Tax laws love numbers, but one number makes many taxpayers nervous – Section 44AB of the Income Tax Act. This section talks about tax audits, a check to ensure your books are accurate and reliable. But don’t worry, a tax audit under 44AB doesn’t mean the tax department suspects you of wrongdoing. It’s simply a … Read more
It’s not written anywhere in the Income Tax Act in a single line that “Tax on sale of under-construction property before possession will be treated like this.” But the law gives us enough clues to piece it together. Booked a flat that’s still under construction and now you want to sell before possession? The tax … Read more
If you trade in Futures & Options (F&O), you’ve probably heard the term “Turnover” thrown around when filing your ITR. Here’s the problem: turnover in F&O has nothing to do with the “Sales” figure you see in your broker’s report. And unlike a shopkeeper, you don’t need to prepare a Trading Account.In this article, we’ll … Read more
If GST were a movie, the first scene would be about “Supply”. Why? Because without supply, there’s no GST at all. The law doesn’t just tax goods and services – it taxes the supply of goods and services. But here’s the twist: not everything you give, sell, or exchange counts as a “supply” under GST. … Read more
Introduction – A New Chapter in GST Demand & Recovery For years, GST had a split personality when it came to demand and recovery: From FY 2024–25 onwards, that split is gone. The Finance Act, 2024 has merged both into one Essential provision – Section 74A of GST Act – covering every case of tax … Read more
Introduction – When GST Thinks You Meant It In GST, some mistakes are just that — mistakes. Others look a lot like you meant to underpay or claim wrongly. That’s when Section 74 of GST Act steps in. It’s the Essential rule for cases involving fraud, wilful misstatement, or suppression of facts to evade tax. … Read more
Introduction – When It’s a Mistake, Not a Crime In GST, not every short payment or wrong ITC claim is a grand conspiracy. Sometimes, it’s just a slip — wrong calculation, missed entry, or a refund that shouldn’t have been processed. That’s where Section 73 of GST Act steps in. It’s the Essential rule for … Read more
If you’re planning to sell a house, a flat, a plot of land, or any immovable property — the Income Tax department has a surprise for you. The Finance (No. 2) Act, 2024 has changed the way long-term capital gains (LTCG) on property sales are taxed. Section 112 of the Income Tax Act holds the … Read more
This article is applicable for both FY 2024–25 (AY 2025–26) and FY 2025–26 (AY 2026–27), as the rules under Section 6 remain unchanged. Before you even open the income tax portal, download Form 16, or pick between Old and New tax regime, you need to answer one very simple but powerful question: “What is my … Read more
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