INPUT GST ITC

If any Company trading in equity means buying & selling shares , can the company get the itc of it ?? 

Replies (2)
Quick Summary
This discussion delves into a specific query regarding Input Tax Credit (ITC) under the Goods and Services Tax (GST) regime. The central question is whether a company whose primary business involves the buying and selling of equity shares is eligible to claim ITC. The provided content, however, seems to be unrelated, focusing instead on tax planning for senior citizens, including income assessment, advance tax, and deductions. Further clarification on the GST ITC aspect for share trading companies is needed.

To address the senior citizen's situation, let's break down the key suggestions: Assessment of Total Income -

*Re-calculate total income*: Ensure only taxable income is included, excluding exempt income like interest from tax-free bonds or dividends from domestic companies. -

*Verify tax deductions*: Confirm all eligible tax deductions are claimed, such as Section 80C (PF contributions, life insurance premiums), Section 80D (health insurance premiums), and Section 80TTB (senior citizen's interest income).

Advance Tax Payment - *Re-compute advance tax liability*: Based on the revised total income calculation, re-compute the advance tax liability, considering the senior citizen's tax slab and applicable tax rates.

- *Adjust advance tax payments*: If the re-computed advance tax liability is lower, adjust the advance tax payments to avoid overpayment. Exemptions and Deductions -

*Claim senior citizen exemptions*:

 Ensure the senior citizen claims exemptions like Section 80TTB (exemption on interest income from deposits) and Section 197A (exemption from TDS on interest income from deposits). - *Optimize tax deductions*: Help the senior citizen optimize tax deductions by investing in tax-saving instruments like Section 80C (PF, life insurance premiums, ELSS mutual funds) and Section 80D (health insurance premiums).

Compliance and Review - *Verify tax compliance*: Ensure all tax-related documents, such as Form 26AS, are accurate and up-to-date. - *Review tax strategy*: Periodically review the senior citizen's tax strategy to ensure it remains optimized and aligned with their financial goals. By following these steps, you can help the senior citizen optimize their tax situation, minimize advance tax payments, and ensure compliance with tax regulations.

Compute and revert.

Please enable the querry more elaborate.

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