Perquisites: rent-free accommodation, car, interest-free loans, ESOPs and club facilities are valued under Rule 3; employer contribution to a recognised provident fund above Rs 7.5 lakh in aggregate attracts tax as perquisite.

Standard deduction under Sec 16(ia) is Rs 50,000 or the amount of salary, whichever is less; professional tax actually paid and entertainment allowance (government employees, least of Rs 5,000, 20% of salary or actual) are also deductible.

House property: gross annual value is the higher of municipal value or fair rent, capped by standard rent, and compared with actual rent received; if the property is vacant, actual rent may be lower.

Deductions from net annual value: 30% of NAV under Sec 24(a) and interest on borrowed capital under Sec 24(b). For a self-occupied house, annual value is nil and interest is deductible up to Rs 2 lakh (Rs 30,000 in specified cases); a let-out property has no interest ceiling but loss from house property can be set off against other heads only up to Rs 2 lakh per year.

Pre-construction interest is deductible in five equal annual instalments starting from the year of completion; unrealised rent and municipal taxes actually paid are deducted in computing NAV.

Business income is taxed on the basis of accounts maintained; a taxpayer may choose presumptive taxation: Sec 44AD (eligible business turnover up to Rs 2 crore, deemed profit 8% or 6% for digital receipts), Sec 44ADA (professionals, up to Rs 50 lakh, 50%), Sec 44AE (goods vehicles).

Block of assets: depreciation is allowed on the written-down value of a block at rates in Rule 5 (e.g. 15% plant and machinery, 40% for specified assets, 10% for buildings other than residential); additional depreciation of 20% applies to new plant and machinery in manufacturing.

Disallowances: cash payments above Rs 10,000 to a person in a day (Rs 35,000 for transporters) under Sec 40A(3); TDS default under Sec 40(a)(ia) (30% disallowed); personal expenses; income tax and wealth tax; CSR expenditure under Sec 37 explanation 2.

Capital gains: short-term if the asset is held 36 months or less (24 months for unlisted shares and immovable property; 12 months for listed securities, units, and zero-coupon bonds). Long-term gains on listed equity shares and equity mutual funds are exempt up to Rs 1 lakh under Sec 112A and taxed at 10% above that.

Cost of acquisition may be substituted with fair market value as on 1 April 2001 for assets acquired before that date; the cost inflation index under Sec 48 applies to long-term assets (not to Sec 112A gains).

Exemptions: Sec 54 (residential house reinvested), 54B (agricultural land), 54EC (bonds up to Rs 50 lakh), 54F (any long-term asset, proportional), and 54GB (eligible startup shares).

Other sources: interest on securities, dividends, winnings from lotteries, crossword puzzles, races including horse races, card games, and casual income. Winnings are taxed at a flat 30% without basic exemption and without deductions.

Dividend is taxed in the hands of the shareholder at slab rates, with a 20% TDS above Rs 5,000 under Sec 194; interest on compensation and family pension (deduction of 1/3 up to Rs 15,000) are also taxed under this head.

Presumptive provisions under Sec 44BB, 44DA, 44BBB and 115A apply to non-residents in specified businesses; unexplained cash credits (Sec 68), unexplained investments (Sec 69) and unexplained money (Sec 69A) are taxed at 60% plus 25% surcharge under Sec 115BBE.

Chapter VI-A deductions: Sec 80C (LIC premium, PPF, ELSS, tuition fees, principal repayment; cap Rs 1.5 lakh), 80CCD(1B) (NPS, extra Rs 50,000), 80D (health insurance: Rs 25,000, or Rs 50,000 for senior citizens), 80TTA (savings interest Rs 10,000; Rs 50,000 under 80TTB for seniors).

Sec 80G allows deduction for donations (100% or 50% of the amount, subject to 10% of adjusted gross total income for qualifying donees); Sec 80GG allows rent paid deduction up to Rs 60,000 per year where no HRA is received.

Sec 80E allows interest on an education loan without any monetary ceiling for 8 years; Sec 80EEA allows additional home-loan interest of Rs 1.5 lakh for first-time buyers (conditions apply); Sec 80U allows disability deduction of Rs 75,000 or Rs 1.25 lakh.

Deductions under Chapter VI-A cannot exceed gross total income, and most are not available to a resident with income not chargeable to tax. Certain deductions (80C, 80D) are not available under the default new regime of Sec 115BAC.

Rebate under Sec 87A: for resident individuals under the new regime, tax is nil where total income does not exceed Rs 7 lakh (rebate up to Rs 25,000); under the old regime, the rebate is up to Rs 12,500 where total income is up to Rs 5 lakh.

