: For AY 2024 – 2025 Surcharge rates are as below: 10% of Income tax if total income is more than Rs.50 lakh 15% of Income tax if total income is more than Rs.1 crore 25% of Income tax if total income is more than Rs.2 crore 37% of Income tax if total income is… (read more)

The relevant GST law in respect of your issue can be analyzed as under: 1. As per GST provisions, supplying service is taxable event. However, if the services fall in the category of export services, then they are exempt from levy of GST. Since the money is coming from Singapore, it can be assumed that… (read more)

Merely on the basis of documents found in the third premises the addition cannot be made in the hands of assessee. The assessee should request for a copy of the documents and also an opportunity for cross examination . In PCIT v. Vinita Chaurasia (2023) 291 Taxman 362 (Delhi)(HC) the court held that merely based… (read more)

The Books of account is defined as per section 2 (12A) of the Act ,” books or books of account" includes ledgers, day-books, cash books, account-books and other books, whether kept 4in the written form or in electronic form or in digital form or as print-outs of data stored in such electronic form or in… (read more)

More than 60% appeals are by the Department. Please make an application under RTI to get the correct information . (read more)

As per the provisions of the Income-tax Act, 1961, everyone who has been assigned a PAN as of July 1, 2017, and is entitled to receive an Aadhaar Number is required to notify the prescribed authority. In the absence of PAN or inoperative PAN at the time of entering into any financial transactions, the Assessee… (read more)

One has to study the development agreement to understand the issue of taxation. If the flat was sold within two years of getting possession of the new flat , it will be short term capital gain . The assessee will be entitle to get the market value of the flat as cost on getting the… (read more)

The initial burden is on the assessee to explain the source , genuineness and capacity of the lender . Merely because the Depositor has not filed the return of income the addition is not justified . It may be desirable for the assessee to get the affidavit from the Lender explain the source of the… (read more)

The Action of the Assessing officer proposing to make addition for 100% disallowance of purchases from these parties merely on the ground that theya have not responded to Notice u/s. 133(6) is not justified. When the assessee has furnished a copy of the Bill, copy of the E-way Bill, Delivery Challan, Bank statement indicating the… (read more)

Voluntary contributions are deemed to be income of the trust. Hence the same can be applied for the benefit of the trust including purchase of capital assets. (read more)