Answers On Category: Income-Tax
Assessee is an individual and purchase flat with Builder in FY 2017-18 On the basis of search conducted at Builder on 2018-19 and loose papers found with him as well as his acceptance in settlement Commission about receipt of ON money, assessee has received Notice U/sec 153C . Noting on Loose papers seized is Surname of Assessee and some calculation of amount and interest . It does not have any date or signature or the place. Can assessee raise the objection on issuance of Notice U/sec 153 C on following grounds: 1. It is dumb paper 2. There could be…
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any remedy for condonation of delay in filing form 10IE and return after due date ?
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Assessee is an individual . he has purchase the plot in the year 2002 for Rs. 6 lakhs in the name of the wife and sold the same on 5.04.2017 for Rs. 66 lakh . The sale proceeds were kept in the capital gain account scheme in the name of wife . Assessee due to bad heath is expired on 17.10.2022 when he was of 71 years of age . The widow and three married daughters the of the assessee had no knowledge of this bank account and they came to know this in the month of July 2023.…
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Assessee is trust having registration u//Sec 12 A as well as recognition u/sec 80G. The trust is wholly for educational purpose and running school. There is no Govt grant to school. The school is also having income from Hostel fees from the students of school which are staying in hostel. Interest on Fixed deposit invested out of surplus . Whether trust should continue claiming exemption u/Sec. 11 as it has valid registration u/Sec 12 A or trust should apply for registration U/sec. 10(23C) Whether latest supreme court decision in case of New Noble education society will have impact on trust…
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Amendment of 149 in finance act 2022 As per finance act 2022, the income escaping assessment should be represented in the form of--- an asset, an entry or entries or expenditure in a single transaction or transactions and expenditure.... For AY-2018-2019, the limit of 3 year get expired on 31 march 2022....now the amendment of finance bill 2022 be effective from april 1, 2022. so non asset based representation will also expire on 31 march 2022 for ay 2018-2019, if income escaping assessment is-more-than-50-lakh...is it right...............................................my questions is the following.... Questions : Can Income escaping assessment more than 50 lakh amended…
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Kindly advise whether TDS is to be deducted on payment of Charges levied by CIDCO Ltd, Maharashtra for issue of NOC for mortgage of property in Navi Mumbai. Thanks
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The LLP in there agreement obligated to contribute 20 lakhs each by four partners. On 15th dec 2022. However till 31st March 23 nil contribution made by the partner. My query is can we show 80 lakhs as capital contribution and corresponding 80lakhs as receivable from partners in current assets as on 31st 2023 balance sheet. Thk in adv.
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Brother paid 5 lakhs out of 20 lakh directly to dealer of properties on behalf of property purchased by his sister and balance paid by sister herself. Will 5 lakh paid by brother is termed as "Gift" under Income Tax Act?
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Assessee is an individual and regular in filling his return of income. Assessee has received the Notice U/Sec.153C for A.Y. 2019-20 and preceding 6 years on the basis of noting on the seized papers found during the course of search with the Developer from whom assessee has purchased the flat and statement given by the CFO of the developer U/SEc.132(4) of the Act that noting on seized paper is cash component in the transaction of purchase of flat and assessee has also accepted that said amount as on Money in the application made before the settlement commission and therefore the…
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whether RTGS payments/repayments for the years prior to amendments of 269SS/269T is allowed as it is retrospective ?
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Assessment U/Sec. 153C