Relief under Sec 89 for arrears or advance salary is computed as the excess of tax on salary including arrears over tax on salary excluding arrears; Form 10E must be filed before the return.

Order of set-off: intra-head set-off first (Sec 70), then inter-head set-off (Sec 71), then carry forward (Secs 72-80). Speculative business losses carry forward 4 years; non-speculative business losses 8 years; unabsorbed depreciation can be carried forward indefinitely.

Total income computation: aggregate the five heads, apply set-off of brought-forward losses, deduct Chapter VI-A amounts, round off, and then apply the rates for the relevant assessment year to arrive at tax liability before cess.

Return of income: Sec 139(1) due dates are 31 July for individuals/HUF (non-audit), 31 October for audited taxpayers, and 30 November for transfer-pricing cases. Belated return under Sec 139(4) may be filed up to 31 December of the assessment year, with a fee under Sec 234F.

Types of assessment: self-assessment (Sec 140A), summary assessment (Sec 143(1)), scrutiny (Sec 143(3)), best judgment (Sec 144), income escaping assessment (Sec 147), and faceless assessment under Sec 144B.

Time limits: a notice under Sec 143(2) must be served within 3 months of the end of the financial year in which the return is filed; a Sec 148 notice may be issued up to 3 years (or 10 years where income of Rs 50 lakh or more is represented by an asset) from the end of the relevant assessment year, subject to sanction.

TDS: salary under Sec 192 (average rate); interest other than securities under Sec 194A above Rs 50,000 (Rs 1 lakh for banks, cooperative societies, post office); commission/brokerage under Sec 194H above Rs 15,000; professional fees under Sec 194J at 10% (2% for technical services) above Rs 30,000; rent under Sec 194I above Rs 2.4 lakh per year.

TCS under Sec 206C applies to specified goods (scrap, minerals, motor vehicles above Rs 10 lakh, overseas tour packages) and to liberalised remittance schemes; rates vary from 0.1% to 5%, and higher rates apply for non-filers under Sec 206AB/206CCA.

Advance tax: payable where tax liability is Rs 10,000 or more. Instalments for non-presumptive taxpayers are 15% by 15 June, 45% by 15 September, 75% by 15 December and 100% by 15 March. Presumptive taxpayers pay 100% by 15 March.

Interest: Sec 234B for shortfall in advance tax at 1% per month from 1 April of the assessment year; Sec 234C for deferment of instalments at 1% per month for 3 months; Sec 234A for late filing.

Processing: a Sec 143(1) intimation may make prima facie adjustments and charge additional tax under Sec 143(1)(a); a rectification application under Sec 154 lies within 4 years from the end of the financial year in which the order was passed.

E-verification is mandatory within 30 days of e-filing; returns can be revised under Sec 139(5) up to the end of the assessment year or before completion of assessment, whichever is earlier.

Levy: CGST and SGST are levied on intra-State supplies under Secs 7 and 8 of the CGST Act, and IGST on inter-State supplies under Sec 5 of the IGST Act. The taxable event is 'supply', which includes sale, transfer, barter, exchange, licence, rental, lease and disposal.

Supply categories: composite supply is a bundle naturally bundled and supplied together, taxed at the principal supply's rate; mixed supply is a bundle of separate goods or services supplied for one price, taxed at the highest rate among them.

Schedule I covers supplies without consideration (permanent transfer of business assets, supplies between related persons in the course of business); Schedule III lists non-supplies (employee services, functions of Parliament, actionable claims other than lottery and betting).

Place of supply for goods: where the goods are delivered or made available (Sec 10); for goods delivered on board a conveyance, the location where the goods are taken on board. For services, the general rule (Sec 12) is the location of the registered recipient; if unregistered, the address on record or the location of the supplier.

Place of supply for immovable property, hotel, restaurant, admission to events and training is the location of the property or event (Sec 12(3)-(6)); for transportation of goods it is the destination of the goods (Sec 12(8)).

Time of supply for goods: the earlier of the date of invoice (or last date for issue) and the date of payment; for services: the earlier of the invoice date (if issued within 30 days) and the payment date. Reverse charge and interest/late fee have separate rules.

Value of supply (Sec 15): transaction value where the parties are unrelated and price is the sole consideration; it includes taxes other than GST, incidental expenses, and subsidies, but excludes discounts recorded on the invoice.

Valuation rules apply where consideration is not wholly in money, parties are related, or price is not the sole consideration; the sequence is open market value, then value of like kind and quality, then cost plus 10%, then a reasonable method.

