Indian private limited company engaged in processing of food grains opted for old scheme in A.Y. 2022-23. The company has c/f unabsorbed depreciation. If the company opts for new tax regime during A.Y. 2023-24 whether c/f unabsorbed depreciation can be set off against business income of F.Y. 2022-23 (A.Y. 2023-24)?
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Facts in Brief • An individual will receive certain amount in F.Y.2023-24 on account of sales of shares received under ESOP. • The shares were received more than 24 months back. • The company is a unlisted foreign company. • The amount paid at the time of exercising the option for ESOP more than 24 months back was negligible • No amount was offered for taxation in the year of exercise for ESOP. Query • Taxability of amount which will be received in F.Y.2023-24 on sale of shares under ESOP • STCG or LTCG • Calculation of amount of gain…
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Queries Regarding Domestic Transfer Pricing Case A 1. A partnership firm(having ‘A’ as Karta of his HUF and ‘B’ his wife as partners) is doing the business of Purchase and Sales of Grains in wholesale and semi-wholesale. 2. Total Turnover during F.Y. 2022-23 is more than Rs.20crore. 3. The assessee firm has also sold goods during the above F.Y. to a concern( in which proprietor is son of Mr. ‘A’) 4. The sales made to above concern during above F.Y. is more than Rs.20crore. 5. Whether provisions of Domestic Transfer Pricing Audit are applicable on the above partnership firm? Case…
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In the assessment completed U/SEc. 144 where the AO has rejected the books of accounts and disallowed the entire loss claimed by the assessee co on the ground that assessee has not produced the books and other evidences . Further AO has also made an addition U/SEc. 68 for not giving any details about the loans and also not allowed the carried forward business loss as well as depreciation loss. Whether Ao can make addition U/SEc. 68, when he himself disallowed the entire loss on the ground of non production of books of accounts and non furnishing of any information…
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Assessee has challenged validity of the impugned section 153C proceedings for want of a proper satisfaction. Assessing Officer appears to have initiated the impugned section 153C proceedings in light of his satisfaction note prepared on 13.01.2016 that the corresponding seized material in fact “pertains to” the assessee during the course of search with xyz and thus had a “bearing” on its undisclosed income. ITAT has passed the order in favour of the assessee by relying upon the decision in Income Tax Appeal No.83/2014 CIT vs. M/s. Arpit Land Pvt. Ltd., dated 07.02.2017 has decided the very issue of validity of…
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For and on behalf of an NRI, Objections to the Draft Order u/s.144C were filed in Form 35A which was signed by Advocate. Letter of Authority in favour of the Advocate was also submitted simultaneously. The matter is pending with DRP. Recently ITAT Mumbai in the case of Bridge India Fund v/s ACIT ( ITA Nos. 457 & 458/Mum/ 2023 And SA 49 and 50/M/2023) pronounced on 01.08.2023 held that Form 35A has to be signed by the assessee only and Advocate can not sign the Form. Please advise whether we should file Form 35A again signed by the assessee…
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https://itatonline.org/digest/qa/the-new-surcharge-scheme-vs-x-auto-calculation-by-cbc/ Apropos /In continuation of earlier posted comments : Pending any FEEDback, no guess why so, invite attention to the supplement @ https://www.linkedin.com/pulse/new-surcharge-scheme-swaminathan-venkataraman/?trackingId=qR9y6OmmTKG1rFalXlUUFg%3D%3D To reiterate / repeat : The subject matter, as urged , deserves a joint representation to the FM/CBDT as a matter of prudence , based on common sense. Proactive steps need to be taken and pursued , relentlessly ,- both jointly and severally, to the end of a favourble outcome aspired for; in preference to postponing such action until after the CPC has started issuing 'INTIMATIONS' in the normal course /as a routine. For, among others, one…
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That in the AY 2016-17, the assessee 'A' transferred its one undertaking to 'B' in lieu of shares of company 'B' and claimed that the trasfer is covered by slump exchange and not slump sale. However, in the various next year i.e. AY 2017-18, the assessee 'A' sold the entire share acquired on account of slump exchange to 'B' for sale consideration of a price in terms of money. From the above, it seems as if the assessee 'A' had gone for slump exchange to avoid tax on LTCG. At the end, the assessee received money in next AY as…
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The company takes various services from telecom service providers like the Intenet lease line and Session Initiation Protocol. Please let me know if TDS will be applicable to any of the above-mentioned services. If yes, under which section/rate?
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Property Purchased in the name of wife but all payment are made by Husband and housing Loan is also in the name of Husband, Now case is open u/s 148. What should be the course of action for proof of source of payment for wife ?
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New tax regime in case of Indian Pvt. Ltd. company.