if a body corporate purchase a land and pay some consideration in monetary term and balance in kind in form of floor in the constructed building so how can we determine the value of sale consideration for TDS applicability under section 194IA ? please give the case reference also
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A professional having receipts less than 75 lakhs (AY 2024-25 onwards) can avail of section 44ADA of the Income-tax Act, 1961 whereby the assessee has to offer only 50 per cent of the receipts as income under the head PGBP.
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We have converted the rural agricultural land into non agricultural land in 2020 for the purpose of sale. I have received cash advance 300000 from the purchaser of land in the year of 2018( before convertion of agriculture land into NA land). Whether section 269ss or any other sections for penalty is applicable for cash advance of 300000. I'm in opinion that, advance cash received before conversion will be treated as advance against agricultural land which is not a capital asset. If I would have received advance cash after conversion of land, section 269ss or other sections for penalty will…
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Respected team, A charitable trust falling under general public utility, originally regd u/s 12A and now granted permanent registration u/s 12AB carried out commercial actitivity in the nature of business during F.Y. 2022-23 . however, it has not maintained seperate books of accounts for business activity. while computing tax liability, business activity and charitable activity to be computed seperately, if so, what is the tax rate for both activity ? whether Tax audit report in form 10BB (as total income exceeds Rs. 5 cr) and also form 3cb,3cd is to be filed ?
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A self employed person makes contribution to National Pension Scheme and wish to opt for new tax regime. whether deduction of contribution made to NPS will be available to him?
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KINDLY GIVE INFORMATION ABOUT ITAT APPEAL FEES IN CASE OF APPEAL WHERE AO HAS DONE ASSESSMENT WITH LOSS
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Assessing Officer has made addition u/s 68 to the tune of Rs. 20 Lakhs under the head Income from Other sources to be taxed u/s 115BBE @60%. Assessee has PGBP Income to the tune of Rs. 2,30,989/-. Assessee has MAT Credit Available to the tune of Rs. 10,13,277/- and Total prepaid taxes paid to the tune of Rs. 11,76,212/-. Now while making the computation Sheet of Assessment Order, AO give the credit of Rs. 68997/- only and did not give the credit of Excess MAT Credit available to the tune of Rs. 944280/-. Rectification has been filed and no order…
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1. What will happen to cases below Rs 50 lacs beyond 3 years ? 2. What will happen to cases where approvals were granted but notices u/s 148A were neven issued ? 3. What will happen to cases which are now time barred ?
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Assessee is partnership firm having 3 partners. One of them has expressed his desired to retire from the firm due to diffrence of opinion about way of conducting the business. The retiring Partner is having debit balance of Rs. 6530000.00 to his account as on the date of retirement i.e. 31.08.2023. All of them agreed that the retiring partner will retire from the firm with immediate effect and he need not to pay any thing to the firm . Issues : how his debit balance is to be written of in the Books of accounts what are tax implication of…
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Amount received on sale of shares received as ESOPS will be taxed as capital gain or any other head? If Capital Gain then what exemptions/deduction are available under sub sections of 54. Except 54F. Important points (1) Shares are of unlisted company (2) More than 24 months old (3) No amount paid during exercise of option.
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Determination of Sale consideration