The rejection of a 12A registration due to the wrong sub-clause in Form 10AB is a procedural issue that can be rectified by filing a fresh application with the correct sub-clause and supporting documents. For an old trust previously registered under 12A/12AA, the correct sub-clause is typically (i) for re-registration under 12AB. (read more)

U/s 119(2)(b), the CBDT is empowered to condone delay and to delegate that power to the PCsIT and the PCCsIT. Circular No. 16/2024 dated November 18, 2024 covers condonation of delays for Forms 9A, 10, 10B, and 10BB for AY 2018-19 and subsequent years under Section 119(2)(b). These guidelines also apply to Form 10CCB. (read more)

As regards GST, the ₹8,00,000 will have to be reported in Table 4A (if reported in the same financial year) or Table 10 (if reported in the next financial year). You may show the tax paid (e.g., ₹1,44,000) in Table 9 or Table 14. As regards ITR, the ₹8,00,000 will have to be included in… (read more)

The tenant doctor, who provided the professional services, must report the Section 194JB income in their ITR, as it is their professional income. The landlord doctor should not report this income, as it does not pertain to services they provided. Instead, the landlord should report rental income under the head “Income from House Property” (or… (read more)

It appears the CIT is not justified in invoking section 263. The section 148 proceedings have abated. The issues raised in the section 148 notice can be inquired into by the AO in the section 153C assessment unless only if they are supported by incriminating material. As the satisfaction note explicitly states that no incriminating… (read more)

The certified physical copy takes a lot of time to be despatched. It is best to go to the ITAT office or call them if you need it urgently. (read more)

GST is payable only on the net value of new jewel after deducting the value of the old jewel or gold coins or gold bars handed over to the jeweller along with gst on making charges of the new jewel. If in the invoice, the jeweller has charged gst on the entire value of new… (read more)

If the income is derived from agricultural activities (as defined under Section 2(1A)), it is exempt under section 10(1) of the Income Tax Act. The fact that the land is taken on lease or that lease rent and agricultural expenses are incurred do not affect the exemption. These will, however, reduce the net agricultural income… (read more)

Sales through Zomato and Swiggy have to be reported in Table 3 of CMP-08 under the column “Outward supplies on which tax is payable by ECO”. Since the ECOs pay the 5% GST, you do not report any tax liability for these supplies. However, the turnover must still be included to reflect your total business… (read more)

As per Circular No. 3/2024 on March 6, 2024 issued by the Central Board of Direct Taxes (CBDT) donations (other than corpus donations) received from another 12A registered trust must be included in the recipient trust’s income for the 85% application calculation. The circular also states that for the donor trust, only 85% of such… (read more)