Answers On Category: Income-Tax
Search u/s 132 in progress for 20 plus days. In between, can Authorised officer record a statement of the searched person u/sec. 131 to investigate about seized material? Can these statements be used for third party legally?
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Father A and Son B were searched u/132 at residence. Diaries written by father seized, owned up by him. Certain notes on cash loans were written in the name of Son B in that dairy. B not aware. Assessment under which Sec. to be carried ? 153 A or 153C?
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I am an NRI. I have suffered a LTCLoss from the sale of Listed shares of Indian Companies , Under the Capital Gain item No. 6 - 7 - 8 & 9 are for NRI. Under which item should I report the above mentioned loss
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Hi, We are a Private Limited Company & need to make dividend payment to to just become NRI shareholder in INR. As per your opinion Form-15CB& 15CA is applicable for the dividend payment transaction. As the Form-15CA-CB requires the currencies to be mentioned in INR as well as Forex. In such case how to mention the forex amount as the payment is in INR. Hope for the earliest reply in the matter. Best regards,
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Buy rural agriculture land and within 24 months without any agricultural activities on such land by aseessee sold after development in plot. Is it treated as capital asset and liable to capital gain.
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Amount given by all family members for investment in the Residential House property- Property will be used by all family members. So the amount taken can be shown as interest free loan. If transaction is between spouse or daughter in law whether clubbing will attract. If yes please provide some circular or any case laws
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My client want to shift from cash basis to Mercantile basis of accounting, but some services rendered in Mar last week and bill prepared in April. How to give effect of the bills in financials.
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Procedure for informing Income tax authority about death of an assessee. How to surrender PAN after death of a person.
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Form 26QB correction return to be submitted. I have a query regarding tax payment. Additional tax along with Interest, is payable. Please provide me process for the payment of tax and incorporate in correction return.
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My client has purchased a property of Rs. 51,00,000 in December 2023. He deducted tax of Rs.51,000. On making TDS challan payment he found that the seller's PAN is inoperative. He was requesting the seller to get his PAN Operative. Seller's PAN was made operative in July 2025. My client has paid TDS on property of Rs.51,000 (1%) on 16-7-25 and got TDS default demand @ 20% along with huge interest. What is the remedy to save this TDS demand and interest?
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Sec. 132 Sec.131