Death of Co parcener HUF will not come to an end Refer , Shreya Vidyarthi v. Ashok Vidyarthi and Ors. AIR 2016 SC 139 , the concept of HUF and property jointly held explained . Wife and daughter will continue as members of the HUF. Karta need not distribute the share of deceased Coparcener it… (read more)

LETTER F.NO.275/27/2013-IT(B), DATED 2-8-2016 The Board is examining the desirability and expediency of prescribing situation/circumstances under which levy of fee under section 234E may cause genuine hardship to the taxpayers, so as to prescribe guidelines for waiver of such fees by virtue of the powers of the Board under section 119(2)(a) of the Income-tax Act,… (read more)

This is a case of TDS mismatch. It is advisable to the taxpayer to first intimate the payer about the non-reflection of tax deducted at source and request for a TDS certificate. Upon receipt of the certificate, the taxpayer may claim the credit of TDS even though the same is not reflected in Form 26AS.… (read more)

Section 234A of the Income-tax Act, 1961 pertains to interest on account of delay in filing the return of income. Interest under section 234A of the Act is levied for delay in filing the return of income. In other words, if the taxpayer files the return of income after the due date specified in this… (read more)

. As we understand, it would be necessary to first compute the Capital Gains of the year under consideration and subsequently set off with carried forward losses. Therefore, the taxpayer would have to first give effect to exemption claimed under section 54EC of the Income-tax Act, 1961 (Act) and then claim a set off of… (read more)

The understanding is correct. As per section 115A of the Income-tax Act, 1961, the tax rate would be 20 per cent plus applicable surcharge and cess. Further, it would be necessary to check if the Non-resident is entitled to any benefit under the Double tax Avoidance Agreement between India and the Country the taxpayer is… (read more)

The assessee has to verify what is the date of the notice . In case the notice is dated after 1, -4 -2021 the Assessing officer has to follow the law as mandated under section 148A of the Act . .ie. Conducting inquiry , providing opportunity before issue of notice under section 148 of the… (read more)

The principle enshrined by various judicial precedents pertaining to not striking off the irrelevant part is that the reasons for which a proceeding is initiated against an assessee should be rightfully communicated to them. (Mohd. Farhan A. Shaikh v. ACIT ( 2021 )434 ITR 1/ 125 Taxmann.com 253 ( FB ) Bom) (HC) www.itatonline.org )… (read more)

On the facts the AO has issued 148 notice for reopening of assessment beyond the 4 years from the end of relevant assessment year . One has to verify whether proper sanction was obtained or not and also whether the Commissioner while granting sanction has applied his mind . On the facts in the year… (read more)