sir, just before the sale of the land used for the agricultural activity has been converted as non-agricultural land and the proceeds have been received by one single person on behalf of the number of members in the family which he again returned to the members of the family to facilitate the easy transaction. Whether this can be treated as agricultural income in the hands of individual members? or it has to be treated as capital gains, if so long or short. In case if the investment is made to claim the exemption, can it be allowed? The members became…
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We are not getting a correct citation of decision CCIT v Vijay Maheshwari HUF, a case on issue of 'TURNOVER' for S.44AB of I T Act. Everywhere it is mentioned as 228 ITR 157 SC (Statute). But it is not available. Can ITATONLINE help. Other references are 515/BOM/1991 & ITA /924/1995 decided on 27/03/1996. SLP is dismissed on 13/10/1997 by SC. SLP No. is Civil/20074/1997. We have tried on HC and SC websites also. If possible mail copy of decisions.
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Notice u/s 148 for ay 15-16 received 0n 25/03/2021. Who will be approving authority u/s 151 i.e. JCIT or CIT, considering the extension granted time to time due to Covid Pandemics.
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A person who is an Indian but holds a Singapore citizenship. He has been living in India, for more than 2 years. He still holds NRE account and claims that the interest is exempt from tax. Bank is allowing him to continue to hold the NRE account and is not deducting TDS because he is a foreign citizen. Is the legal position correct?
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A piece of residential plot is in Wife's name , who has no source of income since she is a Home maker. So wife is the owner of the plot. House Building Loan taken by Husband, who is a salaried person, with wife's residential plot as a collateral security and constructed house on the wife's residential plot. Monthly House Building Loan EMI ( Principal and Interest) amount paying by the Husband out of his salary amount. The lender Banker has granted House Building Loan in the name of Wife and Husband (jointly ). The query is: Can the husband claim…
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A company is earning capital gains from sale of shares attracting STT as well as capital gains from other shares/units of MFs without STT. Can the company adjust only the losses from the STT paid shares against the profit of non-STT paid shares without adjusting it against the profits from STT paid shares? Can the Income-tax department raise objection and adjust STT paid losses first against the profits from STT paid shares and only the remaining loss is allowed to be adjusted against profit from non-STT paid shares?
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We have received the Form 3 from designated authority regarding the payment of tax. In Form 4 we have to submit the details of tax paid along with the proof of withdrawal of relevant appeal. What is the procedure to pay the this tax. Whether it has to be paid through income tax portal or we can pay it offline through challan. Kindly guide me on the procedure to make the payment of tax after receiving Form 3
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where can i get email id of Deparmental representative - Mr Sanjay sethi.
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How & to whom an application for directions of the JCIT or the Addl CIT is to be submitted for directions u/s 144A, in the Faceless Assessment Scheme?
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A query was answered by Adv.Advocate Aditya Ajgonkar The Ld. advocate stated that the last date for issue notice u/s 148 was extended to 30.06.2021 but section 148A is also effective from 01.04.2021. My query is that section 148 has been extended as if Finance Act 2021 was not passed hence extended upto 31.03.2022. Similarly, application of section 148A is also deferred till 31.03.2020. Can you pl confirm & provide notification Nos>
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Sale of land used for agricultural by members and investment – Exemption of capital gains .