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🚨 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐆𝐒𝐓 𝐑𝐮𝐥𝐢𝐧𝐠: 𝐁𝐮𝐲𝐞𝐫 𝐍𝐨𝐭 𝐋𝐢𝐚𝐛𝐥𝐞 𝐟𝐨𝐫 𝐒𝐞𝐥𝐥𝐞𝐫’𝐬 𝐓𝐚𝐱 𝐃𝐞𝐟𝐚𝐮𝐥𝐭

📌 Case: M/s R.T. Infotech vs. State Tax Authorities
📍 Allahabad High Court
🗓️ Order Date: 𝟯𝟬.𝟬𝟱.𝟮𝟬𝟮𝟱

✅ The Allahabad High Court has delivered a significant ruling in favor of M/s R.T. Infotech, who had claimed ₹28.5 lakhs in Input Tax Credit (ITC) on purchases from Bharti Airtel Ltd., for which full payments were made via RTGS against valid GST invoices.

⚠️ 𝗪𝗵𝗮𝘁 𝘄𝗮𝘀 𝘁𝗵𝗲 𝗱𝗶𝘀𝗽𝘂𝘁𝗲?

The authorities denied ITC, stating that the supplier hadn't deposited the tax. Despite showing evidence of payment and invoices, the buyer was penalized under Section 16(2)(c) of the GST Act—interest, reversal of ITC, and a 10% penalty were imposed.

🔍 𝗖𝗼𝘂𝗿𝘁’𝘀 𝗢𝗯𝘀𝗲𝗿𝘃𝗮𝘁𝗶𝗼𝗻:

• ITC was claimed in good faith against valid invoices.

• Tax was paid through legitimate banking channels.

• Buyer cannot control or compel the supplier to deposit the tax.

• Proceedings were already initiated against Bharti Airtel (the supplier).

• Buyer cannot be made to suffer for seller’s default.

The Court relied on key precedents, including:
✅ Suncraft Energy Pvt. Ltd. (SC)
✅ D.Y. Beathel Enterprises (Madras HC)

📢 𝙁𝙞𝙣𝙖𝙡 𝙑𝙚𝙧𝙙𝙞𝙘𝙩:

According to the court's reasoning, businesses that possess valid invoices, complete payments through banking channels, and operate in situations where tax departments have already initiated action against defaulting suppliers 𝗰𝗮𝗻𝗻𝗼𝘁 𝗯𝗲 𝗱𝗲𝗻𝗶𝗲𝗱 𝘁𝗵𝗲𝗶𝗿 𝗹𝗲𝗴𝗶𝘁𝗶𝗺𝗮𝘁𝗲 𝘁𝗮𝘅 𝗰𝗿𝗲𝗱𝗶𝘁𝘀.

💡 𝗪𝗵𝘆 𝘁𝗵𝗶𝘀 𝗺𝗮𝘁𝘁𝗲𝗿𝘀:

This verdict protects bona fide buyers from being punished for supplier-side non-compliance. It sends a strong message that tax enforcement must target the defaulting party — not the one who acted in good faith.

📚 Know your rights. Educate your clients. Let's stand together against unjust ITC denial.

🚨 𝐂𝐁𝐃𝐓 𝐄𝐱𝐭𝐞𝐧𝐝𝐬 𝐓𝐢𝐦𝐞 𝐋𝐢𝐦𝐢𝐭 𝐟𝐨𝐫 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠 𝐈𝐓𝐑𝐬 𝐟𝐨𝐫 𝐀𝐘 𝟐𝟎𝟐𝟑–𝟐𝟒

📌The 𝗖𝗲𝗻𝘁𝗿𝗮𝗹 𝗕𝗼𝗮𝗿𝗱 𝗼𝗳 𝗗𝗶𝗿𝗲𝗰𝘁 𝗧𝗮𝘅𝗲𝘀 (𝗖𝗕𝗗𝗧) has issued a notification extending the time limit for 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗶𝗻𝗴 𝗶𝗻𝗰𝗼𝗺𝗲 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻𝘀 𝘂𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟰𝟯(𝟭) of the Income Tax Act for 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 𝗬𝗲𝗮𝗿 (𝗔𝗬) 𝟮𝟬𝟮𝟯–𝟮𝟰 to 𝟯𝟬𝘁𝗵 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟱.

