Section 206AA requires that PAN is to be given to deductor by deductee otherwise, he shall deduct the tax at higher rate. Sub section (1) of section 206 AA reads as under: “Notwithstanding anything contained in any other provisions of this Act, any person entitled to receive any sum or income or amount on which… (read more)

: As stated in the question itself, this is a case of transfer simplicitor by the land owner to the developers. Hence, section 45(1) would apply and not section 45(5A) of the Income Tax Act. Section 45 ( 5 A) is applicable, when the capital asset being land or building or both is transferred under… (read more)

Deduction u/s 54 is available where any long term capital asset is sold by the assessee and purchased a new asset being a residential property within 01 year before or two years after the date on which transfer took place or had constructed a residential house within a period of 03 years after the date… (read more)

As per the provisions of section 270A(8) where under reported income is in consequence of any misreporting then the penalty shall be equal to 200% of the amount of tax payable on underreported income. Immunity from imposition of penalty and prosecution u/s 270AA is available only when the penalty proceeding is initiated for underreporting of… (read more)

CBDT vide Circular No.19/2022 in F.No. 225/49/2022/ITA-II dated 30.09.2022 had extended the last date for filing various audit reports for AY 2022-23 to 7th Oct 2022 which was earlier 30th Sep 2022. The said extension was also applicable to charitable organizations with respect to audit report in Form No.10B. If the assessee has not filed… (read more)

As per the provisions of Rule 45 r/w section 140 and 249(1) of the Income Tax Act, appeal has to be made in Form No.35 and to be verified by the Principal Officer / Authorized Signatory. The cooperative society through its present Secretary can write a letter to the CIT(A) informing that the former Secretary… (read more)

1. The first objection of the assessee is that the copy of approval not provided with notice under Section 148A(b) and order under Section 148A(d) but provided with notice under Section 148 which was issued on 31.08.2024.Here it may be mentioned that Section 148A(b) notice does not require any approval, however, the guidelines F.No.299/10/2022. Dir(Inv.III)/611… (read more)

In reply to question No. 7 it is the question asked that can the penalty under section 271D can be saved or avoided, In this respect it may be pointed out that there is violation of section 269SS that prohibits accepting of specified sum, cash of more than Rs.20000/- in immovable property transaction. The penalty… (read more)

In this case the surrender of tenancy rights of commercial premises are subject to capital gain, the receipt of immoveable property in lieu of tenancy right will be the consideration for such surrender. The assessee cannot claim any exemption from capital gains in such cases as what is received is commercial asset, however if the… (read more)