Answers On Category: Income-Tax
If a person filing ITR under presumtive taxation receives goods & services from registered entity under MSME Act and defaults in making the payment u/s 43B of I.T. Act, 1961 whether legally consequences of default in payment as per Sec 43B will be applicable? Since sections of presumtive taxation starts with "Notwithstanding anything to contrary contained in Sections 28 to 43C..." Section 43B starts with "Not withstanding anything contained in any other provision of this Acr..." My point is provisions of Section 44 comes subsequently to 43B but non obstantive clause in Sec. 43B appears to have wider coverage so…
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Respected sir Myself Ankalkote Siddheshwar tax consultant from latur Maharashtra wants to convey you where Got immunity form ? Wants to request you kindly provide immunity form format
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THERE ARE 3 ASPECTS IN A CASE WHICH NEED CLARIFICATION - CAN AO ISSUE NOTICE U/S. 143(2) AND NOT ATTACH THE REASONS FOR REOPENING EVEN THOUGH IT IS MENTIONED IN THE NOTICE. AND AS AN AFTER THOUGHT SEND A NOTICE U/S. 142(1) WITH THE REASONS. CAN THAT MAKE THE NOTICE U/S. 143(2) INVALID AND WITHOUT APPLICATION OF MIND. SHOW CAUSE SENT ON SATURDAY NIGHT AT 9PM WITH A DUE DATE ON SUNDAY AND SUBMISSION BUTTON DISENGAGED ON MONDAY AND FINAL ASSESSMENT ORDER PASSED BY AFTERNOON OF MONDAY..... WONT THIS QUALIFY AS BEING AGAINST PRINCIPLES OF NATURAL JUSTICE.
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Assessee has made cash deposit in his saving bank account stating that cash was generated through business run by one of the family member. As the cash handling charges in the current account of business is too high and to avoid such charges, assessee is depositing cash generated from business entity into his saving bank account. Assessee has also submitted that the funds were transferred to current account of the business entity within a span of 1 or 2 days. AO has made addition U/sec. 68 on the ground that the amount is unexplained cash credit and to be added…
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Order for A.Year 2004-05 was passed u/s 143(3) & deman created which was partially paid as we were in appeal,after CIT Appeals,Tribunal & High Court we got favourable order in our favour in 2012 & after writing & visiting department order u/s 262(3)/143 was passed on 2.7.2018 but refund was received on 27.10.2020 & later on received refund against interest on 18.8.2022 & after rectifications u/s 154 received refunds again on21.11.2023 I am asking interest u/s 244(1A) but department has paid interest @6% that too upto 2.7.2018 date of order passed u/s 262(3)/143,want clarification on same.
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Let me know TDS Liability in case of Import Freight paid to foreign shipping company
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whether exemption under section 10(23C)(iiiad) can claim against notice of section 148 for AY 2016-2017
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Dear sir, I have filed an objection before the DRP and there was a delay of 11 days and on which sole ground the DRP rejected the objection filed by me. Meanwhile, the AO has confirmed the draft Assessment Order. Now where appeal lies I mean before the CIT or the ITAT. Thanks.
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A partnership firm (firm) was incorporated on 20-02-2014 with four partners each contributed Rs.3375000/- and having 25% share in profit / losses. The nature of business of firm is to develop real estate and deal in sites. The firm purchased a plot of land for Rs.13200000/- on 12-05-2014. No business had commenced however some development on plot was done till 2024. There was no further sale or purchase of land. Between 2014 & 2022 two partners retired and one new partner was inducted in the firm. The retiring partners were paid only their capital contribution of Rs.3375000/-. This amount was…
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I have a charitable trust registered under 12AA Can I utilise my fund to provide food to orphanage
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New provision u/s 43(B) regarding payment to spplier of Goods & Servies regstered under MSME Act, 2006