🔍 𝙒𝙝𝙖𝙩 𝘿𝙤𝙚𝙨 𝙎𝙚𝙘𝙩𝙞𝙤𝙣 143(1) 𝙈𝙚𝙖𝙣?

Section 143(1) is the preliminary assessment of the income tax return filed by a taxpayer. It involves:

• Verifying the correctness of the return

• Checking for any arithmetical errors

• Comparing the data in Form 26AS and Form 16/16A

• Adjusting for any apparent mistakes

• Issuing refunds (if applicable) or intimation for demand

📝 𝙀𝙖𝙧𝙡𝙞𝙚𝙧 𝙏𝙞𝙢𝙚 𝙇𝙞𝙢𝙞𝙩:

Ordinarily, ITRs are required to be processed within 𝟵 𝗺𝗼𝗻𝘁𝗵𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗲𝗻𝗱 𝗼𝗳 𝘁𝗵𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘆𝗲𝗮𝗿 in which the return is filed. For AY 2023–24, the processing deadline would have been 𝟯𝟭𝘀𝘁 𝗗𝗲𝗰𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟰.

🆕 𝙍𝙚𝙫𝙞𝙨𝙚𝙙 𝙏𝙞𝙢𝙚 𝙇𝙞𝙢𝙞𝙩:

Now, the deadline has been extended to 𝟯𝟬𝘁𝗵 𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝟮𝟬𝟮𝟱, giving the department 𝗮𝗻 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹 𝟭𝟭 𝗺𝗼𝗻𝘁𝗵𝘀.

💡 𝙒𝙝𝙮 𝙏𝙝𝙞𝙨 𝙈𝙖𝙩𝙩𝙚𝙧𝙨

💼 𝙁𝙤𝙧 𝙏𝙖𝙭𝙥𝙖𝙮𝙚𝙧𝙨: Refunds might take longer, but the extension also reduces the chances of rushed or erroneous intimations.

🧾 𝙁𝙤𝙧 𝙋𝙧𝙤𝙛𝙚𝙨𝙨𝙞𝙤𝙣𝙖𝙡𝙨: It provides more time for resolution of issues and better planning for any outstanding matters.

🏛️ 𝙁𝙤𝙧 𝙩𝙝𝙚 𝘿𝙚𝙥𝙖𝙧𝙩𝙢𝙚𝙣𝙩: Helps in managing large volumes of returns more efficiently, especially in complex cases.

This move reflects the government’s approach toward easing compliance pressure and ensuring accuracy in tax processing.

👉 Stay updated and keep track of any intimations or notices issued under this section as the processing window has now been extended.

🚨 𝐓𝐃𝐒 𝐨𝐧 𝐂𝐚𝐬𝐡 𝐖𝐢𝐭𝐡𝐝𝐫𝐚𝐰𝐚𝐥𝐬 – 𝐀𝐫𝐞 𝐘𝐨𝐮 𝐀𝐰𝐚𝐫𝐞 𝐨𝐟 𝐒𝐞𝐜𝐭𝐢𝐨𝐧 𝟏𝟗𝟒𝐍? 🚨

👉 In today’s digital-first economy, the Income Tax Department is discouraging 𝙝𝙞𝙜𝙝-𝙫𝙖𝙡𝙪𝙚 𝙘𝙖𝙨𝙝 𝙩𝙧𝙖𝙣𝙨𝙖𝙘𝙩𝙞𝙤𝙣𝙨 – and Section 194N is a clear step in that direction.

Here’s what you need to know:

🏦 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟵𝟰𝗡?

It mandates TDS on cash withdrawals from a bank, co-operative bank, or post office if you cross a certain limit in a financial year.

