Income Tax Implications on Purchase or Sale of Immovable Properties: Practical Strategies to Reduce the Tax Burden Legally

When purchasing immovable property, it’s not just the negotiated price that matters — the Income Tax Department also looks at the property’s stamp duty value (SDV). If the SDV significantly exceeds the purchase price, the difference may be treated as …

Read more

Please share

Possible grounds for appeal against penalty for under utilisation of funds by Charitable or religious institutions

If a charitable or religious institution is penalised by the Income Tax Department for under-utilisation of funds (i.e. not applying 85% of its income towards its charitable/religious purposes as required under Section 11(1) of the Income Tax Act), it may appeal the penalty …

Read more

Please share

Income Tax Rules Mandating 85% Utilisation of Funds for Charitable or Religious Institutions

In India, charitable institutions enjoy tax exemption under Section 11 and 12 of the Income Tax Act, 1961, provided they comply with certain conditions, including the utilisation of income for charitable or religious purposes. If they under-utilise funds, i.e., do not spend the required percentage …

Read more

Please share

HUGE BREAKING NEWS for Chartered Accountants (CAs): UDIN Directorate Set to Implement Major Changes

Here are the detailed developments based on insider sources regarding UDIN (Unique Document Identification Number) changes—critical for Chartered Accountants (CAs): ✅ 1. Enforcement of 60 Tax Audit Limit via UDIN Portal What’s happening? As per insider inputs from the UDIN Directorate of the Institute of Chartered Accountants …

Read more

Please share

Income Tax Return 2025: Applicability of Income Tax on Provident Fund (PF) 

The applicability of Income Tax on Provident Fund (PF) in India depends on the type of PF, the contribution, interest earned, and withdrawal conditions. Here’s a clear breakdown: 🧾 1. Types of Provident Funds Statutory Provident Fund (SPF) Applicable to government, railways, universities, and recognized educational …

Read more

Please share

Income Tax Return FY 2024-25: Tax Benefits of Allowances Received by Salaried Individuals

Under the Income Tax Act, 1961, several allowances are provided to salaried individuals which are either fully or partially exempt from tax, offering substantial tax-saving benefits. Here’s a categorized summary of key allowances and their tax benefits: ✅ 1. House Rent Allowance (HRA) – Section 10(13A) Tax Benefit: Partially …

Read more

Please share

Orissa High Court Dismisses Writ Petition as Infructuous: Attachment Order Withdrawn Following Appeal Under Section 107(7) of CGST Act 

In a recent ruling in July 2025, the Orissa High Court dismissed a writ petition challenging a provisional attachment order issued by GST authorities. The dismissal was on the ground of infructuousness, as the petitioner had already availed statutory remedy by filing an appeal under Section …

Read more

Please share

ITR Filing 2025: What the conditions under which a NRI is required to file income tax return in india?

A Non-Resident Indian (NRI) is required to file an Income Tax Return (ITR) in India under certain conditions. These are based on the income earned or received in India and the applicability of exemptions or deductions. Here’s a detailed explanation: ✅ When an NRI …

Read more

Please share

Guide for Reporting Long-Term Capital Gains (LTCG) in your Income Tax Return (ITR) for FY 2024-25 (AY 2025-26)

Long-Term Capital Gains (LTCG) arise when an individual sells a capital asset—such as property, shares, or mutual funds—after holding it for a specified period (typically more than 12/24/36 months, depending on the asset). In India, these gains are taxable under …

Read more

Please share