Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
Legal clarification issued by tax authorities regarding late fee applicability for delayed submission of FORM GSTR-9C. The circular establishes that late fees under section 47 of CGST Act are leviable for incomplete annual return filing, specifically when FORM GSTR-9C is mandatorily required but not submitted alongside FORM GSTR-9. Late fees will be calculated from the original due date until complete return submission. For financial years up to 2022-23, late fees for delayed FORM GSTR-9C submission are waived if filed by 31st March 2025, with no additional penalties beyond original late fee calculation period.
Legal clarification issued by tax authorities regarding late fee applicability for delayed submission of FORM GSTR-9C. The circular establishes that late fees under section 47 of CGST Act are leviable for incomplete annual return filing, specifically when FORM GSTR-9C is mandatorily required but not submitted alongside FORM GSTR-9. Late fees will be calculated from the original due date until complete return submission. For financial years up to 2022-23, late fees for delayed FORM GSTR-9C submission are waived if filed by 31st March 2025, with no additional penalties beyond original late fee calculation period.
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