📊 𝗧𝗗𝗦 𝗥𝗮𝘁𝗲𝘀 𝗨𝗻𝗱𝗲𝗿 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟵𝟰𝗡:

🔹 𝙄𝙛 𝙄𝙏𝙍 𝙛𝙞𝙡𝙚𝙙 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙡𝙖𝙨𝙩 3 𝙮𝙚𝙖𝙧𝙨:

• No TDS on cash withdrawals up to ₹1 crore

• 2% TDS on amount exceeding ₹1 crore

🔹 𝙄𝙛 𝙄𝙏𝙍 𝙉𝙊𝙏 𝙛𝙞𝙡𝙚𝙙 𝙛𝙤𝙧 𝙖𝙡𝙡 3 𝙥𝙧𝙚𝙫𝙞𝙤𝙪𝙨 𝙮𝙚𝙖𝙧𝙨:

• 2% TDS on cash withdrawals above ₹20 lakh up to ₹1 crore

• 5% TDS on amount exceeding ₹1 crore

🧾 𝗪𝗵𝘆 𝗶𝘁 𝗺𝗮𝘁𝘁𝗲𝗿𝘀:

This section is designed to curb unaccounted cash and encourage transparency in financial dealings.

💡 𝙋𝙧𝙤 𝙏𝙞𝙥:

Always file your ITR on time — it can save you from higher TDS and compliance headaches.

Are you tracking your cash withdrawals this year?

🚨𝐁𝐢𝐠 𝐆𝐒𝐓 𝐮𝐩𝐝𝐚𝐭𝐞:- 𝐆𝐒𝐓𝐑-𝟑𝐁 𝐅𝐢𝐥𝐢𝐧𝐠 𝐑𝐮𝐥𝐞𝐬 𝐂𝐡𝐚𝐧𝐠𝐞𝐝, 𝐍𝐨 𝐄𝐝𝐢𝐭𝐢𝐧𝐠 𝐢𝐧 𝐆𝐒𝐓𝐑-𝟑𝐁

📌The GSTN has issued an important advisory regarding changes in the editing of auto-populated tax liability in Form GSTR-3B, effective from the tax period of 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟱 (to be filed in August 2025).

✅𝟭. 𝗣𝗿𝗲-𝗙𝗶𝗹𝗹𝗲𝗱 𝗚𝗦𝗧𝗥-𝟯𝗕 – 𝗖𝘂𝗿𝗿𝗲𝗻𝘁 𝗣𝗿𝗼𝗰𝗲𝘀𝘀

Currently, the GST Portal provides a pre-filled Form GSTR-3B, wherein:

• Tax liability is auto-populated based on the outward supplies declared in Form GSTR-1, GSTR-1A, or IFF.

• Taxpayers still have the option to edit these values before filing GSTR-3B.

✅𝟮. 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗼𝗳 𝗚𝗦𝗧𝗥-𝟭𝗔 – 𝗖𝗼𝗿𝗿𝗲𝗰𝘁𝗶𝗼𝗻 𝗙𝗮𝗰𝗶𝗹𝗶𝘁𝘆

With the rollout of Form GSTR-1A, taxpayers now get an additional facility to:

• Amend wrongly declared outward supplies in GSTR-1/IFF through GSTR-1A.

• Correct their liability for the same return period before filing GSTR-3B, ensuring more accuracy and reducing post-filing issues.

✅ 𝟯. 𝗠𝗮𝗷𝗼𝗿 𝗖𝗵𝗮𝗻𝗴𝗲 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 𝗝𝘂𝗹𝘆 𝟮𝟬𝟮𝟱

From the 𝐉𝐮𝐥𝐲 𝟐𝟎𝟐𝟓 tax period onwards:

• The auto-populated liability in GSTR-3B will become 𝙣𝙤𝙣-𝙚𝙙𝙞𝙩𝙖𝙗𝙡𝙚.

• Taxpayers must use GSTR-1A to make corrections before filing GSTR-3B.

• This ensures that liability is finalized only through amendments made in the correct upstream forms (GSTR-1/IFF via GSTR-1A).

📝 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗳𝗼𝗿 𝗧𝗮𝘅𝗽𝗮𝘆𝗲𝗿𝘀:

Prepare for this change now to avoid last-minute filing issues. Ensure your team is trained to use 𝗚𝗦𝗧𝗥-𝟭𝗔 effectively and verify outward supply data before submission.

📣 Kindly attention taxpayers

Income tax return forms of ITR-1 & ITR-4 are now enabled to file through online mode with prefilled data for assessment year 25-26 for taxpayers.

