Q.1 – Set-off क्या होता है?
Ans. - किसी particular year में income tax act में होने वाले profit या income से losses का adjustment करना set-off कहलाता है.

Q.2 - Intra-head adjustment किसे कहते हैं?
Ans. – एक ही head के एक source के loss को उसी head के दूसरे source की income से set-off करना intra- head adjustment होता है.
Example – Loss from Business A को business B की income से set-off कर सकते हैं.

Q.3 – Income tax act में same head में set-off कैसे होता है?
Ans. – किसी assessment year में capital gain head के अलावा किसी Head के एक source में हुए loss को same head के दूसरे source की income से set-off कर सकते हैं.

Q.4 – Section 70 में कौन से तरह के set-off के बारे में बताया गया है?
Ans. - Section 70 में Intra-head set-off के बारे में बताया गया है.

Q.5 – Capital gain head में intra- head set-off allowed है के नहीं?
Ans. – Short term capital loss को किसी भी capital gain से set-off कर सकते हैं चाहे long term capital gain हो या short term capital gain, लेकिंन long term loss को सिर्फ long term capital gain से set-off किया जा सकता है.

Q.6 – क्या exempted source के loss को दूसरे head की income से set-off कर सकते है?
Ans. - नहीं, जैसे agricultural loss को दूसरे head की income से set-off नहीं कर सकते हैं.

Q.7 – Intra-head adjustment में कौन से restriction को ध्यान देना होगा?
Ans. - जब Intra-head adjustment होता है तो following restriction पर ध्यान देना होता है:-
• Speculative business का loss सिर्फ speculative business की income से हो set-off हो सकता है;
• Long term capital loss को सिर्फ long term capital gain से set-off कर सकते हैं;
• Lottery, gambling , betting का loss किसी भी income से set-off नहीं होगा यह loss lottery gambling betting की income से भी set-off नहीं सकता;
• Lottery winning, crossword puzzle, race की income से loss set-off नहीं होगा;
• Owning and maintaining race horse के business का loss सिर्फ इसी activity की income से set-off हो सकता है;
• Section 35AD के Specified business के loss सिर्फ Specified business के profit से set-off होंगे.

Expert Insights on GST and Income Tax in Videos:
Enhance Your Knowledge with the Law Legends Mobile App

1:- Introduction : In today's complex financial landscape, understanding the intricacies of taxation is crucial for individuals and businesses alike. Goods and Services Tax (GST) and Income Tax are two significant components of the taxation system that impact various aspects of our lives. Staying updated with the latest developments, rules, and regulations in these areas can be challenging, but fortunately, technology has made it easier than ever before.
In this blog post, we will explore the topic of expert insights on GST and Income Tax, and how you can leverage the Law Legends mobile app to enhance your knowledge in these areas. Whether you are a taxpayer, a finance professional, or simply someone interested in learning more about taxation, this article will provide you with valuable information and resources to expand your understanding.

Outline :

1. Introduction
2. Understanding Goods and Services Tax (GST)

• What is GST?
• How does GST work?
• GST rates and slabs
• GST registration and compliance

3. Key Concepts of Income Tax

• What is Income Tax?
• Income Tax brackets and rates
• Deductions and exemptions
• Filing Income Tax returns

4. Importance of Expert Insights

• Staying updated with changing regulations
• Strategies for tax planning and optimization
• Avoiding penalties and non-compliance

5. Law Legends Mobile App: Your Gateway to Expert Insights

Overview of the mobile app

• Video tutorials by renowned tax experts
• Access to relevant articles and resources
• Interactive quizzes and assessments

6. Benefits of Using the Law Legends Mobile App

• Convenience and accessibility
• Personalized learning experience
• Real-time updates and notifications
• Networking and community engagement

7. Conclusion
8. Frequently Asked Questions (FAQs)

2: Understanding Goods and Services Tax (GST)

What is GST? GST, or Goods and Services Tax, is a comprehensive indirect tax levied on the supply of goods and services in India. It is designed to replace multiple cascading taxes and create a unified tax structure. GST was introduced on July 1, 2017, with the aim of simplifying the taxation process and promoting ease of doing business.

How does GST work? Under the GST regime, taxes are levied at each stage of the supply chain, from the manufacturer to the consumer. The tax is collected on the value-added at each stage, allowing for the seamless flow of credits and reducing the overall tax burden on end consumers.

