The amendment has been brought in the statute in section 23(5) where in respect of unsold stock of properties held as 'stock-in-trade' for a period of two years from the date of obtaining the completion certificate from the competent authority, the annual value of such property would be determined as 'Nil'. In other words, there… (read more)

As we understand, section 201(1G) (a) of the Income-tax Act, 1961 (Act) requires an authorized dealer to collect TCS on Foreign remittance under the Liberalized Remittance Scheme (LRS). It is pertinent to note that LRS is only applicable for residents and not non-residents. Therefore, in our view, the provisions of section 201(1G) (a) of the… (read more)

Whether the transaction is business or capital gains one has to decide the intention of the assessee and entries in the books of account . The Assessee has correctly declared income from Trading in Futures & options as Normal Business Income. The order of the Assessment unit is seems to be not valid in law… (read more)

Please write to the Chamber of tax consultants , the All India Federation of Tax Practioners or Bombay Chartered Accountant’s Society . All these Associations have very a active representation committee , they are making representation regularly . In an appropriate case it may be desirable to file writ before High Court .In few cases… (read more)

Since there cannot be tax liability on Ocean Freight, no RCM also can apply. Therefore, inspite of notification made effective from 1.10.2023 as mentioned in query, RCM cannot apply for previous period. . (read more)

Please read the Circular No.16 of 2016 dated 20 th May , 2016 ( 2016) 384 ITR 144 ( St) Subject : Explanatory notes on provision of the income declaration scheme, 2016 as provided in Chapter IX of the Finance Act 2016 , para 9 (d) effect of declaration , it is clearly mentioned that… (read more)

1. One has to refer under which provision of the Act the land is acquired if it is as per the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (RFCTLARRA) and notification issued under various Acts the same is not taxable under any Act, including Income-tax Act, 1961 (Act).… (read more)

One has to study the facts . Without studying the facts it may not be possible to give any opinion on the subject . (read more)

An appeal before the first appellate authority cannot be withdrawn as the Income-tax Act, 1961 has provided the power to enhance assessment. The assessee may file their submission stating they aren't pressing the grounds and the Appellate Authority shall pass an order dismissing the all the grounds/appeal of the assessee. Refer CIT v. Premkumar Arjundas… (read more)

There is no provision for condonation of delay . If the assessee can demonstrate the reasonable cause for not paying the tax , the assessee can approach the High Court by filing writ petition and pray for condonation of delay . last date for payment with additional payment was October 31, 2021. (read more)