Answers to queries on legal issues
Query regarding NGO Registration U/s 12AA/12AB | |
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Subject: | Query regarding NGO Registration U/s 12AA/12AB |
Category: | Income-Tax |
Asked by: | CA RAHUL KUMAR HARLALKA |
Answered by: | Reply of the Expert is awaited; |
Tags: | charitable trust |
Date: | March 18, 2024 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
Addition on account of difference in receipts as per P & L Account vis-a-vis Form 26AS | |
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Subject: | Addition on account of difference in receipts as per P & L Account vis-a-vis Form 26AS |
Category: | Income-Tax |
Asked by: | Deepali |
Answered by: | Reply of the Expert is awaited; |
Tags: | 26AS |
Date: | March 18, 2024 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
default u/s 271(1)(b) | |
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Subject: | default u/s 271(1)(b) |
Category: | Income-Tax |
Asked by: | pawan |
Answered by: | Advocate Neelam Jadhav |
Tags: | 271(1)(b), penalty |
Date: | March 18, 2024 |
Excerpt of answer: |
S. 273B provides that, inter alia, penalty u/s. 271(1)(b) need not be imposed, if it is proved that there was a reasonable cause for the said failure of the assessee to comply with the provisions of section 271(1)(b). In the case of Balram Kumar Mahendra vs. ITO [2012] 12 ITR (T) 426 (Delhi)(Trib.) held that… (read more)
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capital gain, development agreement , society | |
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Subject: | capital gain, development agreement , society |
Category: | Income-Tax |
Asked by: | VIJAY |
Answered by: | Research Team |
Tags: | Capital Gains, development agreement, society |
Date: | March 17, 2024 |
Excerpt of answer: |
One has to read the terms of the development agreement to advise on tax implication on society . (read more)
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Composition scheme | |
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Subject: | Composition scheme |
Category: | GST |
Asked by: | Lalit |
Answered by: | Advocate C.B.Thakar |
Tags: | Composition scheme, tax free goods |
Date: | March 17, 2024 |
Excerpt of answer: |
As per the scheme, there is no such deduction towards exempted goods. (read more)
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Return form capital gains – Sale of depreciable assets . | |
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Subject: | Return form capital gains – Sale of depreciable assets . |
Category: | Income-Tax |
Asked by: | S.G .Hegde Adocate Mumbai |
Answered by: | Mr . H. N. Motiwalla |
Tags: | Return form capital gains – Sale of depreciable assets . |
Date: | March 14, 2024 |
Excerpt of answer: |
This view has been confirmed by the Supreme Court in CIT Vs. V. S. Dempo Company Ltd [ (2016) 387 ITR 354]. Wherein the Supreme Court has approved the judgement of the Bombay High Court in CIT Vs. ACE Builders Pvt. Ltd. [ (2006) 281 ITR 598]. In the aforesaid judgement the Bombay High Court… (read more)
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cost of improvement in capital gains | |
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Subject: | cost of improvement in capital gains |
Category: | Income-Tax |
Asked by: | sirivella gopal |
Answered by: | Research Team |
Tags: | Cost of improvements, land cost |
Date: | March 12, 2024 |
Excerpt of answer: |
One has to read the terms of the agreement . Expenditure incurred in connection with transfer of asset is allowable as deduction. In ACIT v. Ijyaraj Singh (2020) 183 ITD 237 / 207 TTJ 953 (Jaipur) (Trib.) held that development expenses incurred on land before its sale was required to put property in saleable condition… (read more)
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Tax on Updated Return | |
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Subject: | Tax on Updated Return |
Category: | Income-Tax |
Asked by: | CA Adarsh Singh |
Answered by: | Research Team |
Tags: | Delayed return, tax on Updated return |
Date: | March 7, 2024 |
Excerpt of answer: |
The assessee may write to the CBDT for clarification . According to us the asseesseee should get the credit for the self assessment tax paid . In case the credit is not given the assessee may have to file writ before the High Court . In Balmukund Acharya v. Dy. CIT ( 2009) 310 ITR… (read more)
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Query on 270AA of IT Act–Immunity from Imposition of Penalty | |
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Subject: | Query on 270AA of IT Act–Immunity from Imposition of Penalty |
Category: | Income-Tax |
Asked by: | CA. Ankit Tantia |
Answered by: | Reply of the Expert is awaited; |
Tags: | penalty |
Date: | March 4, 2024 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
Issue of shares to promoters | |
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Subject: | Issue of shares to promoters |
Category: | Income-Tax |
Asked by: | Pooja |
Answered by: | Mr . H. N. Motiwalla |
Tags: | Issue of shares, Issue of shares to promoters |
Date: | March 4, 2024 |
Excerpt of answer: |
A Private Ltd can make initial issue to promoters at face value. Later on, when company create genuine reserve out of profit, it can issue share to promotes as well as members to its Net Asset Value (NAV) method. Net Asset Value method has ben prescribed by Rule 11UA of the Income tax Rules 1962..… (read more)
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