GST rates and slabs GST is categorized into different tax slabs based on the nature of goods and services. Currently, GST has four main tax slabs: 5%, 12%, 18%, and 28%. Certain goods and services are exempt from GST, while others may attract a higher rate or fall under a special category.

GST registration and compliance Businesses meeting certain criteria are required to register under GST and comply with its regulations. This includes maintaining proper records, filing regular returns, and adhering to GST payment timelines. Non-compliance can result in penalties and legal consequences.

3: Key Concepts of Income Tax

What is Income Tax?
Income Tax is a direct tax levied by the government on the income earned by individuals, businesses, and other entities. It is one of the primary sources of revenue for the government and is used to fund various public services and infrastructure development.
Income Tax brackets and rates Income Tax is levied based on different income brackets, with each bracket assigned a specific tax rate. The tax rates are progressive, meaning that as your income increases, you move into higher tax brackets and pay a higher percentage of tax on the corresponding portion of your income.
Deductions and exemptions The Income Tax Act provides various deductions and exemptions that can help reduce your taxable income. These deductions can be claimed for expenses such as house rent, medical expenses, education expenses, and contributions to certain investment schemes like the Public Provident Fund (PPF) or National Pension System (NPS).
Filing Income Tax returns Every individual and entity with taxable income is required to file an Income Tax return with the appropriate tax authorities. The process involves calculating your total income, applying deductions and exemptions, and determining the tax liability. Filing your Income Tax return accurately and on time is crucial to avoid penalties and legal consequences.

4:- Importance of Expert Insights

Keeping up with the latest changes in GST and Income Tax regulations is essential for individuals and businesses. The tax laws are subject to frequent amendments, and staying informed helps you make well-informed decisions, plan your finances effectively, and ensure compliance with the law.
.Staying updated with changing regulations
Taxation laws are dynamic, and amendments are introduced regularly to adapt to economic changes and address loopholes. Expert insights provide you with the latest updates, helping you stay ahead of the curve and navigate the complexities of the tax system
. Strategies for tax planning and optimization
Expert insights offer valuable strategies for tax planning and optimization. By leveraging their knowledge, you can identify legal avenues to minimize your tax liability, maximize deductions, and make informed investment decisions that align with your financial goals.
.Avoiding penalties and non-compliance
Non-compliance with tax regulations can lead to penalties, fines, and legal consequences. Expert insights help you understand your rights and responsibilities as a taxpayer, ensuring that you meet all legal obligations and avoid unnecessary penalties.

5:- Law Legends Mobile App: Your Gateway to Expert Insights

The Law Legends mobile app is a powerful tool designed to provide users with expert insights, video tutorials, and valuable resources on GST and Income Tax. Daily Updates, Press release, Advisory and notification on GST or Income Tax.
Developed by a team of seasoned professionals, the app offers a comprehensive learning experience tailored to the needs of individuals seeking to expand their knowledge in taxation. In Simple language.
Overview of the mobile app
The Law Legends mobile app offers a user-friendly interface that makes it easy to navigate and access various features. It provides a Daily Updates, Query solution Support, Press release, Advisory and notification on GST or Income Tax. Due date calendar, Various topic Articles, IT and GST Act videos with every section with section related Rules, IT and GST Tutorial videos, Draft reply format of Income tax and GST, Various Deed and Agreements copy, Ensuring that users can grasp complex concepts with ease. h ease
Video tutorials by renowned tax experts
One of the key features of the app is its extensive library of video tutorials by renowned tax experts. These experts share their expertise, practical insights, and real-life case studies to help users gain a deeper understanding of GST and Income Tax concepts in simple language.
Access to relevant articles and resources The app provides access to a vast repository of articles, guides, and reference materials that cover various aspects of GST and Income Tax. Users can explore these resources at their convenience to enhance their knowledge and clarify any doubts they may have.

