The Donor’s Guide to Gifting Property—Tax-Free (Mostly)

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Gifting a property to someone you care about? It might be your daughter, your younger brother, or even a lifelong friend. While the gesture may come from the heart, your mind might quietly whisper:“Wait… will I have to pay tax on this?” Welcome to The Donor’s Guide to Gifting Property — Tax-Free (Mostly)—your simple, no-nonsense … Read more

Clubbing of Income on Property Gifted to Spouse or Minor Child-Section 64 of Income Tax Explained

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You gifted your spouse a house. A heartfelt gesture, right? Until you realize—you’re still the one footing the tax bill on the rental income. Welcome to one of Income Tax Act’s quietest but most cunning rules: Clubbing of Income under Section 64. In this blog, we’ll walk you through how gifting property to your spouse … Read more

ITC Reversal for Exempt Supplies – Essential Guide to Rule 42 & 43 of GST

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Have you received a notice from the GST Department asking for ITC Reversal for Exempt Supplies? “Reverse Input Tax Credit in proportion to exempt supplies under Rule 42 or Rule 43…” You’re not alone — this kind of notice is landing in inboxes across industries. And no, it’s not limited to big financial institutions or … Read more

Updated Return Gone Wrong? Here’s Why Rectification Rights Transferred to Jurisdictional AssessingOfficer(JAO)

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If you’ve recently filed an Updated Return (ITR-U) for your client and suddenly received an email from CPC with the subject line: “Transfer of Rectification Rights to the Jurisdictional Assessing Officer” …you’re not alone. Several taxpayers across the country — especially those who filed Updated Returns — are now receiving this message. At first glance, … Read more

Section 56(2)(x) of the Income Tax Act: The Hidden Tax on Cheap Property Deals

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Recently, many taxpayers have received notices from the Income Tax Department under Section 56(2)(x) of the Income Tax Act. Why? Because they bought property at a price lower than the stamp duty value (SDV) — often with genuine reasons. Maybe the seller was in distress.Maybe the market price didn’t match the stamp authority’s “optimism.”Maybe there … Read more

Section 43B(h) of Income Tax Act and MSME Payments: The New Tax Trap You Didn’t See Coming

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What’s the Fuss About MSME Payments? From FY 2023-24 onwards, businesses have a new tax compliance headache: Section 43B(h) of the Income Tax Act. What does Section 43B(h) of Income Tax Act says: any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the … Read more

Blocked ITC under GST Explained: 8 Expenses You Can’t Claim (Even If You Think You Should!)

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What is Blocked ITC? In the world of GST, claiming Input Tax Credit (ITC) feels like a well-earned cashback. You pay tax on purchases, and the system lets you adjust it against your sales—fair deal, right? But then comes Section 17(5) of the CGST Act, with a giant “NO ENTRY” sign. This section lists down … Read more