Composition levy (Sec 10): manufacturers and traders up to Rs 1.5 crore turnover and restaurants up to Rs 50 lakh may pay tax at 1% or 5% of turnover, but cannot claim input tax credit.

Input tax credit eligibility (Sec 16): the person must be registered, hold a tax invoice or debit note, have received the goods or services, and the tax must have been paid to the government; ITC must appear in GSTR-2B and the supplier must have filed GSTR-1.

Blocked credits (Sec 17(5)): motor vehicles for passenger transport (seating up to 13), food and beverages, club membership, health insurance, works contract for immovable property, and goods lost, stolen or destroyed.

Apportionment: where goods or services are used partly for business and partly for other purposes, credit is restricted to the business portion; where used for taxable and exempt supplies, credit is restricted by the formula in Rule 42/43.

Registration thresholds: Rs 40 lakh for goods (Rs 20 lakh in specified hill and special-category States), Rs 20 lakh for services (Rs 10 lakh in specified States); compulsory registration applies for inter-State supply of goods, casual taxable persons, and persons liable under reverse charge.

Composition dealers, persons making exempt supplies only, and agriculturists are not required to register. Aadhaar authentication is required for normal registration; the registration certificate is issued in Form REG-06 within 7 working days.

Invoice rules: a tax invoice must be issued for taxable supplies (Sec 31), a bill of supply for exempt supplies, and a receipt voucher for advances; e-invoicing is mandatory for taxpayers with aggregate turnover above Rs 5 crore.

Returns: GSTR-1 (outward supplies) by the 11th of the following month; GSTR-3B (summary and tax payment) by the 20th; GSTR-9 annual return by 31 December following the financial year; GSTR-9C reconciliation where turnover exceeds Rs 5 crore.

QRMP scheme: taxpayers with turnover up to Rs 5 crore may file GSTR-1 quarterly and GSTR-3B monthly (PMT-06 challan) or quarterly, with tax paid monthly.

E-way bill is required for consignment value above Rs 50,000; it must be generated before movement and is valid for one day per 200 km (or part thereof).

Levy under Sec 12 of the Customs Act, 1962: duties are levied at the rate in force on the date of presentation of the bill of entry (imports) or the shipping bill (exports). Types include basic customs duty, IGST, social welfare surcharge at 10% of BCD, and anti-dumping or safeguard duties.

Classification follows the Customs Tariff Act, 1975, which is aligned with the Harmonised System; the General Interpretative Rules apply in order: GIR 1 (section/chapter notes and headings), GIR 2 (incomplete articles, mixtures), GIR 3 (specific over general, essential character, last in numerical order), and GIR 4-6.

Valuation of imported goods (Sec 14 and the Customs Valuation Rules, 2007): transaction value plus freight, insurance and other charges to the port of import; the rules apply sequentially: identical goods, similar goods, deductive value, computed value, and residual method.

Assessable value excludes landing charges after 2017 and excludes buying commission, but includes selling commission, royalties and licence fees related to the imported goods, and proceeds of resale accruing to the seller.

Duty computation: BCD on assessable value; social welfare surcharge at 10% of BCD; IGST at the applicable rate on the value plus BCD plus surcharge. Preferential rates under FTAs require a certificate of origin.

Import procedure: IEC, bill of entry (home consumption or warehousing), assessment, payment of duty, and clearance. Bill of entry must be filed within 30 days of landing; otherwise, demurrage and a late charge apply.

Export procedure: shipping bill, Let Export Order, and drawback under Sec 74 (re-export of imported goods) or Sec 75 (duty drawback on exported goods). EOU/SEZ units get exemptions subject to conditions.

Baggage rules allow duty-free allowances for residents returning after 6 months (Rs 50,000) and for tourists (Rs 15,000); gold has separate limits. Misdeclaration attracts penalties under Sec 111/112 and confiscation.

First appeal to the Commissioner (Appeals) under Sec 246A must be filed within 30 days of service of the order, with a fee of Rs 1,000 (or 0.5% of tax demanded, capped at Rs 10,000 for specified cases); the CIT(A) may admit a late appeal on sufficient cause.

Appeal to the Income Tax Appellate Tribunal under Sec 253 lies within 60 days; the Tribunal may condone delay. Appeals on pure questions of fact require no further appeal to the High Court under Sec 260A (only substantial questions of law).

Revision: Sec 263 allows the Principal Commissioner/Commissioner to revise an order prejudicial to revenue within 2 years; Sec 264 allows revision of an order on application by the assessee within 1 year.

