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)

Yes, you and your wife can claim exemption under Section 54F individually for your respective LTCG, proportional to the amount invested in the flat (₹30,00,000 each) relative to your net sale consideration. Stamp duty and registration charges (₹4,45,236) can generally be included in the cost of the flat for exemption purposes, but brokerage (₹1,20,000) may… (read more)

Property rental income has to be offered in the hands of the legal owner. The legal owner can show that he gifted the property to his son and that the son is the beneficial owner of the property and rightly offered the rental income in his hands. However, the "gift" will have stamp duty implications.… (read more)

If the land is indeed "agricultural land" as defined in section 2(14) of the Income-tax Act, it is not taxable. Non-disclosure will not make it taxable. Is there any other income which was required to be reported? If yes, then non-filing of the return will attract penalty u/s 271DA. (read more)