Answers to queries on legal issues
M.A. by Department on issue of Limitation. | |
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Subject: | M.A. by Department on issue of Limitation. |
Category: | Income-Tax |
Asked by: | Kanika Agarwal |
Answered by: | Research Team |
Tags: | Appellate Tribunal, Rectification of mistake |
Date: | November 11, 2022 |
Excerpt of answer: |
The assessee may refer the judgement the Judgement of Apex Court in CIT v. Reliance Industries Ltd ( 2022 ) 440 ITR 1(SC) where in the Honourable Supreme Court held that the ITAT has no power of review . assuming the Tribunal decides merits erroneously remedy of aggrieved party is to appeal before High Court… (read more)
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271D | |
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Subject: | 271D |
Category: | Income-Tax |
Asked by: | Manali |
Answered by: | Reply of the Expert is awaited; |
Tags: | penalty u/s 271D |
Date: | November 11, 2022 |
Excerpt of answer: | Reply of the Expert is awaited. Please check back later |
TDS applicability on remittance to Foreign Branch for Expenses | |
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Subject: | TDS applicability on remittance to Foreign Branch for Expenses |
Category: | Income-Tax |
Asked by: | Arun Gupta |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Foreign Branch for Expenses, TDS |
Date: | November 11, 2022 |
Excerpt of answer: |
If the remittance is in the nature of reimbursement of expenses, there would not be any obligation to deduct TDS. The Hon'ble High Court of Karnataka in the case of Flipkart Internet (P.) Ltd. v. DCIT [2022] 139 taxmann.com 595 (Karnataka) Where assessee made payments to 'W', a US based company, which were claimed to… (read more)
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Can ESOP be issued without voting rights? | |
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Subject: | Can ESOP be issued without voting rights? |
Category: | General Law |
Asked by: | Sri Hari |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | ESOP, voting rights |
Date: | November 11, 2022 |
Excerpt of answer: |
As per section 43 of the Companies Act, 2013 a Company may issue equity shares with voting rights or with differential rights as to dividend, voting or otherwise. Section 47 offers every member a right to vote. On reading both the provisions together, it can be interpreted that a Company may issue shares with differential… (read more)
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Tax Liability on Long Term Tax | |
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Subject: | Tax Liability on Long Term Tax |
Category: | Income-Tax |
Asked by: | Jalaj Karandikar |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Capital Gains, Long term capital gains |
Date: | November 8, 2022 |
Excerpt of answer: |
Please contact your chartered accountant/ tax consultant. The Government, inter alia, did relax the time period to claim deduction under section 54 to section 54GB of the Income-Tax Act vide the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. The dates were further extended several times with a series of Notifications… (read more)
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Distribution of closing stock amongst the partners of LLP | |
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Subject: | Distribution of closing stock amongst the partners of LLP |
Category: | Income-Tax |
Asked by: | Manali |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Distribution of closing stock amongst the partners of LLP, LLP |
Date: | November 8, 2022 |
Excerpt of answer: |
Stamp Duty and GST will be applicable. The transfer to the partners will be tested under section 43CA read with section 50C of the Income-tax Act, 1961. Transfer at the Stamp Duty value is advisable. It is not understood as to why the LLP has to be dissolved. Transfer of stock in trade to the… (read more)
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CURRENT TDS RATE ON PHOTOGRAPHY | |
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Subject: | CURRENT TDS RATE ON PHOTOGRAPHY |
Category: | Income-Tax |
Asked by: | VINOD KUMAR |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Photography, TDS |
Date: | November 8, 2022 |
Excerpt of answer: |
If the photographs or video is shot by a professional, the same would be considered to be art work and as a professional work. However, the same does not fall within the definition of “professional services under section 194J of the Income-tax Act, 1961 (Act). Therefore, the art work and photography would not come within… (read more)
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Is immovable property gifted to a relative through a trust taxable or not | |
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Subject: | Is immovable property gifted to a relative through a trust taxable or not |
Category: | Income-Tax |
Asked by: | Priti Sethi |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Gift, immovable property gifted to a relative through a trust, Private Trust |
Date: | November 3, 2022 |
Excerpt of answer: |
From what we understand with the limited facts provided is that, an immovable property is settled in a trust. The settlor and beneficiaries are related as per section 56 of the Income-tax Act, 1961 (Act). This will not attract section 56(2)(x) of the Act. Now, the trust has created a company which holds the immovable… (read more)
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Notice for re-opening of assessment | |
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Subject: | Notice for re-opening of assessment |
Category: | Income-Tax |
Asked by: | CA Shashikant G Goyal |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Notice, Re assessment, reopening of assessment |
Date: | November 3, 2022 |
Excerpt of answer: |
The Notice has been issued both electronically and by post. The issuance is before the due date; therefore, the notices won’t be time barred. (read more)
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Sec. 45(5A) | |
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Subject: | Sec. 45(5A) |
Category: | Income-Tax |
Asked by: | Ruchi Bhansali |
Answered by: | Advocate Shashi Ashok Bekal |
Tags: | Capital Gains, indexation |
Date: | November 3, 2022 |
Excerpt of answer: |
As per section 45(5A) of the Income-tax Act, 1961, the capital gains shall be chargeable to income-tax as income of the previous year in which the certificate of completion for the whole or part of the project is issued by the competent authority; and for the purposes of section 48 of the Act, the stamp… (read more)
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