The NEW SURCHARGE scheme provides for levy of SC on income-tax on total income in the range between Rs 50,00,000 to one crore (first slab), and above. For the said first slab the prescribed rate of SC is 10%. The computarised System in place (CPC), however, auto calculates SC , instead of @the respective slab rate depending on the ‘income range’,- on the rate applicable to over the outer limit of the slab. For examle , if total income in a given case exceeds the threshold limit for the next higher slab- one crore (to two crores), the rate applied…
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When a Society building containing various is demolished due to a Development Agreement ( typical in Mumbai ), does it not amount to "Relinquishment of asset" u/s 2(47)(i) - The asset is physically not there now and a new asset (new house may be bigger) will be given.
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Hello, I have been staying in my pagdi flat since 50 yrs which is currently going for redevelopment. Total flats are 8. 2 flats of landlord, 1 of me, 4 flats in one name which are commercial and 1 flat also commercial. Total 8 flats occupied by 4 owners. My area is 750sq ft. What should be the majority for it to go for redevelopment considering 4 flats is of 1 owner? How much additional area will i get? Thanks
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Regularly, I follow your website’s “Questions & Answers” blog and benefitted a lot which is knowledge-enhancing. I am a salaried person. If I do also freelance work in Animation & Graphic Designing for 2-3 months only during a FY not as a “Professional” but as an Amateur and earn around 1,00,000/-. If my client also deducts TDS from my Fees payments u/s. 194J and remitted to the IT deptt. Kindly clarify the following points :- Whether my receipts from freelancing comes under “Specified Professions” u/s. 44AA ? Which ITR form should I file, ITR-3 or ITR-4 ? What will be…
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Sir/Madam, whether there is any difference between fixed and fluctuating capital contribution. And for audit purpose under Section 34 read with Rule 24 whether both have to be added.
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With regard to valuation of unlisted shares, while considering the immovable property as per Rule 11ua at Stamp Duty Value the resulting share price is in negative number. Because the Guideline value is less than its Book Value. So, can we consider Book Value or Guideline Value whichever is higher for immovable property in valuation of unlisted shares as Rule 11ua provides only for Stamp Duty value w.r.t immovable property.
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Whether an individual tax payer can claim deduction u/s 80IBA against his share of business income in a revenue sharing JV for affordable housing projects? If yes, conditions required to be fulfilled.and any case laws on the same.
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Assessee is Private Limited co ,engaged in manufacturing of spices and pickles , has filed the ROI declaring loss for AY. 2018-19 amounting to Rs 2620000,/ - which includes Dep of Rs. 6 lakhs . It has also carried forward Business loss of Rs. 6 lakhs and Depreciation loss of 15 lakhs . Case was selected for scrutiny assessment and AO completed the assessment u/sec. 144 by computing loss at zero and making addition of Rs 20 lakhs u/sec. 68 of the Act on the ground that assessee has not responded to notices issued by AO. Whether action of the…
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I WOULD LIKE TO KNOW HOW MANY CASES ARE PENDING AS ON 28TH JULY 2023 AT ITAT AND CIT APPELAS?
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My client is a Kaccha Artia in Anaj Mandi (Grain Market) which sells goods on Dami (Commission) on auction in Anaj Mandi to soyabean solved plant. The Transaction is as follows: – Sale price = 100000/- + Commission = 2000/- + Market Board Fee = 100 total = 102100/- . The buyer is deducting TDS u/s 194H on Rs.102100/- and if the purchase value goes above 5000000 lakh through out year after that they deducting TDS u/s 194Q on total purchase value.Now Section 194Q has been inserted since July 2021. Therefore the buyer has starting deducting TDS under both the…
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The NEW SURCHARGE SCHEME vs (X) Auto calculation by CBC ?