Penalties: Sec 270A for under-reporting (50% of tax) and misreporting (200% of tax); Sec 271AAC for unexplained income; Sec 271H for failure to furnish TDS statements; Sec 272A for general defaults. Penalty under Sec 271(1)(c) for concealment applies to older assessments.

Offences under Sec 276C (wilful attempt to evade tax) and Sec 277 (false statement) are prosecuted; the general limitation for prosecution is 6 months from the end of the financial year in which the offence was committed.

Advance ruling under Sec 245N: a non-resident or specified resident can seek a ruling from the Authority for Advance Rulings on the tax liability of a transaction; the application is in Form 34C/34D, with a fee, and the ruling is binding on the applicant and the department for that transaction.

The Faceless Appeal Scheme, 2020, and the Faceless Penalty Scheme, 2021, provide for appeals and penalties without physical appearance; the National Faceless Appeal Centre (NFAC) issues the order.

Rectification under Sec 154 is limited to mistakes apparent from the record and must be sought within 4 years; a revision under Sec 264 cannot be sought where an appeal is pending.

Equalisation levy: 6% on online advertisement and related services (Sec 165), and 2% on e-commerce supply of goods or services by a non-resident operator to an Indian resident (Sec 165A), subject to thresholds and exclusions.

E-commerce operators must deduct TDS under Sec 194-O at 1% of the gross amount of sales facilitated for a resident participant; the operator must also collect TCS under Sec 194-O read with Sec 194Q for goods above Rs 50 lakh.

Permanent establishment (PE) under a DTAA includes fixed place of business, dependent agent, service PE (services for more than the specified period), and construction PE. Business profits are taxed in the source State only if a PE exists.

Withholding on payments to non-residents: Sec 195 applies to interest, royalties and fees for technical services; Sec 115A taxes royalties and FTS of non-residents at 10% (plus surcharge and cess), and interest at 20%.

Transfer pricing under Sec 92: international transactions between associated enterprises must be at arm's length; methods include CUP, resale price, cost plus, profit split, TNMM and other prescribed methods. Documentation in Form 3CEB is required where the aggregate value exceeds Rs 1 crore.

GAAR under Sec 95-102 applies to impermissible avoidance arrangements from AY 2018-19, with a tax benefit threshold of Rs 3 crore; the arrangement must lack commercial substance or be entered into mainly for a tax benefit.

Tax planning versus evasion: planning uses legitimate exemptions and timing (e.g. investing in 80C, choosing the new or old regime); evasion is illegal (concealment, false claims) and attracts penalty and prosecution.

DTAA relief: Sec 90 applies to countries with a treaty; Sec 91 gives unilateral relief where no treaty exists; Sec 90(2) allows the assessee to choose the more beneficial provisions of the Act or the treaty.

Significant economic presence (Sec 9(1)(i) explanation 2A): for non-residents, a business connection includes transactions with Indian users above the prescribed threshold, or systematic and continuous soliciting of business through digital means.

Registration cancellation: a registered person may apply for cancellation under Sec 30 within 30 days of the event; the proper officer must cancel within 30 days of application or issue a notice in Form REG-17.

GST rates: 5%, 12%, 18% and 28% for goods and services, with special rates (0.25% for rough diamonds, 3% for gold and jewellery, 1.5% for cut and polished diamonds); petroleum products are outside GST but subject to VAT.

Zero-rated supplies under Sec 16 of the IGST Act: exports and supplies to SEZ units or developers, with the option to pay IGST and claim a refund or to export under bond/LUT without payment.

Refund of unutilised ITC: available for zero-rated supplies and inverted duty structure; the formula is net ITC multiplied by the adjusted turnover of zero-rated supplies divided by adjusted total turnover. Refund claims are filed in Form RFD-01 within 2 years.

E-invoicing and e-way bill are separate requirements: e-invoicing applies above Rs 5 crore turnover, and an e-way bill is required for movement of goods above Rs 50,000.

Input Service Distributor (ISD) distributes credit of common input services among branches through Form GSTR-6, using the turnover-based formula in Rule 39.

GST audit and assessment: self-assessment under Sec 59; scrutiny under Sec 61; assessment under Sec 62 (non-filers) and Sec 63 (unregistered persons); audit under Sec 65; and special audit under Sec 66.

Demand and recovery: Sec 73 for non-fraud cases (within 33 months of the due date, penalty 10% or Rs 10,000) and Sec 74 for fraud (within 5 years, penalty 100% of tax).

