Answers On Category: Income-Tax
  purchase of a property —dues of seller
How can a buyer ascertain whether a seller is having tax dues  ? what is the liability of a buyer who has bought property  from a seller having tax dues ?


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  indexation****** surrender of tenanted property
can a tenant adopt value as on 1-4 -2001 for indexation while surrendering rights ?


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  Section 270A
Can AO invoke provision of section 270A just because tax at higher rate is applied by him u/s 115BBE and no addition to income is made on income declared is offered at normal rate ?


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  Section 115BBE
Does provision of section 115BBE apply to income declared during survey for current year only?


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  status of Indian stranded abroad due to travel restrictions
Mr A  [resident of India ]went to USA on 11/12/19 and due to covid19, returned to INDIA only on 10/8/21. what  is status under ITAX for both asst years ? BS


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  Reassessment proceedings U/SEc.148
Assessee is a charitable trust running a primary school. Assessee trust do not have registration U/sec.12 AA. His consultant has filed the Return of Income by mentioning incorrect number of registration U/sec. 12AA of the Act. Also filed application for registration.  His application was rejected by the CIT on the ground of various defects in the financial statement submitted along with ROI and incorrect mentioning of Registration number. Notice u/sec.147 was issued . In response to said notice the assessee trust has filed the Return of Income where in all the errors in earlier Return filed were corrected and since…


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  Reassessment u/sec. 147
Assessee firm Made a declaration under IDS 2016 disclosing regular income for AY 2016-17. However, could not make payment 3rd installment.  On the basis of invalid declaration of IDS , 147 notice for AY 2016-17 was issued and assessment was  completed by considering the income declared under IDS -2016. Assessee filed an appeal against the said order and since appeal was pending , opted for VSVS and complied with all conditions and also received form 5. Again notice u/sec 147 is issued on 31.03.2020 for AY 2017-18 on the ground of invalid IDS declaration. Whether action of AO is justified…


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  why no recent judgements are uploaded after april 2021
why no recent judgements are uploaded after april 2021


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  Can we pay TDS on entire amount even though payment will be made in installaments?
Yesterday, we purchased one residential flat for total consideration of 7912440 Rs. the builder has asked us to pay 79124 rs via TDS. Since there are 3 buyers (3 fund contributing buyers) and one seller, three FORM 26QB has to fill. After selecting "YES" in the section, are there any multiple buyers involved, in what to do next? Question 1 - What is required to fill the section of "Total Value of Consideration (Property Value)*" is it 7912440 or 7912440/3 = 26374Rs (see image 1) What is required to fill in a section of the amount paid/credited? (see image 2)…


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  Reassessment proceedings U/sec. 148 on the basis of rejection of IDS declaration
Assessee firm has filed a declaration under IDS where in they have disclosed for AY 2015-16: Rs. 9,82,24,010/- as Business Income and For AY 2016-17: Rs. 1,15,04,953/- as Business Income. In the said declaration the assessee firm claimed the credit for the Advance Tax ,self assessment tax paid prior to date of IDS 2016  and TDS for both the assessment year However CIT has denied the credit for the said payment on the ground that it is not permissible to give credit of advance tax and self assessment tax  in IDS. On the basis of this information the AO issued…


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