Mr. A has received notice from income tax department u/s. 148 , citing reasons of search at some other party and finding of incriminating material regarding repayment of cash loan of Rs. 10.00 lacs and payment of interest of Rs. 5.10 lacs. AO has made addition u/s. 69A in respect of alleged repayment of loan of Rs. 10.00 lacs and u/s. 69C in respect of alleged payment of interest of Rs. 5.10 lacs. Now AO wants to levy penalty both u/s. 271AAC and Rs. 271D . Your expert opinion is sought
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Pagdi flat in which me and my husband were residing since before year 1984. Redevelopment agreement made in year 2023 in which market value and stamp duty mentioned of alternate accommodation (which is the same address of the pagdi flat but reconstructed) after redevelopment was very less. Capital gain tax will be calculated on this amount in case the flat will be sold once we get the possession or as per fair market value of the flat at the time of redevelopment agreement?
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Survey was conducted under the GST. Taxpayer has declared unrecorded sale during the survey proceedings and has paid GST as well as Penalty under the GST Act. In addition to above, Taxpayer has also declared excess stock found during survey. Regular purchases has already been recorded in books of accounts. Whether the taxpayer should account for total undisclosed sales in Trading a/c and pay income tax accordingly or should account for only the gross profit on unrecorded sales in Profit and loss a/c.
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HUF INCOME TAX AND BANK ACCOUNT . KARTA DIED .==== NOW WIFE AND ONE MARRIED DAUGHTER IS SURVIVING ===== HOW TO DISTRIBUTE PROPERTY ==== OR DISSOLVE THE HUF OR ANY OTHER AVENUE AVAILABLE FOR THIS . ITR UP TO F Y 24-25 == 31=3=25 FILED . HUSBAND EXPIRED IN AUG 25. SO NOW WHAT SHOULD BE DONE . KINDLY GUIDE == REGARDS . 2-3-26
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Is TDS applicable under Section 194IC on monthly compensation, shifting charges and Corpus fund payable by the developers to tenants under the redevelopment project.
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ITR 6 ALONG WITH AUDIT REPORT U/S 44AB IS FILED FOR STARTUP ENGAGED IN MANUFACTURING ACTIVITY. 80IAC WAS CLAIMED AND TOTAL INCOME WAS OFFERED AT NIL AND MAT WAS PAID. CPC SENT DEFECT NOTICE SAYING FILING OF FORM 10CCB IS MANDATORY FOR CLAIMING 80IAC DEDUCTION. ON THE PORTAL THERE IS NO SUCH FORM 10CCB AVAILABLE.
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Whether SLP filed against the judgement in Karan Maheshwari v. ACIT (2024)465 ITR 232 (Bom)(HC)
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1.As per RBI guidelines and internal circulars, various branches of a cooperative bank deposit cash received from customers into nationalised banks. Since the volume is large , supporting documents were not filed. Whether the same can be taxed under section 69A 2. Similarly, liabilities of a bank comprise mainly deposits by customers of various nature, savings bank, current accounts, term deposits etc. Again, due to large volume,supportings could not be filed but explanation was provided. Whether the difference between the opening balance and the closing balance of liabilities can be considered unexplained under section 69A on the assumption that all…
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assessee had filed return for AY 23-24 and forget to carried forward the TDS of Rs. 500000/- therefore it was lapsed. during next return assessee claimed that non carried forward TDS but CPC had rejected that TDS amount due to non availability of TDS in 26AS now the assessee had filed rectification again CPC intimation order and proceedings is not yet initiated in this case can assessee file appeal against intimation order before CIT or wait till order passed in rectification or should file appeal before CIT
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Simultaneous levy of penalty u/s. 271AAC and u/s. 271D