Assessee is promoter and builder and offering the income from business and profession by following percentage completion method , However while filling the Return of Income for A. Y. 2023-24 has claimed the entire TDS made by the flat purchasers against the income offered. CPC U/SEc. 143(1)(a) has disallowed such claim and allowed the proportionate TDS as per the Income offered in the return and raised the demand by adding interest U/SEc. 234B of the Act 1. Whether this action of the CPC is justified under the Act and 2. any other remedy which assessee can exercise in support of…
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Assessee is an individual and has some financial transaction with the director of the company in which search action U/Sec. 132 was conducted . In the search a hard disk was found where the noting about the financial transactions were made for the F.Y 2018-19 . Some entries on the name of the assessee were also found. on the noting name of the firm in which assessee is partner is mentioned. Assessee has denied any transaction in cash with the company and also asked the documents and statement of persons on the basis of which the AO has drawn the…
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My late mother and I had signed purchase agreement for flat in MUMBAI in mid 90's . She and late father both passed away in 2000s. The share certificate clearly shows my 50 % ownership on it. Step mother is now isolating me and fraudulently attempting to transfer name based on an altered probated will and has been collecting rental income since 4 years on this flat because I am residing overseas on work and was not present during the will probate. Society committee has been issued legal notice by my lawyer to not permit any name transfer of my…
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Sir, Please explain in what situations the PAN will be transferred to Central Circle. Also, pl clarify if PAN will be transferred in cases, where investigation wing receives information from the third party about income which has escaped assessment and he directs the assessing officer for issue of 148? Will it be done by jurisdictional AO, Central circle or Faceless unit?
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Assessee is company engaged in business of manufacturing of poultry Equipments. Inflated expenses in the regular books of account. The amount paid to person are assessed to Tax and also paid the tax on the income in their hands. During the search it is found that these expenses are inflated and the cash generated out of such expenses are used for procuring the businesss. Assessee is submitted that inflated expenses in books be tax as non genuine expenses u/sec. 37 and difference between cash generated and use for paying securing business be added also not under sec. 69C as it…
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An assesse bought a rural agricultural land and sold it immediately. Will it attract any tax Or it is exempt for capital gain purposes.
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Is transfer of rights (leasehold rights ) in agricultual land,- not being transfer of agricultural land as such, - chargable to income-tax or to GST ?
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My father in law stayed in tenanted property since 1958 in Vile Parle Mumbai. Flat size was 232 sq ft. Developer built 300 sq ft as per regulation and further 121 sq ft. 232 was free and we were to pay for additional 189 sq ft. PAA was registered in Aug21. Completion certificate Feb23. We want to sale in Jan24. Will it get classified as STCG or LTCG. Can date of signing the PAA be taken as date of acquisition and stamp duty value on that date as cost of acquisition. Completing 24 months from PAA registration date. Thanks
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The Finance Act (No. 2) 2019 inserted S. 80EEA to allow deduction of interest on loan taken for acquiring a residential house property. Section inter alia requires that the stamp duty value does not exceed Rs. 45 lakhs. Whether a person would be entitled to claim S. 80EEA benefit if he has acquired the residential house for Rs. 50 lakhs, if the Ready Reckoner value of the flat Rs. 42 lakhs?
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ABC Private Limited has annual turnover of more than Rs. 60 Lakhs in last 3 preceding financial years and wants to convert into LLP. The assets and liabilities of the company will be recorded at book value in the books of LLP. The Board of Directors (BOD) of ABC Private Limited seek following clarifications: (a) Examine the tax implications in the hands of the company. (b) Applicability of section 50C and Section 50CA if assets of ABC Private Limited includes immovable property and securities held as capital asset, (c) Whether there will be any tax implication in the hands of…
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Credit of TDS