Answers On Category: Income-Tax
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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Sir I retired in july 2021 and claimed full exemption on leave encashment but now ito has allowed only 3 lac. what can be done.
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During search at third party , certain documents were seized . These document revealed transactions of acceptance of cash loans etc. As these entries are beyond 5 years relevant to assessment year for which reopening can be done, AO instead of reopening ( as AYs are time barred) ,directly issues notices of penalty u/s 271D . Where this is valid notice ?
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The assessee filed application for seeking rectification on the order passed by the AO, rejected for the reason return not filed. Can it be appealed before the CIT...
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I am a bank employee retired on 31/10/2020 . I got leave encashment for rs 850000/- but beyond 3 lakhs tax has been deducted. Now my query whether I am eligible for exemption for full amount. If so any judgment copy is there. Thanks
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I RETIRED ON JULY 2015 AND RECEIVED LEAVE ENCASHMENT OF RS 638000/- PLUS AND GOT EXEMPTION OF TAX ON RS 300000/- AND PAID TAX ON BALANCE. AS PER CBDT NOTIFICATION THE LIMIT ENHANCED TO RS. 25 LAC HENCE NEEDS TO BE REVISED AND REFUND. PLEASE LET ME KNOW WHETHER I AM ELIGIBLE TO CLAIM IF NOT PLEASE PROVIDE THE DOCUMENTARY REASONS. AS MANY OF THE ITAT CASES DECIDED IN FAVOUR OF THE PENSIONERS. REGARDS GULSHAN ARORA CONTACT 9811922049 MAIL gularora123@gmail.com
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The addition made in the assessment order arises solely due to a difference of opinion regarding the applicability of Section 44AD vis-à-vis Section 44ADA The Assessing Officer proposing notice for initiation of penalty proceedings under Section 270A Any case laws referring Sec 270A sec 44ADA Sec 44AD
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1] how many generations can it cover ? 2] will 56[2] x affect family arrangements since cousins are not falling under defn of relatives 3] will it attract stamp duty
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Applicability of Section 79A on set-off of losses