Intra-Head Adjustment Introduction Intra-head adjustment allows the set-off of losses from one source of income against income from another source within the same head of income. Specific rules and exceptions govern these adjustments, such as limiting long-term capital losses to only long-term capital gains. General Rules for Intra-Head Adjustment Losses from one source can be… Read More »
Rules for Set-off of Losses Introduction Set-off refers to adjusting losses against profits either from the same source/head of income (intra-head adjustment) or from different heads of income (inter-head adjustment) during the same assessment year. If full adjustment isn’t possible, losses may be carried forward to future years for adjustment against eligible profits. Key Rules… Read More »
Set-off and Carry Forward of Losses Introduction Set-off means adjustment of losses against the profits from another source/head of income in the same assessment year. If losses cannot be set-off in the same year due to inadequacy of eligible profits, then such losses are carried forward to the next assessment year for adjustment against the… Read More »
Bank of India PPF Account Bank of India PPF Account Based on the Bank of India (BOI) service documents, Public Provident Fund (PPF) management involves several specific forms and procedures. These forms allow you to manage the lifecycle of your investment, from opening the account to handling maturity or unforeseen closures. Below is an overview… Read More »
Transition from QRMP to Monthly Filing: Mandatory Backend Migration for Turnover-Based Opt-Out Facts The Status: The Petitioner, a registered person under CGST, was originally eligible for and opted into the Quarterly Return Monthly Payment (QRMP) scheme as their turnover was below ₹5 crores. The Change: In December 2025, the Petitioner’s aggregate turnover crossed the ₹5… Read More »
Restoration of GST Registration upon Post-Cancellation Compliance Facts The Default: The assessee, a sole proprietor, failed to file GST returns for a continuous period of six months. The Action: The Department issued a Show Cause Notice (SCN) proposing the cancellation of registration due to non-filing. The Cancellation: Since no reply was furnished by the assessee,… Read More »
Restoration of GST Registration upon Post-Cancellation Compliance Facts The Default: The assessee, a sole proprietor, failed to file GST returns for a continuous period of six months. The Action: The Department issued a Show Cause Notice (SCN) proposing the cancellation of registration due to non-filing. The Cancellation: Since no reply was furnished by the assessee,… Read More »
Computation of Exempt Income (a) Infrastructure Development Entities: Entire income is exempt. However, Circular No. 9, dated 09-05-2022, clarified that for hybrid infrastructure entities (with multiple business lines), exemption is available proportionately if ≥ 50% of the total profit before tax (PBT) arises from eligible infrastructure activity. Exempt income will be calculated proportionately to the hybrid… Read More »
GST Reimbursement Denied for Pre-GST Contracts with All-Inclusive Tax Clauses Facts The Contract: The Water Resources Department awarded works contracts based on bids submitted before the implementation of GST (pre-July 1, 2017). The Tax Clause: Clause 2.17.1 of the agreement explicitly stated that the contractor would bear all tax liabilities and barred any subsequent claims… Read More »
Withdrawal of Exemption If the conditions of eligibility or investment are violated in any year, the exemption claimed in previous years shall be withdrawn and deemed as income in the year of violation.