Agricultural land is not a capital asset. However, section 56 (2)(x) of the Income-tax Act, 1961 refers to any immovable property. Therefore, purchase of agricultural land below stamp duty may attract section 56(2)(x) of the Act in the hands of the buyer but will not attract section 50C of the Act in the hands of… (read more)

It will be necessary to peruse through the Memorandum of Association/Trust deed to understand the nature & structure of the entity. (read more)

As per section 44AB(a) of the Income-tax Act, 1961. The criterion for tax audit is that the assessee should have a turnover, gross receipts or total sales exceeding Rs. 1 crore. Since, in this case the assessee’s turnover is Rs. 2.5 lakh, he need not get his books audited. (read more)

As per section 54/54F of the Income-tax Act, 1961 (Act), the amount of the capital gain which is not appropriated by the assessee towards the purchase of the new asset made within one year before the date on which the transfer of the original asset took place, or which is not utilised by him for… (read more)

: One has to study the scheme . As regards the Reliance Industries Ltd ( TM) 88 ITD 273 ( Mum) ( Trib) the matter is pending before Bombay High Court . Refer CIT v. Reliance Industries Ltd. (SC) Source : www.itatonline.org(CA NO 7769 of 2011 arising out of SLP (C) No 9860 of 2010… (read more)

The sale of land is neither supply of goods or services as per entry 5 in Schedule III to the GST Act. Therefore, if the sale is considered to be sale of land even after plotting, then it will be outside scope of GST and no tax will be attracted. However, there are certain Advance… (read more)

CPS system .We will not be able to answer . (read more)

.Please write to the Author for clarification (read more)

When the lease is in name of A, how B can directly pay royalty to Government is not clear. It appears that the royalty may have been paid in name of A. Therefore, the basic liability of RCM falls upon A. It appears that B has also not paid RCM. You can ascertain above fact… (read more)