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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Sir, my query is was the following judgement of Rajasthan High Court challenged by CIT in Supreme Court ? thanking you Siddharth CIT v. Shree Shyam Mandir Committee. (2018) 400 ITR 466 (Raj) (HC) S. 12A : Registration –Trust or institution- Appeal before CIT(A) is continuation of original assessment proceedings —.Proviso to S.12A(2) is declaratory and will have and has retrospective effect [ S. 11]
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URBAN COOP BANKS SOME TIMES ACQUIRE THE ASSETS (LAND/BUILDING) MORTGAGED TO THEM BY THE BORROWERS IN SATISFACTION OF THE LOAN OUTSTANDING. AFTER FOLLOWING DUE PROCESS OF PROCEDURE UNDER THE MAHARASHTRA COOP SOCIETIES ACT,1961 UNDER RULE 107, THE MORTGAGED ASSET IS TRANSFERRED IN THE BANKS NAME AT A VALUE AS PER THE VALUATION OF APPROVED BY THE REGISTRAR OF COOP SOCIETIES ,MAHARASHTRA STATE. IN THE PROCESS THE PROPERTY STANDS IN THE NAME OF THE BANK AND IS SHOWN AS NON-BANKING ASSET.RESERVE BANK ALSO ALLOWS SUCH NON-BANKING ASSET ON THE CONDITION THAT IT SHOULD BE DISPOSED WITH IN 7 YRS. TO GIVE…
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An LLP is proposed to be converted into a Pvt. Ltd. company. The said conversion is exempt u/s 47(xiii) in the hands of the firm. However no separate exemption is provided u/s 56(2)(x). Therefore, despite the economic interest of the shareholder (being the erstwhile partner) remains same in the Pvt. Ltd. Co. vis-a-vis LLP, would the shareholder be taxed u/s 56(2)(x). The Fair Value of equity shares received by the shareholder (as derived u/r 11UA less balance in the partner's capital account could be bought to tax u/s 56(2)(x). Further, the new Company is merged with another company whereby the…
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Status of HUF after karta expires. If there was only one coparsner, wife. What happens to S.O.D. limit taken in name of business firm where HUF wS proprietor.
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We have submitted all documents for deduction as application including the bank statement. The Fixed deposits made during 15-31st March shown as FDs in Balance sheet in respect of contributions received during 2nd week of March and claimed by filing necessary application for accumulation, the Officer misconstrued it as an application and treated the contribution as incoome and assessed the same. The rectification Petition filed before Juridictional AO failed to appreciate the fact and simply rejected saying that the E-asst. officer has already considered. What to do now ? Of course we have already filed an appeal aleady.
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Whether Agricultural income can be assessed as cash credits ?