Appeals under GST: first appeal to the Appellate Authority within 3 months with a pre-deposit of 10% of the disputed tax; a further appeal to the Appellate Tribunal within 3 months with an additional pre-deposit of 10%.

Duty drawback under Sec 75: rates are All Industry Rates (AIR) or Brand Rates; the claim must be filed within 3 months (extendable) of the Let Export Order, in Form DBK.

Duty-free import under advance authorisation is subject to a positive value addition of 15% (or as notified); the Export Obligation Period is typically 18 months.

EPCG scheme: import of capital goods at zero customs duty against an export obligation of 6 times the duty saved, to be fulfilled over 6 years.

MOOWR (Manufacture and Other Operations in Warehouse Regulations): duty is deferred on imported inputs used for manufacturing in a bonded warehouse; the final product may be cleared on payment of duty or exported.

Customs valuation of export goods is based on the free on board (FOB) value at the port of export; IGST on exports is zero-rated, and refund is available.

Seizure and confiscation: goods are liable to confiscation under Sec 111 (improper import) and Sec 113 (improper export); the adjudicating authority issues a show-cause notice within 6 months (extendable to 1 year).

Appeals under Customs: the Commissioner (Appeals) within 60 days with a pre-deposit of 7.5% of duty; the CESTAT within 3 months; the High Court on a substantial question of law under Sec 130.

Authorised Economic Operator (AEO) status gives faster clearance and deferred duty payment; it is granted in tiers T1, T2 and T3 based on compliance history.

Anti-dumping duty is imposed under Sec 9A of the Customs Tariff Act on dumped goods causing injury to domestic industry; it is recommended by the DGTR and notified by the Central Government.

Due dates for TDS deposit: 7th of the following month for most deductors; 30 April for deductions in March; 7th of the following month for TCS. Form 24Q/26Q (quarterly) and Form 27Q (non-resident payments) must be filed.

Late filing fee under Sec 234E is Rs 200 per day for delay in furnishing the TDS statement, capped at the amount of tax deducted; a penalty under Sec 271H may also apply.

Form 16 is issued for salary TDS by 15 June; Form 16A for other TDS within 15 days of the due date for the quarterly statement.

Lower or nil TDS certificate: Form 13 for interest and dividends, Form 15G/15H for nil deduction on interest for persons below or above the threshold.

Return filing: ITR-1 (Sahaj) for resident individuals with income up to Rs 50 lakh from salary, one house property and other sources; ITR-4 (Sugam) for presumptive income; ITR-2/3 for capital gains and business income.

Mandatory e-filing: companies, firms, and taxpayers claiming a refund must file electronically; a return can be filed in paper form only in specified cases such as a super senior citizen.

Defective return: a notice under Sec 139(9) must be responded to within 15 days, extendable on request; otherwise the return is treated as invalid.

Taxpayer rights: a copy of the reasons recorded for reopening under Sec 148 must be supplied; an opportunity of hearing is mandatory before a best judgment assessment under Sec 144.

Interest on refund under Sec 244A is 0.5% per month from the date of payment of tax to the date of refund; a refund may be adjusted against outstanding demand after notice.

GST demand under Sec 73 (non-fraud): a show-cause notice within 33 months and an order within 3 years from the due date; Sec 74 (fraud): notice within 5 years and order within 5 years.

Voluntary payment before notice under Sec 73(5) attracts no penalty; payment within 30 days of notice attracts a 10% penalty (or Rs 10,000).

GST tribunal: the GST Appellate Tribunal (GSTAT) hears appeals against appellate authority orders; the pre-deposit is 20% of the disputed tax (10% at each stage).

Recovery under Sec 79: the proper officer may garnish bank accounts, attach and sell movable or immovable property, or detain and sell goods; a stay may be granted on payment of the pre-deposit.

Refund under Sec 54 must be claimed within 2 years of the relevant date; interest on delayed refund is 6% per annum under Sec 56.

Anti-profiteering: the National Anti-Profiteering Authority examines whether a reduction in tax rates is passed on to recipients; a complaint may be filed by a recipient.

Assessment of non-filers under Sec 62: the order must be withdrawn if the return is filed within 30 days of the notice; otherwise the assessment becomes final.

GST returns and matching: GSTR-2A and GSTR-2B are auto-drafted statements; ITC can be claimed only if it appears in GSTR-2B.

Penalties under GST: Sec 122 for specified offences (Rs 10,000 or tax amount, whichever is higher); Sec 125 for general penalty up to Rs 25,000; Sec 132 for offences such as fake invoicing (imprisonment up to 5 years).