If an appeal is not filed against the protective assessment, it becomes final and the tax demand is enforceable. However, depending on the status of the substantive assessment, it can be argued that the demand should be dropped as there will be double assessment. Section 263 can apply to protective assessments if the order is… (read more)

It will depend on the nature of the contract. If the customer has reserved space and control of ingress and egress, it will attract Section 194I (Rent) as the slot charges are for the use of space. The rate is 2% if the payment is for equipment (e.g., leasing containers) and 10% if it is… (read more)

The doctor should declare gross receipts of ₹25 lakhs for ITR purposes. Declaring ₹20 lakhs would be incorrect, as personal expenses (₹5 lakhs) cannot be deducted from gross receipts, and under-reporting could lead to penalties. Given no records of professional expenses are maintained, the doctor can opt for Section 44ADA, declaring ₹12.5 lakhs (50% of… (read more)

The only solution if there is an impasse with the landlord is for the tenants to approach Court. Pagdi tenants do not have much rights and cannot dictate terms of redevelopment but if the building is unsafe as per the BMC's structural audit, tenants can be permitted to carry out repairs or redevelopment. (read more)

No, If the cost is zero, there is no indexation available. If the asset is acquired prior to 1st April 2001 and the FMV is substituted for the cost, indexation is available. (read more)

If the TDS is shown in the 26AS or AIS, that would be proof that tax was deducted. (read more)

If the payment is above ₹2 lakh, there may be construed to be loan between the buyer and the payer of the money which may attract section 269ST of the Income-tax Act. (read more)

No. If the trust is not registered under Section 12A, only the expenses incurred for earning the income can be claimed as a deduction. Expenses incurred for charitable objects cannot be claimed. (read more)

Yes. There is no bar to claiming 54F only against LTCG on some shares and c/f LTCL on other shares to next year. (read more)