If the person carrying the whole sale business of any product and, during the year of tax computation, if the same person invested the surplus money in share capital market where the transactions done in all format including cash segment, derivative segment and commodity segment on regular basis. So, how to treat the above transaction in books of account and how to make computation for the same.
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Company filed the Form-1 with declaration on 25-12-2020 without payment of tax on reduction of losses or depreciation as per Rule 9 (1) (ii) of the DTVSV Act, 2020 with option to carry forward the reduced amount of loss or unabsorbed depreciation as per the provisions of said Act. Company received a notice dated 30-03-2021 {practically after 3 months and that too on last date of VSV Scheme} from Ld. Income Tax Authorities mentioning therein the figures of “Unabsorbed Losses” and “Unabsorbed Depreciations” as computed by them with direction to the Company to revise the figures of Form-1 as per their…
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Relevant tax treaty provides for 6 months duration for construction PE. Foreign company has undertaken a supply and installation project in India. After executing contract a kick off meeting was held to discuss the specifications of equipment to be supplied and installed. Q1 - whether installation PE commences from the date of kick off meeting ? After supply of one lot of equipment the installation had to be stopped as remaining supplies got delayed due to unavoidable reasons like shortage of material etc. After supply of remaining materials the installation resumed. Q2 - whether interim period during which installation was…
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Whether a public charitable registered u/12A engaged in promotion of music by organizing online classes and conducting various programmers. It is not regd under FCRA. Whether it can receive money in foreign exchange from students abroad and also contribution for programmers from foreign rasikas to view the programmers online.
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THE WIFE EARNED LONG TERM CAPITAL GAIN ON SHARES. WHETHER SHE CAN PURCHASE HUSBAND HOUSE(EXCLUSIVE IN HIS NAME) TO AVIL THE BENEFITS OF ADJUSTMENT U/S 54F AGAINST LTCG.
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Dear Sir, Assessee is an Agriculturist and has only Agricultural Income apart from that he does not have any source of income, can AO levy tax on the said Agricultural Income u/s 68 of the Act, if the assessee fails to produce Agricultural sale bills. Agricultural Income which was shown in the return of income is not deposited into bank account nor he purchased any assets he again utilized for agricultural purpose only.
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An individual holding OCI CARD is desirous of setting up a Trust in India and be the managing trustee and the beneficiary till he is alive . He is desirous of transferring his immovable property in India and also his income from abroad to the trust. Will there be any levy of tax u/s 56 (2)(vii) as the recipient is a trust or there will be no tax as he is the transferor and also the beneficiary
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Whether these amendments are applicable retospectively or from AY 2022-23 (more…)
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Does subsequent registration of the documents have to adopt the higher value than the guideline value, for which the latest registration of the property executed?
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Myself (aged 58 years) is paying Mediclaim premium for my family (myself,wife and two daughters) and also paying Mediclaim for my parents (father aged 86 years and mother aged 81 years). I do claim the benefit under 80D for the premium paid for my family as well as parents. My father has an average yearly expenses of Rs 20000/ for Medicines on hypertension and my mother for some preventive medicines (recently had breast cancer surgery done). Can my father (who is a taxpayer with income marginally higher than Rs 5 Lakhs) claim deduction under 80D for the medical expenses ?…
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Whether the investment in share capital market and transactions on regular basis , whether assessable as business income or capital gains?