I am a NRI for last 15 years and received summon u/s 131(1A) for FY 2021 to FY2024. Without disclosing any details, the summons ask for following: Sources of Income earned by me and my family members in India & outside India Details of interest earned by me and my family members on NRE/NRO/FD/FCNR/HUF account All property dealings during this period All Bank account statement Details of any business conducted by me in India Copies of my and my family member passports All property documents which are held by me and my family members I understand that as NRI, I…
► Read Answer
a registered firm purchased some item from a registered dealer having valid GST number, the goods were delivered through E-WAY BILL, but while making payments after some time assessee came to know that firm has been closed and registration is also cancelled therefore payment could not be made during the relevant financial year and shown as outstanding in his balance sheet. The department treated this as bogus transaction and added to his income after issuing 142(2) followed by 148, therefore a huge demand is created. the department issued a demand stating that if total demand along with interest is deposited…
► Read Answer
Whether imposition of tax on subsidy and concessions under amended provision of section 2(24)(xviii) (Finance Act 2015)
► Read Answer
Whether builder developer is required to deduct tax on amount paid to the existing members by way of rent for alternative accommodation as well as corpus and other sum paid as part of development agreement?
► Read Answer
Mr. A is a proprietor of various business having different trade name and place of business but the nature of business is same. Can he transfer the business to M/s. A Ltd company after retaining immovable property in his name so no capital gain tax is payable. Is it necessary to transfer it’s entire business with all assets and liabilities to the A Ltd company?
► Read Answer
A resident paying rent to NRI, deducting TDS @ 31.20%. However at the time of filing return (form 27Q), he did not mention the PAN and straight away mentioned “PAN not available” At what rate TDS is deductible ?
► Read Answer
In Case of Transfer ownership of Land to Developers by Landowner (Individual) against consideration in Area and some money. Q1. whether this is covered under Section 45 (5A), as it is not a Development Agreement? Q2. In this Case Developers Purchase Capital Asset - Land from Landowner and Developers name will be mentioned on Revenue Record as Landowner? Q3. Whether Landowner Income Tax Liability will postponed to Future Date on the date of OC
► Read Answer
My father sold a land property on his name and purchased a flat on his name with entire sale consideration. Now, Section 54F says he should not sell it within three year But can he gift the flat through gift deed in my name or should we wait for three years for gift transaction also? References of relevant cases will help a lot. Thanks.
► Read Answer
My client is builder He is complying with all conditions mentioned in Section 80IBA , But he is following Project Completion Method to book the sales due to which at the time when Project Receives the completion certificate the builder executes the sale deed and book the sales . so every year he creates the work in progress and file the nil return . and in the year when he executes the sales he books the revenue . can he still claim benefit of 80IBA till the sale of all of units of project
► Read Answer
One of my friend filed the return for the income tax and got the refund . The case got selected got scrutiny and they have disallowed the amount which is almost 6.5 lacs.they have stated that under reporting due to misreporting of an income which is 200%. I have paid the tax and interest agreeing to them as I am not aware of it. After that they have initatiated penalty of 200% which is almost 4.08 lacs. whether there is any chance of prosecution. Most of the things are misreported. I am salary assessed . Some CA,s are telling that…
► Read Answer
131 (1A) Summons to NRI