Unfortunately, there is no fixed period specified in the DTVSV Scheme 2024 or CBDT circulars for issuing the refund after Form 4 is received. Normally it takes 1-3 months. I suggest you contact the jurisdictional Assessing Officer or Principal Commissioner by email and request for expedited issue of refund. Alternatively, you may raise a grievance… (read more)

Two views are possible. One argument is that s. 49. (1) refers to "Where the capital asset became the property of the assessee ... (iii).. (e) under any such transfer as is referred to in ... clause (xiiib) ... of section 47". Section 47(xiiib) refers to "any transfer of a capital asset or intangible asset… (read more)

(1) The assets will have to be revalued in case the book values of the assets are different from their FMVs. (Assets A/c .... Dr; Revaluation Reserve A/c .... Cr). Thereafter, the Retiring Partner's capital account will have to be debited and the asset (flat) account credited. (2) GST will not apply because the transaction… (read more)

There is no fixed period specified in the DTVSV Scheme 2024 or CBDT circulars for issuing the refund after Form 4 is received. Normally it takes 1-3 months. I suggest you contact the jurisdictional Assessing Officer or Principal Commissioner by email and request for expedited issue of refund. Alternatively, you may raise a grievance in… (read more)

We acknowledge your grievance. A number of other taxpayers have raised the same grievance earlier. Unfortunately, under current rules, you cannot withdraw Form 10-IEA for AY 2025-26 within the same year. I suggest you consult a CA to see if you can refile the return under the old regime before the due date of 15th… (read more)

If stock is allotted to a partner as part of profit distribution (e.g in lieu of cash), it could be treated as a supply of goods under Schedule I if it involves business assets on which ITC was claimed. GST would apply on the market value of the stock. (read more)

U/s 9B, the capital asset given to a partner is taxable in the hands of the firm during reconstitution and dissolution. U/s 45(4), the excess benefit i.e. money or FMV of capital asset over capital account balance) during reconstitution is taxable. The distinction between s. 9B and s. 45(4) is that s. 9B applies to… (read more)

As the flat is held as stock-in-trade, it will be taxable as profits and gains u/s 9B in the firm’s hands based on FMV. In the books of the firm, the Partner’s Capital A/c will have to be debited and Stock-in-Trade A/c credited. The difference of profit will be shown in the P& A/c. In… (read more)

U/s 45(5A) capital gains is taxable in the year the certificate of completion is issued by the competent authority and not at the time of signing the DA or handing over possession of the land. This applies for individuals and HUFs. (read more)

Yes. A tax evasion petition, whether filed with or without identity, can serve as a trigger for a Section 148 or section 263 notice if it provides credible information or documentary evidence indicating tax evasion. E.g. if a TEP includes bank statements, invoices, or records showing unreported income, it can constitute “reason to believe”. (read more)