Answers On Category: Income-Tax
lets say mr x took a life insurance policy in 2009 whose capital sum assured on death was 500,000 and maturity value was rs 0 and maturity year was 2030 but he surrendered the policy in 2022 and got 7,84,460 and yearly premium he paid was 24,020 is the surrendered value taxable in IFOS or exempted u/s 10(10D)?
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Kindly advise whether cousin- sister of the spouse of an Individual would be included in the definition of the term RELATIVE under Section 56(2)(x) of the Income Tax Act,1961
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Can a officer record statemnent u/s. 131(1A) of the IT Act without keeping 2 witnesses as mentioned in search and seizure manual
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How to file form35 a with drp what is the procedure please explain is it online or offline
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Assessee is partnership firm enganged in the business of the constructions. Assessee firm enter in to MOU with land owners in the year 2007 and paid Rs. 3 crs as deposit for development of land admeasuing 3 hector and 48 Ares.. As per MOU the land owners shall contribute right of development of land as capital contribution and the assessee firm will look after the constuction and bear the entire cost of construction . The assessee firm and landowners will share the constructed area in the ratio of 65:35 However , development of the project was not progressed as desire…
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Assessee is charitable trust duly registered under Bombay Public Trust and under U/SEc.12A of the Income Tax Act 1961. For A.Y. 202-23 there was delay in filling the Return of Income and Form 10 by the Trust. Therefore the assessee trust has filed an application for condonation for delay filling Return of Income and also Form,10 before the CIT (E) giving the reasons for the same. CIT (E) has condone the delay in filling the Return of Income appreciating the reasons given by the trust . However , has rejected the application filed U/Sec.119(2)(b) by the trust for condoning the…
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Assessee is partnership firm having 4 partners having equal share and engaged in the construction of project . The assessee firm has only one land which is disclosed as stock in trade the value of the same in the books is 2 cr and today's FMV is 20 cr. In the said firm three more partners are added who were ready to contribute the capital as well as use there infrastructure for executing the project on the said land. After 2 months original four partners express there desire from the partnership and it is agreed that they will be paid…
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What is the maximum amount that can be received in cash by a poultry producer for the broiler birds produced by him.
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i have seen the order in the portal only 31.03.2024. but the order was passed in 23.02.2024. there is a delay in filing the appeal what i have to do
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if the assessee died in year 2018 and Capital gain arise in the year 2015 and the legal heir of the deceased person which was his children are minor at that time and their mother are Doesn't have knowledge as house wife and income tax impose interest on Capital gain is there any chance that this interest waived?
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exemption u/s 10(10D)