The shares have to be valued according to Rule 11UA of the Income-tax Rules, 1962 to avoid any additions in the hands of the Company or investor. (read more)

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)

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)

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)

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)

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)

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)

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)

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)

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)