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)

It depends on the facts of the case . In P.N .Krishana Iyer v.CIT ( 1969 ) 73 ITR 539 ( SC) the Honourable Court held that income received by a member of a HUF from a firm or company in which the funds of HUF are invested , even though the income may be… (read more)

In Chandrawati Gupta v. ACIT (2017) 51 CCH 177 (Delhi)(Trib.) held that the assessee had disclosed reasonable cause for failure to comply with statutory notice and on same reasoning, CIT(A) should cancel penalty levied on assessee. In Heman Kumar Soni. v. Dy. CIT (2017) 49 CCH 350 (Indore)(Trib.) held that, No penalty can be levied… (read more)

Firstly, Citizenship is not a test of residency. Secondly, considering the fact that he has been in India for the past several years, it is assumed that he is an Indian Resident as per section 6 of the Income-tax Act, 1961. Therefore, his global income will be taxable in India. He should disclose his foreign… (read more)