This is a procedural lapse by the Dept. You can re-agitate the matter in CPGRAMS with the JAO's response. You may also write to the VSV helpdesk at vsv.helpdesk@incometax.gov.in & to the CPC at cpc.support@incometax.gov.in. In the last alternative, you may file a writ petition asking the HC for directions to the AO to quash… (read more)

There is no difficulty in doing so. Section 194A requirements are fulfilled if the TDS is paid out of the SB A/c. (read more)

(i) We can also index the cost of the additional property acquired in FY 2021-22. If so, the total ICA will be ₹85.90 lakh. (ii) Yes. All components (original, allotted, and purchased areas) have a holding period exceeding 24 months by FY 2025-26. So, the gain will be assessable as LTCG. (iii) Yes. Section 54… (read more)

A hospital run by a non-medico person will be taxable as business income and not professional income, and is eligible for the presumptive taxation scheme under Section 44AD. There is no compulsion to choose Section 44ADA (if gross receipts are within ₹3 crore). Please check your software. You can choose business code 18001 for hospital… (read more)

The citation appears to be wrong. In principle, the question whether the accumulation is shown as appropriation in the I&E Account or not appears to be irrelevant. What is relevant is whether the substantive and procedural requirements such as filing Form No. 10, specifying a purpose, and investing in specified modes is complied with or… (read more)

Yes. Article 13(6) of the DTAA states that gains from the alienation of any property (other than shares) shall be taxable only in the country of residence of the seller. Since mutual fund units in India are issued by trusts and not classified as "shares" under Indian law or the DTAA, they are eligible for… (read more)

Power u/s 131 has to be used "before he takes action under clauses (i) to (v) of Section 132(1)". So, it ought not be used during the continuance of a search. It follows that a statement recorded u/s 131 during s. 132 proceedings cannot be relied upon by the AO. (read more)

Since both A & B are "searched persons", the assessment will have to be made u/s 153A. Though the diaries are owned up by A, the rebuttable presumption u/s 132(4A) will apply that the diary belongs to B and its contents are true. (read more)

NRIs have to use ITR form ITR-2 (with business income) or ITR-3 (without business income). The Long-Term Capital Loss from the sale of listed shares of Indian companies have to be reported under Schedule CG, Item 7 (via Table E, B4 for Section 112A), and carry forward the unabsorbed loss in Item 9. (read more)

There is no requirement for Notarization though it is desirable for proving authenticity. Stamp Duty on the Deed of Partition is mandatory. It is payable based on the value of the assets. There is a fixed ceiling of stamp duty depending on the State. Registration is not required if there are no immovable assets being… (read more)