📣𝐓𝐡𝐞 𝐈𝐧𝐜𝐨𝐦𝐞 𝐭𝐚𝐱 𝐝𝐞𝐩𝐚𝐫𝐭𝐦𝐞𝐧𝐭 𝐡𝐚𝐬 𝐫𝐞𝐥𝐞𝐚𝐬𝐞𝐝 𝐭𝐡𝐞 𝐈𝐓𝐑-𝟏 & 𝐈𝐓𝐑-𝟒 𝐟𝐨𝐫𝐦𝐬 𝐟𝐨𝐫 𝐀𝐘 𝟐𝟎𝟐𝟓-𝟐𝟔, 𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝟕 𝐊𝐞𝐲 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐟𝐨𝐫 𝐎𝐥𝐝 𝐑𝐞𝐠𝐢𝐦𝐞 𝐓𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬:-

𝟭.🏠 𝗛𝗼𝘂𝘀𝗲 𝗥𝗲𝗻𝘁 𝗔𝗹𝗹𝗼𝘄𝗮𝗻𝗰𝗲 (𝗛𝗥𝗔) - 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟬(𝟭𝟯𝗔)

Must report:

• Place of Work

• Actual HRA Received

• Actual Rent Paid

• Basic Salary + DA

• 50%/40% of Basic Salary (metro/non-metro)

𝟮. 📃𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟴𝟬𝗖 - 𝗣𝗣𝗙, 𝗟𝗶𝗳𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲, 𝗲𝘁𝗰.

Now needs:

• Document or Receipt Number

• PPF Account Number

• Insurance Policy Number

𝟯. 🏥𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟴𝟬𝗗 - 𝗛𝗲𝗮𝗹𝘁𝗵 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲

Must mention:

• Name of Insurance Company

• Policy or Document Number

𝟰. 🎓𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟴𝟬𝗘 - 𝗘𝗱𝘂𝗰𝗮𝘁𝗶𝗼𝗻 𝗟𝗼𝗮𝗻 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁

Mandatory fields:

• Name of Lender

• Bank Name

• Loan A/c Number

• Date of Loan Sanction

• Total Loan Amount

• Outstanding as on 31st March

𝟱. 🏡𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟴𝟬𝗘𝗘/𝟴𝟬𝗘𝗘𝗔 - 𝗛𝗼𝗺𝗲 𝗟𝗼𝗮𝗻 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁

Same disclosures as Section 80E:

• Lender details

• Loan particulars and outstanding

𝟲. 🚘⚡𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟴𝟬𝗘𝗘𝗕 - 𝗘𝗹𝗲𝗰𝘁𝗿𝗶𝗰 𝗩𝗲𝗵𝗶𝗰𝗹𝗲 𝗟𝗼𝗮𝗻

Same disclosures as above:

• Loan and Lender details

• Outstanding balance

𝟳. 🧑‍⚕️𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟴𝟬𝗗𝗗𝗕 - 𝗧𝗿𝗲𝗮𝘁𝗺𝗲𝗻𝘁 𝗼𝗳 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗲𝗱 𝗗𝗶𝘀𝗲𝗮𝘀𝗲𝘀

Must now specify:

• Name of the Specified Disease

⚠️ Takeaway: Ensure all relevant documents and details are ready for a smooth filing process under the old regime.

📣 𝐓𝐚𝐱 𝐔𝐩𝐝𝐚𝐭𝐞

Income Tax Return (ITR) filing for Assessment Year 2025-26 has commenced for ITR-1 and ITR-4.

Whether you're a salaried professional, freelancer, or business owner—filing your ITR on time is not just a responsibility, it's a smart financial habit. ✅

✔️ Avoid last-minute stress
✔️ Prevent penalties
✔️Ensure financial compliance

Don’t wait for the deadline—get started today!

For any kind of help, kindly contact me.

📣* *

Income Tax Return (ITR) filing for Assessment Year 2025-26 has commenced for ITR-1 and ITR-4.

Excel-based Utility and JSON Schema for ITR-1 and ITR-4 have been released by the Income Tax Department.

