According to sections 115JC and 115JD of the Income-tax Act, 1961, the provisions of Alternate Minimum Tax are only applicable to the individuals who are claiming profit linked deductions viz. Heading C of Chapter VIA or section 35AD, et cetera. Therefore, these provisions would not be attracted in the case of the assessee. (read more)

One has to read the satisfaction noted by the Assessing Officer while passing the order under section 148A(b) of the Act . The objection raised by the Assessee and order disposing the objection under section 148A(d) of the Act. If the order under section 148A(d ) is not following the due process of law ,… (read more)

We have not understood your query. It is advisable to have all transactions at Fair Market Value to avoid any adverse implications under the Income-tax Act, 1961. (read more)

Make rectification application under section 154 of the Act. If no show cause was issued before making an adjustment , the assessee can also file an appeal before the CIT( A) The assessee should make an application to the Commissioner to condone the delay in filing of the return . One has to study the… (read more)

The stand of the assessee is correct. The issue is squarely covered by a decision of the Hon'ble Income-tax Appellate Tribunal - Pune bench in the case of BVG India Limited v. DCIT 11 to 16/Pun/2023 dated October 19, 2023 (Pun)(Trib). (read more)

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)