If the professional has not opted for Section 44ADA, he can declare any income supported by proper books of account. Tax audit is not required if gross receipts are below the audit threshold (₹50 lakh/₹75 lakh). (read more)

The requirement of section 54F is that the purchase of the new flat must be within one year before or two years after the date of transfer. The fact that the agreement was made earlier is not relevant. If payment is made, and possession is obtained, within the prescribed period, the requirement is satisfied. In… (read more)

The question is not understood. (read more)

IDS immunity will not apply if the cost of acquisition was fictitious. The AO is empowered for taxing that. In CIT v. NRA Iron & Steel Pvt. Ltd. [2019] 412 ITR 161 (SC), the Supreme Court held that merely routing money through banking channels is not enough to establish the genuineness of a transaction. (read more)

There is no problem with claiming exemption u/s 54 for flat purchased in the name of the spouse and/or son provided the money has been paid from the sale proceeds of the assessee. There is a detailed reply on the topic given at Investment in the name of Son, exemption? (read more)

The executors are taxable in the same manner and to the same extent as the deceased. If the deceased was taxable at individual slab rates, the same would apply to executors. Some leading judgements on the subject are CWT v. Estate of Late HMM Vikramsinhji of Gondal (2014) 363 ITR 679 (SC) and CIT v.… (read more)

TDS credit has to be claimed in the same year in which the corresponding income is assessable. How it is recorded in the books is irrelevant. (read more)

Whether he has withdrawn the money or not is irrelevant. U/s 44ADA, 50% of the gross receipts is deemed to be income. As regards, s 44AD, there is a turnover limit of ₹2 Cr which is breached. (read more)

In K.C. Mohanan v. CIT (2023), the Kerala High Court has held that an order under section 148A(d) is an order amenable to revision under section 264. If the revision is rejected, you may file a writ petition to challenge the revision order. Alternatively, you may file an appeal against the 148A(3) order. (read more)

The only way out is that you have to draft an agreement (MOU) between the landlord and the tenant, setting out the circumstances of the case, and stating that the landlord will pass on the net income to the tenant and that the tenant will offer the gross income and claim credit for the TDS.… (read more)