Answers to queries on legal issues
SECTION 56(2)(X) OF INCOME TAX ACT | |
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Subject: | SECTION 56(2)(X) OF INCOME TAX ACT |
Category: | Income-Tax |
Asked by: | SUNIL KUMAR JHA |
Answered by: | Law Intern |
Tags: | charitable trust, registration |
Date: | March 19, 2025 |
Excerpt of answer: |
If a trust is not registered under Section 12A at the time of receiving donations, its income (including donations) is not exempt under Sections 11 and 12. Such income could be taxed as income from other sources under Section 56. Though the trust spent ₹7,13,960 (98.5% of ₹7,24,600) on charitable purposes, leaving ₹10,640 unspent, the… (read more)
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GIFT transactions f.y.24-25 | |
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Subject: | GIFT transactions f.y.24-25 |
Category: | Income-Tax |
Asked by: | kollipara sundaraiah |
Answered by: | Law Intern |
Tags: | Gift, section 56(2)(x), Unexplained cash credit |
Date: | March 19, 2025 |
Excerpt of answer: |
The Rs. 1 crore cash gift to the grandson is exempt from tax in the hands of the grandson under Section 56(2)(x), as it is received from a relative (grandparent). As regards Section 68, the assessee will have to provide documentary evidence to prove the source of the balance Rs 50 Lakh to avoid it… (read more)
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Benefits of regular or composition scheme | |
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Subject: | Benefits of regular or composition scheme |
Category: | GST |
Asked by: | Kollipara sundaraiah |
Answered by: | Law Intern |
Tags: | GST COMPOSITION SCHEME |
Date: | March 19, 2025 |
Excerpt of answer: |
As regards the consultation income of Rs. 50 lakhs, healthcare services, including consultation by a doctor, are exempt from GST under Notification No. 9/2017-Integrated Tax (Rate), dated 28.06.2017. However, this exempt income is still included in the aggregate turnover calculation. As regards the medicine sales of Rs. 80 lakhs, the sale of medicines by a… (read more)
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2nd hand sales goods | |
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Subject: | 2nd hand sales goods |
Category: | GST |
Asked by: | kollipara sundaraiah |
Answered by: | Law Intern |
Tags: | GST Registration, GST turnover |
Date: | March 18, 2025 |
Excerpt of answer: |
You are liable for GST registration because your aggregate turnover (Rs. 48 lakh) exceeds the threshold of Rs. 40 lakh, even though the taxable value under Rule 32(5) is only Rs. 8 lakh. Rule 32(5) reduces the taxable value to the margin (Rs. 8 lakh) for GST payment, but it does not redefine "aggregate turnover"… (read more)
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gst registration question | |
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Subject: | gst registration question |
Category: | Income-Tax |
Asked by: | kollipara sundaraiah |
Answered by: | Law Intern |
Tags: | GST Registration |
Date: | March 18, 2025 |
Excerpt of answer: |
The doctor is not liable for GST on the consultation fee as it’s healthcare service & exempt. The intermediary is liable to charge and pay GST on its commission. If the annual turnover exceeds Rs. 20 lakh or involves inter-state supplies, the intermediary will have to apply for GST registration. (read more)
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gst registration limit | |
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Subject: | gst registration limit |
Category: | GST |
Asked by: | kollipara sundaraiah |
Answered by: | Law Intern |
Tags: | GST Registration |
Date: | March 18, 2025 |
Excerpt of answer: |
1. GST registration is not applicable because the aggregate turnover does not exceed Rs. 40 lakh, and the rental income alone (Rs. 24,000) is below the Rs. 20 lakh threshold for services. 2. ST registration is not applicable. The trader deals exclusively in exempt goods, and the taxable rental income (Rs. 24,000) is below the… (read more)
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tax audit applicable | |
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Subject: | tax audit applicable |
Category: | Income-Tax |
Asked by: | kollipara sundaraiah |
Answered by: | Law Intern |
Tags: | Presumptive taxation, Tax Audit |
Date: | March 18, 2025 |
Excerpt of answer: |
Under Section 44AD(4), if a taxpayer opts for presumptive taxation in any of the previous five years and then opts out in a subsequent year (by filing ITR-3 with books of accounts), a tax audit is required if: The income exceeds the basic exemption limit (Rs. 3 lakh for FY 24-25 under the new tax… (read more)
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Additional Evidence in Income Tax Appeal before CIT (A) | |
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Subject: | Additional Evidence in Income Tax Appeal before CIT (A) |
Category: | Income-Tax |
Asked by: | CA. Ankit Tantia |
Answered by: | Law Intern |
Tags: | Additional Evidence |
Date: | March 17, 2025 |
Excerpt of answer: |
Yes, the evidence attached with Form 35 will be treated as additional evidence since it was not submitted during the assessment. Yes, an application under Rule 46A is required for the CIT(A) to consider this additional evidence. The assessee should substantiate why they could not participate earlier and why the evidence should now be admitted.… (read more)
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Publication of article | |
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Subject: | Publication of article |
Category: | Income-Tax |
Asked by: | Disha deopura |
Answered by: | Law Intern |
Tags: | Article |
Date: | March 8, 2025 |
Excerpt of answer: |
Madam, The article has been published in our articles section at this link https://itatonline.org/digest/articles/transactional-net-margin-method-bridging-theory-and-practice-in-transfer-pricing/ It has also been pushed to our Twitter and telegram channel. With best regards, Editor (read more)
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how to check procedure in itr filed returns purposes of purchases of new land | |
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Subject: | how to check procedure in itr filed returns purposes of purchases of new land |
Category: | Income-Tax |
Asked by: | kollipara sundaraiah |
Answered by: | Law Intern |
Tags: | ITR, undisclosed income |
Date: | March 4, 2025 |
Excerpt of answer: |
The ITR itself does not have a specific "check procedure" to confirm sufficient money for a land purchase. Instead, it’s a tool to declare income and assets, which the tax authorities use to cross-verify financial capacity during scrutiny. To avoid issues, the assessee should ensure their declared income, savings, or exempt sources (like loans or… (read more)
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