📣Important Notice for Taxpayers

CBDT has decided to extend the due date of filing of ITRs, which are due for filing by 31st July 2025, to 15th September 2025.🗓️

📣 𝑪𝒍𝒆𝒂𝒓 𝑬𝒙𝒑𝒍𝒂𝒏𝒂𝒕𝒊𝒐𝒏 𝒐𝒇 𝒕𝒉𝒆 𝑫𝒆𝒍𝒉𝒊 𝑯𝒊𝒈𝒉 𝑪𝒐𝒖𝒓𝒕'𝒔 𝑹𝒔. 90 𝒄𝒓𝒐𝒓𝒆 𝒕𝒂𝒙 𝒅𝒆𝒅𝒖𝒄𝒕𝒊𝒐𝒏 𝒓𝒖𝒍𝒍𝒊𝒏𝒈 𝒖𝒏𝒅𝒆𝒓 𝒔𝒆𝒄𝒕𝒊𝒐𝒏 54𝑭 𝒂𝒏𝒅 𝒘𝒉𝒂𝒕 𝒊𝒕 𝒎𝒆𝒂𝒏𝒔 𝒇𝒐𝒓 𝒚𝒐𝒖:-

🏛️ 𝗪𝗵𝗮𝘁 𝗛𝗮𝗽𝗽𝗲𝗻𝗲𝗱?

The 𝗗𝗲𝗹𝗵𝗶 𝗛𝗶𝗴𝗵 𝗖𝗼𝘂𝗿𝘁 recently allowed a taxpayer to claim a ₹90 𝙘𝙧𝙤𝙧𝙚 tax exemption under 𝙎𝙚𝙘𝙩𝙞𝙤𝙣 54𝙁 𝙤𝙛 𝙩𝙝𝙚 𝙄𝙣𝙘𝙤𝙢𝙚 𝙏𝙖𝙭 𝘼𝙘𝙩, even though the individual 𝙞𝙣𝙫𝙚𝙨𝙩𝙚𝙙 𝙞𝙣 𝙢𝙪𝙡𝙩𝙞𝙥𝙡𝙚 𝙛𝙡𝙤𝙤𝙧𝙨 of a residential building.

Normally, 𝙎𝙚𝙘𝙩𝙞𝙤𝙣 54𝙁 allows you to 𝙖𝙫𝙤𝙞𝙙 𝙡𝙤𝙣𝙜-𝙩𝙚𝙧𝙢 𝙘𝙖𝙥𝙞𝙩𝙖𝙡 𝙜𝙖𝙞𝙣𝙨 𝙩𝙖𝙭 when you sell a capital asset (like land or shares) 𝙖𝙣𝙙 𝙧𝙚𝙞𝙣𝙫𝙚𝙨𝙩 𝙩𝙝𝙚 𝙨𝙖𝙡𝙚 𝙥𝙧𝙤𝙘𝙚𝙚𝙙𝙨 𝙞𝙣 “𝙤𝙣𝙚” 𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙩𝙞𝙖𝙡 𝙝𝙤𝙪𝙨𝙚 𝙞𝙣 𝙄𝙣𝙙𝙞𝙖.

So the question was:

👉 Does buying multiple floors count as buying more than one residential house?

✅ 𝗪𝗵𝗮𝘁 𝗗𝗶𝗱 𝘁𝗵𝗲 𝗖𝗼𝘂𝗿𝘁 𝗦𝗮𝘆?

The Court ruled that:

• 𝙄𝙛 𝙩𝙝𝙚 𝙢𝙪𝙡𝙩𝙞𝙥𝙡𝙚 𝙛𝙡𝙤𝙤𝙧𝙨 𝙩𝙤𝙜𝙚𝙩𝙝𝙚𝙧 𝙛𝙤𝙧𝙢 𝙖 𝙨𝙞𝙣𝙜𝙡𝙚 𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙩𝙞𝙖𝙡 𝙪𝙣𝙞𝙩 (for example, used by one family, or connected internally), then it 𝙨𝙝𝙤𝙪𝙡𝙙 𝙗𝙚 𝙩𝙧𝙚𝙖𝙩𝙚𝙙 𝙖𝙨 “𝙤𝙣𝙚” 𝙝𝙤𝙪𝙨𝙚, even if it has more than one floor or registry.

