The AIS filed by the Registrar will disclose the transaction of sale and purchase. If tax is not deducted or deposited in the treasury, the AO will initiate proceedings under Section 201, demand payment of TDS with interest (1.5% per month), and may impose penalties under Sections 271C, 271H, or 234E. There could also be… (read more)

Under Ind AS 32, netting off creditors with debtors for the same party through a journal entry is allowed provided there is a legally enforceable right to set off and an intent to settle on a net basis. For GST purposes, the full value of sales and purchases must be reported in GST returns, and… (read more)

No. The 3% additional interest under Section 244A(1A) can be awarded only when the refund arises due to an order passed in appeal or revision in the assessee's own case and for the same assessment year. It cannot be extended to other cases with similar facts via Section 158A(5). (read more)

If the professional has not opted for Section 44ADA, he can declare any income supported by proper books of account. Tax audit is not required if gross receipts are below the audit threshold (₹50 lakh/₹75 lakh). (read more)

The requirement of section 54F is that the purchase of the new flat must be within one year before or two years after the date of transfer. The fact that the agreement was made earlier is not relevant. If payment is made, and possession is obtained, within the prescribed period, the requirement is satisfied. In… (read more)

The question is not understood. (read more)

IDS immunity will not apply if the cost of acquisition was fictitious. The AO is empowered for taxing that. In CIT v. NRA Iron & Steel Pvt. Ltd. [2019] 412 ITR 161 (SC), the Supreme Court held that merely routing money through banking channels is not enough to establish the genuineness of a transaction. (read more)

There is no problem with claiming exemption u/s 54 for flat purchased in the name of the spouse and/or son provided the money has been paid from the sale proceeds of the assessee. There is a detailed reply on the topic given at Investment in the name of Son, exemption? (read more)

The executors are taxable in the same manner and to the same extent as the deceased. If the deceased was taxable at individual slab rates, the same would apply to executors. Some leading judgements on the subject are CWT v. Estate of Late HMM Vikramsinhji of Gondal (2014) 363 ITR 679 (SC) and CIT v.… (read more)

TDS credit has to be claimed in the same year in which the corresponding income is assessable. How it is recorded in the books is irrelevant. (read more)