Answers On Category: Income-Tax
ITR 6 ALONG WITH AUDIT REPORT U/S 44AB IS FILED FOR STARTUP ENGAGED IN MANUFACTURING ACTIVITY. 80IAC WAS CLAIMED AND TOTAL INCOME WAS OFFERED AT NIL AND MAT WAS PAID. CPC SENT DEFECT NOTICE SAYING FILING OF FORM 10CCB IS MANDATORY FOR CLAIMING 80IAC DEDUCTION. ON THE PORTAL THERE IS NO SUCH FORM 10CCB AVAILABLE.
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Whether SLP filed against the judgement in Karan Maheshwari v. ACIT (2024)465 ITR 232 (Bom)(HC)
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1.As per RBI guidelines and internal circulars, various branches of a cooperative bank deposit cash received from customers into nationalised banks. Since the volume is large , supporting documents were not filed. Whether the same can be taxed under section 69A 2. Similarly, liabilities of a bank comprise mainly deposits by customers of various nature, savings bank, current accounts, term deposits etc. Again, due to large volume,supportings could not be filed but explanation was provided. Whether the difference between the opening balance and the closing balance of liabilities can be considered unexplained under section 69A on the assumption that all…
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assessee had filed return for AY 23-24 and forget to carried forward the TDS of Rs. 500000/- therefore it was lapsed. during next return assessee claimed that non carried forward TDS but CPC had rejected that TDS amount due to non availability of TDS in 26AS now the assessee had filed rectification again CPC intimation order and proceedings is not yet initiated in this case can assessee file appeal against intimation order before CIT or wait till order passed in rectification or should file appeal before CIT
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I had received my retirement L.Encashment in May 2022 and a tax deduction was made after a basic exemption of Rs.3 lakh. I came to know that the limit of Rs. 25 lakh is applicable to my case also. I worked in PSU . How should I proceed to get back the excess tax deducted earlier. Do I need to apply for condonation or a simple revised return to be uploaded.
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Whether valuer of jewellery can opt for 44AD taxation?
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Search and survey operations were carried out u/s 132 of the Income-tax Act on M/s. ABC Ltd. ABC had purchased some goods from XYZ Ltd., which were considered a bogus purchase. XYZ Ltd. bought the goods from M/s. LMN Ltd. LMN Ltd. purchased the goods from my assessee. The income-tax case of my assessee was assessed u/s 153C, and an addition of 10% of the purchases was made. However, the Assessing Officer did not allow the set-off of the brought forward losses by applying section 79A. Q1. Whether the AO is justified in making an addition @ 10%, when my…
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In some places it is written that tax on selling non-equity ETF means commodity ETF like gold and silver will be according to the tax slab for short term capital gain (STCG). My question is if a person comes under zero% tax bracket will he/she be exempted from tax paying on its short-term capital gain or not? Please also confirm that is my knowledge regarding taxation as per slab rate for short term capital gain (STCG) and 12.5% for long term capital gain (LTCG) is correct, or not?
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TAX EXEMPTION CLAIMED IN 80IAC FOR STARTUP- IS FORM 10CCB FILING COMPULSORY