•Therefore, the person 𝙘𝙖𝙣 𝙘𝙡𝙖𝙞𝙢 𝙇𝙏𝘾𝙂 𝙚𝙭𝙚𝙢𝙥𝙩𝙞𝙤𝙣 under 𝙎𝙚𝙘𝙩𝙞𝙤𝙣 54𝙁.

🧾 In this case, the taxpayer had sold shares and invested the proceeds into 𝙩𝙝𝙧𝙚𝙚 𝙛𝙡𝙤𝙤𝙧𝙨 of a building meant for family use. The court said this is allowed under the law.

💡 𝗪𝗵𝗮𝘁 𝗧𝗵𝗶𝘀 𝗠𝗲𝗮𝗻𝘀 𝗳𝗼𝗿 𝗬𝗼𝘂

• If you’re planning to sell a capital asset and reinvest in property, you 𝙘𝙖𝙣 𝙞𝙣𝙫𝙚𝙨𝙩 𝙞𝙣 𝙢𝙪𝙡𝙩𝙞𝙥𝙡𝙚 𝙛𝙡𝙤𝙤𝙧𝙨 of a building 𝙖𝙣𝙙 𝙨𝙩𝙞𝙡𝙡 𝙘𝙡𝙖𝙞𝙢 𝙚𝙭𝙚𝙢𝙥𝙩𝙞𝙤𝙣, as long as:

• The floors are 𝙪𝙨𝙚𝙙 𝙖𝙨 𝙖 𝙨𝙞𝙣𝙜𝙡𝙚 𝙧𝙚𝙨𝙞𝙙𝙚𝙣𝙘𝙚,

• And the intent is to treat them as 𝙤𝙣𝙚 𝙝𝙤𝙢𝙚 (not separate rental units or separate houses).

⚠️ Be careful: If you buy separate houses or rent out the floors individually, 𝙮𝙤𝙪 𝙢𝙞𝙜𝙝𝙩 𝙡𝙤𝙨𝙚 𝙩𝙝𝙚 𝙚𝙭𝙚𝙢𝙥𝙩𝙞𝙤𝙣.

🔍 𝗙𝗶𝗻𝗮𝗹 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆

This ruling helps 𝙝𝙞𝙜𝙝-𝙫𝙖𝙡𝙪𝙚 𝙞𝙣𝙫𝙚𝙨𝙩𝙤𝙧𝙨 and families who want to buy large homes spread across multiple floors. It also clears up confusion on how 𝙎𝙚𝙘𝙩𝙞𝙤𝙣 54𝙁 is interpreted.

📌𝗧𝗶𝗽: Always maintain proper documentation to prove that your investment is in one residential unit.

📣*𝐈𝐍𝐂𝐎𝐌𝐄 𝐓𝐀𝐗 𝐍𝐎𝐓𝐈𝐅𝐈𝐂𝐀𝐓𝐈𝐎𝐍:
New 𝗜𝗧𝗥-𝗨 has been notified by CBDT - as per provisions of Finance Act 2025*
Now, taxpayers can filed updated returns for the AYs 2021-22, 2022-23, 2023-24, 2024-25 as per Finance Act, 2025.

*𝗞𝗲𝘆 𝘂𝗽𝗱𝗮𝘁𝗲𝘀:*

✅ Time Limit Extended to 48 months via Finance Act, 2025.
✅ Additional Tax Payable:
•Filing in 3rd year: Additional income tax of 60%.
•Filing in 4th year: Additional income tax of 70%.
✅ Section 139(8A) amended: No ITR U can be filed if notice u/s 148A (show-cause notice) issued after 36 months from the end of the relevant A.Y. However, later if 148A(3) order passed saying - not a valid case for notice u/s 148, then ITR U can be filed within 48 months from the end of relevant A.Y.
✅ Section 140B Amended to prescribe additional income-tax payable for the extended timelines.
✅ Rule 12AC Amended accordingly to reflect these changes

✍️𝐖𝐡𝐚𝐭 𝐢𝐬 𝐅𝐨𝐫𝐦 𝟏𝟔 𝐚𝐧𝐝 𝐖𝐡𝐲 𝐈𝐬 𝐈𝐭 𝐂𝐫𝐮𝐜𝐢𝐚𝐥 𝐟𝐨𝐫 𝐒𝐚𝐥𝐚𝐫𝐢𝐞𝐝 𝐓𝐚𝐱𝐩𝐚𝐲𝐞𝐫𝐬?

