Answers to queries on legal issues

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APPLICABILITY OF GST
Subject: APPLICABILITY OF GST
Category: 
Asked by: CA ASHOK KUMAR GOYAL
Answered by:
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Date: May 4, 2022
Excerpt of answer:
For purpose of registration, section 22(1) provides as under:- “(1) Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty… (read more)
Taxation on conversion of Private Specific Trust to Discretionary Trust
Subject: Taxation on conversion of Private Specific Trust to Discretionary Trust
Category: 
Asked by: Manish
Answered by:
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Date: April 30, 2022
Excerpt of answer:
It would be important to see the Trust deed and the clauses therein. Further, it would be necessary to see whether the same is a revocable trust or an irrevocable trust. The settlor may not be able to dissolve the trust if the same is of irrevocable nature. (read more)
Query regarding notice u/s 148 A (b) of I.T. Act 1961
Subject: Query regarding notice u/s 148 A (b) of I.T. Act 1961
Category: 
Asked by: CA Govind Agrawal
Answered by:
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Date: April 30, 2022
Excerpt of answer:
Yes, the plea is valid. The Notice under section 148A(b) of the Act and order passed under section 148A(d) of the Act has to be challenged for not following the procedure laid down in the statute. The same can also be raised in appeal. (read more)
Notice / order signed with expired digital signature
Subject: Notice / order signed with expired digital signature
Category: 
Asked by: PARAS CHHAJED
Answered by:
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Date: April 30, 2022
Excerpt of answer:
A Notice signed with an expired digital signature should be construed as unsigned. As per Section 282A (2) of the Act, every notice or other document to be issued, served or given for the purposes of this Act by any income-tax authority, shall be deemed to be authenticated if the name and office of a… (read more)
Private Family Trust
Subject: Private Family Trust
Category: 
Asked by: Manoj
Answered by:
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Date: April 28, 2022
Excerpt of answer:
The Trust deed would have to be read and understood. There might be a clause for a nomination or a clause for consequences on death of trustees. As per section 73 of Indian Trust Act, 1882, the Nomination in the trust deed would be appointed or else the legal representatives of the last surviving and… (read more)
HOW TO GET REFUND AS PER FORM 5 ISSUED UNDER THE DIRECT TAX VIVAD SE VISHWAS
Subject: HOW TO GET REFUND AS PER FORM 5 ISSUED UNDER THE DIRECT TAX VIVAD SE VISHWAS
Category: 
Asked by: ARUN KUMAR
Answered by:
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Date: April 28, 2022
Excerpt of answer:
: Please write to the Designated Authority. In case no reply is received within reasonable time , the assessee may write to the Chairman CBDT . If no response is received from the CBDT the assessee may have to file writ before the High Court . (read more)
Vivad se vishwas Scheme
Subject: Vivad se vishwas Scheme
Category: 
Asked by: Krishna
Answered by:
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Date: April 28, 2022
Excerpt of answer:
The Last date for filling of VSV- Form and for payment has expired. As per Form 3, in case of non-payment of amount payable within the said period, the declaration under Form-1 shall be treated as void and shall be deemed never to have been made. (read more)
Taxability of redemption of ULIP
Subject: Taxability of redemption of ULIP
Category: 
Asked by: Chetan
Answered by:
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Date: April 28, 2022
Excerpt of answer:
As per section 10(10D) of the Income Tax Act, 1961 (Act), the returns on Unit Linked Insurance Plan (ULIP) on maturity are tax-free. This is applicable only if the annual premium is less than 10 per cent of the capital sum assured for the plans purchased after April 1, 2012. As the assessee received the… (read more)
whether the show cause notice issued on or after 28.03.2022 is valid
Subject: whether the show cause notice issued on or after 28.03.2022 is valid
Category: 
Asked by: G Sivaiah
Answered by:
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Date: April 25, 2022
Excerpt of answer:
Issuance of Notice under section 148A(b) of the Act on March 26, 2022 is not time barred. Issuance of Notice under section 148 of the Act has to be evaluated on a case-to-case basis i.e., Information contained in the Notice under section 148A(b) of the Act, the response of the assessee and the Order passed… (read more)
Capital Gains in case of Private Specific TrusT
Subject: Capital Gains in case of Private Specific TrusT
Category: 
Asked by: Ronak Mota
Answered by:
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Date: April 22, 2022
Excerpt of answer:
The long-term Capital Gains will be taxable in the hands of each beneficiary according to their share of interest. Reference can be drawn to the erstwhile provisions of section 80L of the Income-tax Act, 1961. The Hon’ble ITAT - Madras in the case of Miss S. Radhika v. ITO [1991] 39 ITD 213 (Mad)(Trib) held… (read more)