The assessee should file the return and also file detailed reply explaining the source of investment as well as supporting evidence . The Revenue may drop the reassessment proceedings . (read more)

The aasseessee may file an application before CBDT . The CBDT can condone the delay . In case the CBDT rejects the application the assessee can file writ petition against the said rejection order . (read more)

One has to find out capital gains on sale of the plot of land . It seems the amount is in the designated account for more than three years . One has to study the scheme in which the amount was deposited . On the expiry of three years the assessee should have filed the… (read more)

Please refer section 10(23C) (iiid ). If the aggregate annual receipts does not exceed five crores the assessee can make an application under section 10(23C) of the Act subject to other conditions. As the charitable organization is registered under section 12A of the Act as well as section 10(23C) of the Act, the organization can… (read more)

The Department will compute the period of limitation factoring the Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020. By that argument, the period of limitation will be within three years. The issue is sub judice before the Hon'ble Supreme Court. (read more)

There is no provision under Chapter XVII of the Income-tax Act, 1961 for deduction of tax on payment for a No Objection Certificate. Hence there would be no requirement for deduction of tax at source on such a transaction. (read more)

As per section 32(1) of the Limited Liability Partnership Act of 2008, a contribution can be made in the form of a tangible, movable or any form of immovable or intangible property or any other form of benefit to the limited liability partnership which can include money, promissory notes and other agreements which can contribute… (read more)