Answers On Category: Income-Tax
If I submit without attaching documents by mistake...can I submit re respond
► Read Answer
Question: when capital asset converted into stock in trade tax implication on gain. understand a point of capital asset converted into stock in trade tax calculation , also here two heads tax implies one is business income and second is capital gain . for business income the tax is accordance with slab rate when the actually stock in trade sold, and in other hand capital gain arise after indexation benefit. here one question arise would i eligible for exemption for capital gain if i invested such money U/S 54,54F,54EC etc within 6 month from actual sale of such stock in…
► Read Answer
if judgment itself contained that this judgment related to only this case and fact , then this judgment not applicable to other cases pending for the same reasons ?
► Read Answer
Assessee is a Trust filing return in ITR 7. While filing the ITR 7 for the F.Y. 2021-22 in SCH IE-4 due to oversight assessee missed to fill up the "Amount applied for objective". However, assessee filled up for Gross annual receipts and Balance accumulated in SCH IE-4. Later the assessee received office communication to submit a response u/s 143(1)(a)(ii) We submitted a response. Later the assessee received an intimation order by CPC (treating the amount that we missed to fill up in the "Amount applied for objective ") as Income From Other Sources u/s 143(1) Kindly advise whether this…
► Read Answer
A family trust having income by way of mainly dividend income. Share is defined and all their individual incomes are over maximum amount not chargeable to tax. Question is whether in the case of surcharge the portion of dividend income will be restricted to 15% as per finance act or full 37% need to be charged or it will depend on surcharge slab as per total income.
► Read Answer
Whether penalty levied u/Sec. 271D by the JCIt for contravention of provisions of sec 269SS on the basis of reference of AO made after 2 months of Completion of assessment completed u/sec. 143(3) of the Act. Is justified in law. Assessee relied upon the decision of Pune ITAt in the case of DR Kulkarni ITA No 444/PN/2013 JCIT relied up on decision of MP Highcourt in the case of Nitin Agarwal wp no 536 of 2018 Indore Bench . On the ground that this is only HC decision Whether order of JCIT is valid ? Is there any other decision…
► Read Answer
Would the legal heirs be liable for capital gain tax without receiving any payment & for only executing the sale deed of property already sold & possession held by buyers 35 years ago & payment was realised during sale by the deceased ancestor. What evidence would the heirs require for executing the deed & being exempted for capital gain? Any specified sections/provisions?
► Read Answer
Assessee is in retail trade with turnover of Rs.200 lakhs. It is 100% cash business and deposits cash from sales into the bank. He offers 8% of turnover as income ( Rs. 16 lakhs) u/s 44AD of the Act. In the bank account there is closing balance of Rs.60 lakhs . The assessee uses the Rs.45 lakhs to purchase a plot of land. The assessee opines that since he has offered 8% as income as required u/s 44AD the IT department cannot question the excess money of Rs.44 lakhs (60 - 16) standing in bank account and free to utilise…
► Read Answer
Flexi-Benefit Claiming eligibility. Is FBP pro-ration (based on employee attendance, date of joining, date of relieving) applied on all types of flexi-benefit components (annual components/quarterly components/ half-yearly components/monthly components). What is the income tax section that governs the FBP rules and regulations for claiming and planning and recovery in case of claimed ineligible FBP benefit.
► Read Answer
My pagdi flat where I was residing since 1997made ownership after redevelopment. we signed documents for alternate accommodation and other in 2014. Possession on after development received in June 2021.Now while selling of this flat what will be the acquisition date for gain tax.
► Read Answer
Response to notice under section 133(6)