Answers to queries on legal issues
Income Tax Return for closed Companies | |
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Subject: | Income Tax Return for closed Companies |
Category: | Income-Tax |
Asked by: | Avijit Sarkar |
Answered by: | Research Team |
Tags: | Company, Income Tax Return for closed Companies |
Date: | November 24, 2023 |
Excerpt of answer: |
It is desirable to intimate in writing to the Income tax department ,specifying the date of closure of company also enclose the copy of the intimation received from the ROC . One has to verify whether all earlier assessments are completed and amount with the bank or receivable etc .have been distributed . If the… (read more)
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MSME and 43B payments | |
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Subject: | MSME and 43B payments |
Category: | Income-Tax |
Asked by: | Vikas Shah |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | 43B, msme |
Date: | November 23, 2023 |
Excerpt of answer: |
The payments will be considered as an expense only on actual payment to the MSE. The MSME should be registered as per MSME Development Act, 2006. (read more)
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Time limit of 143(3) assessment order for Assessment year 2018-19 | |
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Subject: | Time limit of 143(3) assessment order for Assessment year 2018-19 |
Category: | Income-Tax |
Asked by: | CA Rajat Agrawal |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Assessment, Time limit assessment |
Date: | November 21, 2023 |
Excerpt of answer: |
The time limit for completion of assessment for AY 2018-19 was extended in light of The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and subsequent circulars/ notifications issued in this regard. The time limit was extended upto September 30, 2021. (read more)
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FEMALE HUF KARTA | |
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Subject: | FEMALE HUF KARTA |
Category: | General Law, Income-Tax |
Asked by: | Hardik Gopani |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Female, HUF, Income derived from HUF, karta of HUF |
Date: | November 21, 2023 |
Excerpt of answer: |
There is no law that mandates that the male head has to be the Karta. Karta is the manager of the HUF. The Karta, with the consent of the other member, can even step down and let someone else manage the affairs of the Hindu Undivided Family [Narendra Kumar J. Modi v. CIT (1976) 105… (read more)
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Addition on account of one time deposit for maintenance | |
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Subject: | Addition on account of one time deposit for maintenance |
Category: | Income-Tax |
Asked by: | prakash |
Answered by: | Research Team |
Tags: | Assessment, maintenance, One time deposit |
Date: | November 21, 2023 |
Excerpt of answer: |
Addition is not justified . One time deposit cannot be assessed as income . The assessee may have to give the name and address of the depositors . If the Assessing Officer had any doubt he could have verified by issuing notice u/s 133(6) or summons under section 131 of the Act . In PCIT… (read more)
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SEc. 68 and Cash deposit during demonetization by NBFC | |
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Subject: | SEc. 68 and Cash deposit during demonetization by NBFC |
Category: | Income-Tax |
Asked by: | prakash |
Answered by: | Research Team |
Tags: | cash credits, demonetization, demonetization by NBFC |
Date: | November 15, 2023 |
Excerpt of answer: |
Addition is not justified . The assessee has a fair chance of succeeding in appeal . If. The matter in appeal the assessee can get the confirmation or an affidavit explaining the cash deposited . In R.S. Diamonds v. ACIT (2022) 98 ITR 505 / (2023) 198 ITD 344 (SMC)(Mum.)(Trib.) Cash was deposit into bank… (read more)
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Prosecution proceedings for delay in payment of TDS | |
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Subject: | Prosecution proceedings for delay in payment of TDS |
Category: | Income-Tax |
Asked by: | prakash |
Answered by: | KSA Legal Chambers |
Tags: | charitable trust, Delay in payment, Prosecution, TDS |
Date: | November 12, 2023 |
Excerpt of answer: |
Prosecution cannot be launched against all the trustees . Only the person in charge as per section 2(35 ) of the Act can be held responsible . In Golden Gate Properties Ltd. v. DCIT (2019) 179 DTR 241/ 310 CTR 351 (Karn.)(HC) the court held that the fact that the TDS has been deposited subsequently… (read more)
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Cash Purchases U/sec. 40A(3) | |
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Subject: | Cash Purchases U/sec. 40A(3) |
Category: | Income-Tax |
Asked by: | Prakash |
Answered by: | Advocate Neelam Jadhav |
Tags: | Business expenditure, Cash purchases, S.40A(3) |
Date: | November 11, 2023 |
Excerpt of answer: |
Rule 6DD states that No disallowance shall be made under sub-section (3) of section 40A. No payment shall be deemed to be the profits and gains of business or profession under sub-section (3A) of section 40A where a payment or aggregate of payments made to a person in a day, otherwise than by an account… (read more)
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SECTION 36(1)(VA) | |
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Subject: | SECTION 36(1)(VA) |
Category: | Income-Tax |
Asked by: | CA RUPINDER KUMAR |
Answered by: | Research Team |
Tags: | 43B, Business expenditure, S. 36(1)(va) |
Date: | November 10, 2023 |
Excerpt of answer: |
The order of the Supreme Court is binding . Only remedy is to make representation to Government and request for an amendment . If the adjustment is made by the Assessing Officer under section 143 (1) of the Act , the aassessee may challenge on the ground that no opportunity was given and adjustment is… (read more)
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Deemed Dividend | |
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Subject: | Deemed Dividend |
Category: | Income-Tax |
Asked by: | Alka Sharma |
Answered by: | Advocate Neelam Jadhav |
Tags: | Deemed Dividend |
Date: | November 9, 2023 |
Excerpt of answer: |
Section 2(22)(e) deals with how the types of loans and advances that the company makes for the shareholder is treated as deemed dividend. However, for invoking the provisions of section 2(22)(e), the requirement is to establish that payment made by a company to the shareholder or to a concern in which he has a substantial… (read more)
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