Mr. A (died on 1 June 2021). His tax return is pending to be filed for FY 20-21. For FY 20-21, as Mr. A was alive throughout the year, all his income would be taxable in his hands. Accordingly, will have to get a legal heir registered on the income tax portal and proceed to file his return for FY 20-21. For FY 21-22, he has income earned for 2 months until 31 May 2021. Thereafter, income received would be reported in the hands of legal heir. Thus, 2 returns would be required to be filed, (a) one for 2…
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Respected members, we have received FORM 3 by designated authority in Dec 2020. Out of 5 AY's , their is refund n 4 AY's. We have not filed FORM 4 till date. Please guide us whether we can file FORM 4 now and also how to apply for refund claim.
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IF AN ASSESSEE INDIVIDUAL SELLS HIS RESIDENTIAL SITE IN INDIA AND GIFTS THE SALE PROCEEDS TO HIS DAUGHTER (NRI) FOR THE PURCHASE OF A RESIDENTIAL HOUSE OUTSIDE INDIA, CAN THIS BE ELIGIBLE TO CLAIM EXEMPTION?
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WHAT WILL BE THE WITHHOLDING / TDS RATE ON FEES FOR TECHNICAL SERVICE PAID TO NRI (RESIDENT OF USA). PLEASE NOTE, TRC OF THE NRI IS NOT AVAILABLE. CAN BENEFIT OF DTAA BE CLAIMED. WHAT IS THE TAX RATE AS PER INDIAN INCOME TAX ACT AND DTAA OF USA ON FTS. AS PER MY UNDERSTANDING IF THE RECEIVER DOES NOT HAVE PAN - THEN TDS AT HIGHER RATE OF 20% IS TO BE DEDUCTED. WILL THIS PROVISON BE APPLICABLE HERE?
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Dear Shashi ji, Could you pl advise us the last date for issuance of notice under 143(2) for FY 2018-19 not for FY 2019-20 Kind regards Sameerjain
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Dear sir, Which is the last date to issuing scrutiny notice for AY 2019-20 ? Kind regards, Sameer jain
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Due to the introduction of TDS on dividend payments, the company has deducted TDS u/s 195 for the dividend payments to non-residents. Should the company also file Form 15CB for those cases? Also, please clarify what is the applicability of Form 15CB if the transfer is made to the Indian bank account of the non-resident?
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Is gift by maternal grandmother to the grandson covered under the definition of relative for the purposes of section 56(2)(x)?
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During the assessment proceeding U/s 153C whether the A.O can make enquiries relating to the issues other than issues covered by the reason recorded for issuance of notice u/s 153C of Income Tax Act. During the course of assessment proceeding U/s 153C whether the A.O should confine the finding only to the extent of the reasons recorded for issuance of a notice U/s 153C or can he go beyond the reasons recorded. Thank you
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A transporter having more than 100 Cr of Turnover purchases Diesel from Indian Oil Corporation Ltd.It makes advance payments to the Co and in return receives Petro Cards of the same amount.The no. of Petro Cards and value charged to each card is as per the requirement of the transporter. The driver of the individual truck is buying diesel from any dealer of the IOC located on his allotted route by swiping the Petro Card on the POS machine kept at the pump.The pump owner hands over a machine generated slip of the quantity of diesel filled and amount thereof.…
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Detailed procedure for filing a tax return in the case of a deceased individual