6:- Benefits of Using the Law Legends Mobile App

Convenience and accessibility
The Law Legends mobile app allows users to access expert insights and educational resources anytime, anywhere. Whether you are commuting, taking a break, or simply looking to expand your knowledge on the go, the app offers the convenience and flexibility to learn at your own pace.
Personalized learning experience The app caters to individual learning preferences by offering personalized experiences. Users can customize their learning paths, focus on specific topics of interest, and track their progress. This adaptive approach ensures that users can learn at their own pace and explore areas that are most relevant to their needs.
Real-time updates and notifications Staying updated with the latest developments in GST and Income Tax is crucial. The Law Legends mobile app provides real-time updates on changes in tax laws, amendments, and important notifications. This ensures that users are always aware of the most recent information and can adapt their knowledge and strategies accordingly.
Networking and community engagement The app fosters a community of learners, where users can engage with fellow tax enthusiasts, professionals, and experts. It provides a platform for discussions, Q&A sessions, and knowledge sharing. This networking aspect adds value to the learning experience, allowing users to connect with like-minded individuals and expand their professional network.

7:- Conclusion

In conclusion, gaining expert insights on GST and Income Tax is essential for individuals and businesses looking to navigate the complex landscape of taxation. The Law Legends mobile app offers a convenient and comprehensive platform to enhance your knowledge and stay updated with the latest developments in these areas. By leveraging the app's video tutorials, articles, , and personalized learning experiences, you can expand your understanding, optimize your tax planning, and ensure compliance with the law.
Don't miss out on the opportunity to enhance your tax knowledge and empower yourself with the expertise of renowned tax professionals. Download the Law Legends mobile app today and embark on a journey to become well-versed in GST and Income Tax.

8:- Frequently Asked Questions (FAQs)

1:- Is the Law Legends mobile app available for both Android and iOS? Yes, the Law Legends mobile app is available for both Android and iOS devices. You can download it from the Google Play Store or the Apple App Store.
2:- Are the expert insights updated regularly? Yes, the expert insights provided in the app are regularly updated to reflect the latest changes in GST and Income Tax regulations. You can rely on the app to provide you with accurate and up-to-date information.
3:- How can I get started with the Law Legends mobile app? To get started, simply download the app from the Google Play Store or the Apple App Store, create an account, and explore the wide range of resources and features available. Get ready to embark on your journey to become a tax expert with the Law Legends mobile app.

Q.1 - Hundi किसे कहा जाता है?
Ans. –
• Hundi एक financial instrument है जो मध्यकालीन भारत में trade और credit transaction में use के लिए develop हुआ था;
• Hundi का use money को एक स्थान से दूसरे स्थान पर transfer करने के लिए;
• Credit या IOU के रूप में money borrow करने के लिए; और
• व्यापार के लेनदेन में Bill of Exchange के रूप में use किया जाता है.

Q.2 - इस section के under कौन से transaction cover होते है?
Ans. - जब किसी Hundi के द्वारा कोई amount उधार ली जाती है या उस due amount का repayment other than account payee cheque से किया जाता हे, तो ऐसा उधार लिया गया amount या repay किया गया amount, previous year में assessee की income मानी जाएगी और इस तरह के सारे transaction Section 69D के under cover होते हैं.

Q.3 - यदि किसी transaction को Section 69D के under income मान लिया गया है तो क्या उसके repayment पर assessee फिर से assessment के लिए liable होगा?
Ans. - अगर Hundi पर उधार ली गई किसी amount को इस section के provision के under किसी person की income मान लिया गया है तो assessee उस amount के repayment पर फिर से assessment के लिए liable नहीं होगा.
Q.4 - जो amount borrow किया गया है क्या उसके repayment पर interest के amount को भी include किया जाएगा?
Ans. - हां, जो amount borrow किया गया है उसके repayment के amount में interest को भी included किया जाएगा.

Q.5 - इस section के under ऐसा borrowed amount जिसे income मान लिया गया है उसपर tax कैसे लगता है?
Ans. - इस section के under जिस borrowed amount को income माना गया है उस पर flat rate 60% के हिसाब से tax लगाया जाता है और साथ में surcharge @25%, penalty @6% और cess भी लगाया जाता है.

Q.1 - Unexplained investment किसे कहते हैं?
Ans. - यदि किसी financial year में assessee कोई money, bullion, jewellery या किसी valuable article का owner पाया जाता है जिन्हें उसके द्वारा maintained books में record नहीं किया गया है और assessee उन articles के nature और source से related कोई explanation नहीं देता है या assessee द्वारा दिए गए explanation से assessing officer satisfy नहीं होता है, तो ऐसे money, bullion, jewellery, या other valuable article को Unexplained Investment कहा जाता है.

