Trust can make an application under Form 9A (Rule 17 of Income-tax Rules, 1962) stating that the income is not received as per section 11(1)(2) (i) of the Act and the same will be treated as applied income. (read more)

With the limited facts provided in the query a holistic answer is not possible. The assessee would have also received a notice under section 148 of the Act asking the assessee to file the return of income. The assessee should file its return of income and participate in the reassessment proceedings. (read more)

As per section 92E of the Act, the accountant who prepares the TP report should sign the same. Yes, it is mandatory compliance. Not preparing the same can attract penal consequences. (read more)

This answer is prepared on the basis of the limited facts provided in the query. Firstly, if incriminating evidence is found in the course of a search conducted after April 01, 2021, the Notice issued under section 148A(b) of the Act is bad in law, as the Officer should directly issue a notice under section… (read more)

If the loan is taken for a self-occupied property, a deduction of interest on the loan will be available up to Rs. 2,00,000/-. No, the assessee cannot claim a deduction of interest payments under section 80C of the Act. Section 80EE of the Act may be available subject to other conditions. (read more)

Yes, section 50CA of the Act is an anti-abusive provision which will determine the capital gains in the said transactions. However, the application of the Capital gains i.e., Income can be as per section 11(1A) of the Act. (read more)

No, as per section 112A of the Act, capital gains on the sale of long-term capital assets being listed shares after January 31, 2018 will be taxed at 10 per cent without indexation. (read more)

The stamp value has to be seen only at the time the project is approved by the Competent Authority. One may get support from Section 50C of the Act wherein the legislature has used the word assessed or assessable. (read more)

Section 131 (1A) empowers the Assessing Officer to issue summons for the purpose of making any enquiry or investigation under the Income-tax Act and to enforce the attendance of any person or for compelling the production of any books of account or other documents with powers which are vested in a Court under the Civil… (read more)

What is “collected for developer” is not clear. However, since the rate is 5% on principal supply of affordable scheme, it should be 5% on development and other charges also. (read more)