Answers On Category: Income-Tax
Assessee is promoter and Builder. During the course of carrying of business, assessee accepted one time deposit from flat purchaser for future maintainance of the building. AO is the opinion that it is taxable in the year of receipt , where as assessee is saying that it is not taxable in his hands as assessee is only custodian and after deduction of expenses incurred for maintenance, will be handover the balance to society . Whether assessee's stand is correct ? Or AO is correct ? Pl guide .
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Mr. X is a senior Citizen. Due to BRAIN STROKE her right side is totally paralysed . She can not sit with out help. Sir , Under which section she can get deductios and what papers/documents are required.
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If i have a capital gain from equity mutual fund of rs. 400000 after deducting rs. 100000, my gain tax will be 40000 rs. If it is to be set off against long term capital loss, i have to saw loss of only 40000 or 400000 rs?
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I am holding rural agricultural land since before 2001. Now I have converted such land as NA land in December 2022 and sold it in March-2023. In which amount I have to pay tax ? If I am allowed indexed cost then My question was which value I should consider for 2001 ? Agriculture land value or NA land Value ? Circle Value of land as on 01-04-2021 is 200 Rs for Agricultural land and Rs. 1000 for Non Agricultural Land. Circle rate of NA Land as on Dec-2022 is 3550 and I have sold it at Rs. 3700 in…
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In case the overseas company issues stock options to the employees of the subsidiary and there is no recharge arrangement. Is the Indian company still liable to include the ESOP costs in the cost base (for cost plus method or TNMM with net margin based on cost) in case it renders services to its other AE
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A Search and Seizure action was carried out on the residence of Mr. X and his Group Company premises. In pursuance of the said search, the Dept has issued notices u/s 148 for A.Y. 2013-14 onwards to various entities. In light of the same, Certain Notices are issued in the name of Y and Co Private Limited' which had merged with Z and Co Limited; Writ Petitions against the same are filed in light of Maruti Sukuzi (SC) and Alok Knit Exports Pvt Ltd (Bom HC). M/s. T Private Limited is also been issued with a similar notice which is…
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As per section 199 read with sub-rule (3) of rule 37BA, credit for tax deducted at source and paid is given for the assessment year for which such income is assessable. Accordingly, TDS needs to be claimed in the ITR based on income offered to tax in a financial year irrespective of the fact credit is appearing in future years in Form 26AS. The query is how TDS credit will be given if the same is not appearing in 26AS, for example the income was offered in FY 22-23 but the TDS credit is appearing in 26AS for FY 23-24. …
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limit of 50 L whether it is qua property or payer ?
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Taxability of One time maintainace deposit collected by Developer