Q.2 - क्या maintenance of books of accounts compulsory है?
Ans. - नहीं, maintenance of books of accounts compulsory नहीं है.

Q.3 - इस section के under Amount of investment पर tax कैसे लगता है?
Ans. - Unexplained Money जिस year में receive होती है उस year की income मानी जाती है और साथ ही बिना किसी benefit, exemption, limitations और regardless of the tax slab के flat rate @60% के हिसाब से tax लगाया जाता है साथ में surcharge @25%, penalty @6% और cess भी लगाया जाता है. Unexplained cash credit income के लिए कोई भी deduction, allowance और loss का set-off allow नहीं होता है.

Q.4 - क्या ऐसे Unexplained Expenditure का deduction allow किया जाता है?
Ans. - ऐसे unexplained expenditure, जिसे assessee की income समझा जाता है, उसे income के किसी भी head के under deduction के form में allow नहीं किया जाएगा.

Q.1 - इस section के under amount of investment जो books of account में fully disclose नहीं किया गया उसके under क्या आएगा?
Ans. - यदि किसी financial year में assessee कोई money, bullion, jewellery या किसी valuable article का owner पाया जाता है जिन्हें उसके द्वारा maintained books में record नहीं किया गया है और assessee उन articles के nature और source से related कोई explanation नहीं देता है या assessee द्वारा दिए गए explanation से assessing officer satisfy नहीं होता है, तो ऐसे money, bullion, jewellery, या अन्य valuable article को Unexplained Money कहा जाता है.

Q.2 - क्या maintenance of books of accounts compulsory है?
Ans. - हां, maintenance of books of accounts compulsory है.

Q.3 - इस section के under Amount of investment पर tax कैसे लगता है?
Ans. - Unexplained Money जिस year में receive होता है उसे उसी year की income माना जाता है और साथ ही बिना किसी benefit, exemption limitations, और regardless of the tax slab के flat rate @60% के हिसाब से tax लगाया जाता है साथ में surcharge @25%, penalty @6% और cess भी लगाया जाता है. Unexplained cash credit income के लिए कोई भी deduction, allowance या loss का set-off allow नहीं होता है.

Q.1 - Unexplained Money किसे कहा जाता है?
Ans. - यदि किसी financial year में assessee कोई money, bullion, jewellery या किसी valuable article का owner पाया जाता है जिन्हें उसके द्वारा maintained books में record नहीं किया गया है और assessee उन articles के nature और source से related कोई explanation नहीं देता है या assessee द्वारा दिए गए explanation से assessing officer satisfy नहीं होता है, तो ऐसे money, bullion, jewellery, या other valuable article को Unexplained Money कहा जाता है.

Q.2 - क्या Maintenance of Books of Accounts compulsory है?
Ans. - नहीं, maintenance of books of accounts compulsory नहीं है क्योकि इस section में Word “if any” use किया गया है.

Q.3 - Unexplained Money पर tax कैसे लगता है?
Ans. - Unexplained Money जिस year में received होती है उस year की income मानी जाती है और साथ ही बिना किसी benefit exemption limitations, और regardless of the tax slab के flat rate @60% के हिसाब से tax लगाया जाता है साथ में Surcharge @25%, Penalty @6% और Cess भी लगाया जाता है Unexplained cash credit income के against में कोई भी Deduction, Allowance और loss का setoff allow नहीं होता है

Q.1 - Unexplained investments किसे कहा जाता है?
Ans. - यदि किसी assessment year में assessee कोई ऐसे investment करता है जो उसके द्वारा books में record नहीं किये गए हैं या फिर assessee ऐसे investment के source और nature के बारे में कोई explanation नहीं दे पाता है या उसके द्वारा दिए गए explanation से assessing officer satisfied नहीं होता है तो ऐसे amount को Unexplained Investment कहा जाता है.

Q.2 - Investment को prove करने की जिम्मेदारी किस पर होती है?
Ans. - Concerned investment के respect में investment prove करने का initial burden assessee पर होता है इसलिए investment के respect में relevant explanation (proof के साथ) पेश करना assessee की duty है साथ ही Assessing Officer को इसका assessment करने का right होता है जो ये देखता है कि assessee ने जो explanation दी है वो acceptable है या नहीं.