👉When it comes to income tax filing, Form 16 is one of the most important documents for any salaried individual. It is often called the "Salary TDS Certificate," but its importance goes far beyond just showing tax deductions.

✅ 𝗪𝗵𝗮𝘁 𝗘𝘅𝗮𝗰𝘁𝗹𝘆 𝗶𝘀 𝗙𝗼𝗿𝗺 𝟭𝟲?

👉Form 16 is a certificate issued by an employer to their employee, confirming that TDS (Tax Deducted at Source) has been deducted from the salary and deposited with the government on behalf of the employee. This form acts as proof of income earned and tax paid.

✅ 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗼𝗳 𝗙𝗼𝗿𝗺 𝟭𝟲

Form 16 is divided into two parts:

𝗣𝗮𝗿𝘁 𝗔- 𝗧𝗗𝗦 𝗖𝗲𝗿𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗲

• Name and PAN of the employee
• TAN and PAN of the employer
• Period of employment
• Details of TDS deducted and deposited (quarter-wise)

👉This part is generated and downloaded by the employer from the TRACES portal.

𝗣𝗮𝗿𝘁 𝗕 - 𝙎𝙖𝙡𝙖𝙧𝙮 𝘽𝙧𝙚𝙖𝙠𝙙𝙤𝙬𝙣

• Detailed breakup of salary (basic, HRA, allowances, etc.)
• Deductions under Chapter VI-A (like 80C, 80D, 80G)
• Total taxable income
• Net tax liability and TDS already paid

👉This part is prepared by the employer, based on your salary and proofs submitted.


✅ 𝙒𝙝𝙮 𝙁𝙤𝙧𝙢 16 𝙞𝙨 𝙎𝙤 𝙄𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩?

• 𝗜𝗧𝗥 𝗙𝗶𝗹𝗶𝗻𝗴 𝗠𝗮𝗱𝗲 𝗘𝗮𝘀𝘆: Most of the details needed to file your return are already mentioned in Form 16. It saves time and reduces chances of error.
• 𝗣𝗿𝗼𝗼𝗳 𝗼𝗳 𝗧𝗗𝗦: It serves as evidence that your employer has deducted and deposited tax properly.
• 𝗟𝗼𝗮𝗻 & 𝗩𝗶𝘀𝗮 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻𝘀: Banks, embassies, and other agencies often ask for Form 16 as income proof, especially for the last 2-3 years.
• 𝗧𝗮𝘅 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗧𝗼𝗼𝗹: By going through Form 16, you get a clear idea of your income, savings, and scope for better tax planning next year.

✅ 𝙒𝙝𝙚𝙣 𝘿𝙤 𝙔𝙤𝙪 𝙂𝙚𝙩 𝙄𝙩?

👉Employers must issue Form 16 on or before 𝟏𝟓𝐭𝐡 𝐉𝐮𝐧𝐞 of the following financial year. If your employer hasn't deducted any TDS, they are not legally bound to issue Form 16.

✅ 𝙒𝙝𝙖𝙩 𝙄𝙛 𝙏𝙝𝙚𝙧𝙚'𝙨 𝙖 𝙈𝙞𝙨𝙩𝙖𝙠𝙚 𝙞𝙣 𝙁𝙤𝙧𝙢 16?

👉Sometimes, errors in PAN, salary figures, or deductions can creep into your Form 16. In such cases:

Contact your HR or finance department immediately, Ask them to revise and regenerate Form 16 from the TRACES portal.
Always compare Form 16 with Form 26AS and your payslips for accuracy.

📌 𝙁𝙞𝙣𝙖𝙡 𝙏𝙝𝙤𝙪𝙜𝙝𝙩𝙨:-

Form 16 is more than just a tax document - it's a mirror of your financial year as a salaried person. Keeping it safe and using it wisely not only helps you during ITR season but also builds your financial credibility in the long run.

🗓️ Planning your tax filing early helps avoid last-minute stress and penalties.