One has to study the facts before giving any advice. The querist will get the credit of tax paid in USA . It will be desirable to contact the Tax consultant with detailed facts . (read more)

In PCIT v. Salarpuria Simplex Dwelling LLP. (2022) 289 Taxman 264 / 216 DTR 425 (Cal)( HC) the Court held that when the assessee has followed the project completion method the Revenue is not justified the rejecting the books of account and adopting the percentage completion method. Before passing the order under section 144 a… (read more)

ABC can file an RTI or even ask the Ld. AO on what basis sanction has been given by the prescribed authority to issue a Notice under section 148 of the Act. The return can be filed in light of the reasons provided for approval of the sanction. (read more)

The terms of the contract and the nature of the payment would have to be understood for understanding under which section of the Income-tax Act, 1961, tax has to be deducted. (read more)

Yes, income tax is payable on 50 per cent of the enhanced interest income after claiming a deduction under section 57 of the Act. (read more)

The terms of the contract and the nature of the payment would have to be understood for understanding under which section of the Income-tax Act, 1961, tax has to be deducted. (read more)

The facts about nature of transaction not clear like, whether withdrawal is on retirement or in normal course , is not clear. Whether there is debit to partner’s capital account or not , is also not clear. As per normal laws, partner and firm are considered as one entity and hence any withdrawal of goods… (read more)

On the facts and circumstances of the case, the Assessee Non-banking finance company (NBFC) is registered under Co Act as well as RBI. The CBDT Circular No. 22 of 2017 states that receipt of repayment of the loan by the Non-Banking Finance Companies (NBFC) and Housing Finance Companies (HFC) will fall under the purview of… (read more)

In my opinion, no GST is attracted on above facts. The amount is received as per award by arbitrator. Therefore, it is in the nature of receipt against actionable claim. Actionable claim is neither goods nor services as per para 6 in Schedule III of the CGST Act, except excluded category. The said para is… (read more)

Yes the order is final . However if any new information is received on the basis of search /survey or from any source , the assessment can be reopened by following the due process of law if it is within limitation period . (read more)