Revision of Assessment Upheld Since Dishonored Cheques not Examined by AO Summary in Key Points: Issue: Whether the Principal Commissioner rightly invoked revisionary jurisdiction under Section 263 to assess capital gains on the sale of immovable property, despite a portion of the payment being received via dishonored cheques. Facts: The assessee sold property for Rs.… Read More »
AO was directed to exclude investments that did not yield exempt income while calculating the opening/closing value of investments under Rule 8D. I. Section 14A & Rule 8D Disallowance under Section 14A Partially Upheld; Investment Valuation Clarified Summary in Key Points: Issue: Whether the Assessing Officer (AO) correctly applied Rule 8D in disallowing expenditure related… Read More »
7 IMPORTANT INCOME TAX CASE LAWS 30.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Section and Act 1 Torna Rajgad Parisar Samajonnati Nyas v. Commissioner of Income-tax (Exemptions) Commissioner (Exemption) directed to treat the application under clause (iii) of Section 12A(1)(ac). Application for Trust Registration under Section 12AB Allowed Despite Assessee mistakenly filed… Read More »
Gemini 2.0 Flash is now Live Gemini 2.0 Flash is a significant upgrade from Gemini 1.5 Flash, offering improved performance, new features, and enhanced capabilities. Here’s a breakdown of the key differences: Performance: Speed: Gemini 2.0 Flash is twice as fast as Gemini 1.5 Pro while maintaining or even exceeding its performance.2 Multimodal understanding: It… Read More »
DeepSeek AI: China’s Rising Star in the AI Arena In the rapidly evolving world of Artificial Intelligence, a new contender has emerged from China, making waves and challenging the dominance of established players.1 DeepSeek AI, a relatively young company, has quickly gained recognition for its innovative approach to developing and deploying large language models (LLMs).… Read More »
GSTR 9 and GSTR 9C Late Fees Calculations CBIC Clarify late fee Applicability for delay in furnishing of FORM GSTR-9C by CBIC Circular No. 246/03/2025-GST Dated 30th January, 2025 You’re absolutely right! I apologize for the previous examples where I didn’t accurately reflect the late fee structure under section 47 of the CGST Act and… Read More »
CBIC Clarify late fee Applicability for delay in furnishing of FORM GSTR-9C Key Points from CBIC Circular No. 246/03/2025-GST Late Fee for Delayed GSTR-9C Clarification on Late Fee: The circular clarifies the applicability of late fees for delayed filing of the reconciliation statement (GSTR-9C) along with the annual return (GSTR-9). Complete Annual Return: The complete… Read More »
How to Reconcile GSTR 1 in Tally Prime Reconciling your GSTR-1 in TallyPrime helps you ensure that the data in your books matches the data you filed on the GST portal. This is crucial for maintaining accuracy, avoiding mismatches, and staying compliant with GST regulations. Here’s how to reconcile GSTR-1 in TallyPrime: 1. Download GSTR-1… Read More »
How to download GSTR 1 in excel from Tally Prime You can download your GSTR-1 data in Excel format from TallyPrime by following these steps: 1. Generate the GSTR-1 Report: Go to Gateway of Tally > Display More Reports > Statutory Reports > GST > GSTR-1. Ensure the correct period is selected. Press F12 (Configure)… Read More »
How to export GSTR 1 from tally prime 1. Generate the GSTR-1 Report: Go to Gateway of Tally > Display More Reports > Statutory Reports > GST > GSTR-1. Make sure the correct period is selected. Press F12 (Configure) to set options like showing tax types in separate columns or including HSN summaries. Press Ctrl+A… Read More »