Q.3 - क्या Maintenance of Books of Accounts compulsory है?
Ans. - नहीं, इस section के under Maintenance of Books of Accounts compulsory नहीं है क्योकि इस section में word “if any” use किया गया है.

Q.1 - Unexplained Cash credit क्या होता है?
Ans. - Previous year में assessee की books of account में कोई credit पाई जाने पर यदि assessee द्वारा उस income के source और nature से related कोई भी explanation नहीं दिया जाता है या assessee द्वारा दिए गए explanation से assessing officer satisfied नहीं है तो ऐसी credit को previous year में assessee की income माना जाएगा और उस पर income tax लगाया जाएगा इसे ही Unexplained Cash credit कहा जाता है.

Q.2 - क्या Section 68 केवल cash transaction पर या सभी पर applicable होता है?
Ans. - Section 68 न सिर्फ cash transaction बल्कि जो amount cheque और draft से receive से होता है उस पर भी applicable होता है. Section 68 following words को define करता है: "किसी भी previous year के लिए बनाए गए assessee की books में जमा की गई कोई भी amount जिसका मतलब केवल cash transaction नहीं है.

Q.3 - क्या ‘विवाद से विश्वास’ program के माध्यम से unexplained credits को solve करना possible है?
Ans. - हाँ, demonetisation के दौरान Section 68 के under notice receive करने वाली companies के promoter किसी भी तरह के litigation का settlement कर सकते हैं और इसे विवाद से विश्वास program के माध्यम से किया जा सकता है.

Q.4 - Unexplained Cash Credit पर tax कैसे लगता है?
Ans. - Unexplained Cash Credit जिस year में receive होती है वह उसी year की income मानी जाती है और साथ ही बिना किसी benefit, exemption, limitations, और regardless of the tax slab के flat rate @60% के हिसाब से tax लगाया जाता है साथ में Surcharge @25%, Penalty @6% और cess भी लगाया जाता है Unexplained cash credit income के against में कोई भी deduction, allowance और loss का set-off allow नहीं होता है.

Q.5 - यह section किस पर apply नहीं होता है?
Ans. - Venture Capital Fund या Venture Capital Company पर यह section लागू नहीं होगा जैसा की section 10 के clause 23FB में बताया गया है.

Q.6 - क्या Maintenance of Books of Accounts compulsory है?
Ans. - हां, Maintenance of Books of Accounts compulsory है.

Q.1 – Section 67A कौन सी income पर लगेगा?
Ans. - Section 67A के under हम ऐसे assessee की income को compute करेंगे जो किसी association of person (AOP) या body of individual’s का member है.

Q.2 – Section 67A में share of income को कैसे calculate किया जाएगा?
Ans. - Assessee की total income के computation में जो किसी Association of person या body of individuals का member है company, cooperative society या registered society के अलावा और ऐसे AOP या BOI में members के share determined और known है चाहे ऐसे association या body की net income या loss है तो उसका calculation इस प्रकार किया जाएगा –
ऐसे AOP/ BOI की total income में से interest, salary, bonus, commission या अन्य कोई remuneration चाहे किसी भी नाम से जाना जाये जो किसी member को pay किया गया हो ऐसा amount deduct किया जाएगा ,और उसके बाद जो भी balance amount है वह members को उनके बिच agreed profit sharing ratio में distribute कर दिया जाएगा. Member द्वारा receive किया गया AOP/BOI के profit या loss का share और interest, salary, bonus, commission या अन्य कोई remuneration चाहे किसी भी नाम से जाना जाए जो member को pay किया गया है, यह उस particular member की ऐसे association या body से total income माना जाएगा.

Q.3 – Association of persons or body of individual’s की income कौन से head में taxable है?
Ans. - किसी member द्वारा association या body में investment के purpose के लिए borrowed capital पर pay किया गया कोई interest, member की income में उसके share में profit & loss from business or profession head के under chargeable उसके share में से deduct किया जाएगा.

Q.1 - Total Income के calculation में क्या include होगा?
Ans. - Assessee की total income के calculation में वह income include होगी जिस पर Chapter VII के under कोई tax payable नहीं है.