Answers On Category: Income-Tax
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?
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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?
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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 ?
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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
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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.
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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
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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…
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please give a solution for the delay Condon for filing Form 10B AUDIT REPORT.
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When I was the Secretary of a Cooperative society, I filed an appeal at CIT against an order issued by IT department for paying a penalty of 2.45Cr against non filing of IT return. Appeal is pending. Now I resigned from the post of Secretary and new person assumed the charge of Secretary. My question is that how can I change the name in appeal as I resigned from the post of Secretary who is responsible for legal proceedings.
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Assessee received notice u/s 148A(b) dt. 16.08.2024. He file reply on 24.08.2024 mentioning as under:- Copy of Approval not provided with the notice u/s 148A(b) and order u/s 148A(d) but provided with notice u/s 148 which was issued on 31.08.2024. Asseessee asked for documents on the basis of which the department wants to re opening the case. The department issued notice on the basis of investigation report but no inquiry was conducted by the officer who issued notice u/s 148A(b). The assessee asked for statement of the persons concerned and also cross examination of the person who issued statement but…
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(No TDS on hardship and other sums)