In the sale of equity shares,(DEPO) in AIS, in all IPOs against the sale, it is indicated that cost of acquisition is zero. Since I have a sold a HNI Lot in many batches, there are multiple entries. For all the IPO allotments and also in cases where it is not able to catch old price, the volume of entries is huge. Do I have to correct CG in ITR. If IT authorities see CG from sale transaction of AIR it may by 3-4 times of the actual CG. Is there need for me to attempt correcting the acquisition price…
► Read Answer
In the AIS, in the sale of equity shares,(Depository) in AIS, in all IPOs against the sale, it is indicated that purchase is offline and cost of acquisition is 0. Since one may have sold a Lot in many goes, there are multiple entries. There are many such shares in IPO. should one flag of correction in each of these entries which may run into thousands which does not look feasible. It will meaning mapping a large portion of broker report into the AIS. Basic clarity needed if AIS data is used by Tax authorities to calculate CG or is…
► Read Answer
i use the pre-filled data to file my itax return. i download 26AS data from traces and find that there are many entries missing . e.g. the tds and income from income tax refund (of previous year) is shown in 26AS but is missing from the pre-filled data similarly there is a difference in credit amount and TDS shown in 26AS and pre-fill data for some bank interests thus the tax paid amount calculated by pre-fill data is less compared to actual deducted and reported by 26AS how to fix this
► Read Answer
Hello Sir, The assessee had opted for vivad se vishwas scheme for A.Y. 2015-16 and paid the tax arrear after issuance of form 3 dated 30.01.2021 accordingly. Thereafter form 5 also issued to the assessee. However, despite payment of tax made by the assessee on 03.05.2021 the revenue had adjusted the amount of refund for the A.Y. 2023-24 against the outstanding demand. Is it allowable? If not, then what is the remedy to ask for refund? Reply at the earliest should be appreciable.
► Read Answer
AS per penalty order 16.02.2024, Assessee received sum of Rs. 6,00,000/- from A in December 2020. Assessee received SCN in December 2023 for levy of penalty u/s 271DA. Assessee is raising following queries:- No Regular Assessment has been done for A.Y 2021-22. Whether the penalty can be imposed even if no regular assessment has been done. No details of transaction in the SCN has been given. Whether the AO/ JCIT who issued the notice u/s 274 r.w.s 271DA should record satisfaction before issue of notice. Please Clarify the above
► Read Answer
Case Description Mr. X (Resident Individual, aged 42 Years) purchased Residential Flat for Rs. 11.50 lakhs on 11-05-2017, cost of improvement (Like Paint the house, Purchased TV, AC, Fridge, Sofa, Furniture etc.) done in the same FY 2017-18 amounting to Rs. 20.00 lakhs by Mr. Y (Brother of Mr. X, Living in Joint Family) and the above same Residential Flat held by Mr. X, sold for Rs. 45.00 lakhs on 13-07-2024. Questions Can Mr. X Claim Cost of Improvement (which is done by brother Mr. Y) in his ITR ? If Answer to 1 is yes, what if Mr. Y…
► Read Answer
CIT vs. Smt. Beena K. Jain : 217 ITR 363 says possession date is date of purchase Vembu Vaidyanathan 413 ITR 248 (Bom.). ... allotment letter is date of purchase . which is applicable on which facts ?
► Read Answer
My father was the karta of his huf, in which i being the only child(son) was coparcener of his huf and my mother was member. After death of my father I became karta for my father huf and mother was member of the huf. My problem is that my mother also passed away I also have my own huf. My ques is that how can i transfer some share and mutual funds in my father's huf to my huf
► Read Answer
hello sir, my question is if we took section 115BAA for 2 years and then i have change the to the old scheme and took deduction of section 80IAC for AY 21-22. we got the intimation u/s 143(1)(a)(iv) from department regarding the invalid return and not allowing the deduction u/s 80IAC. now we want to continue to the old scheme only is there any remedy regarding to the above issue?
► Read Answer
security sale transcations (depositary) in AIS