Sir, The return was Originally Processed U/s 143(1). Time limit for revision has elapsed. Assessee has filed his return in wrong Form i.e. in ITR 4 instead of ITR-3 and by mistake has not disclosed his information regarding his Directorships and Shareholdings in his private limited companies, moreover some TDS credit claims were not made in the return, though the Income was properly disclosed. Rectification could not be filed. My Question is:- What remedy do the assessee has for claiming his TDS credits, which was not been claimed at all in his Original Return ? Whether the assessee can file…
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The notice us 148 of I.T Act , aswellas , notice u/s 148A(b) of Income tax Act has been issued on 08.04.22 for the first time as the assessee has deposited more than 50 Lakhs in financial year 2014-15 .My Querry is that whether the notice issued is barred by limitation or well with in the time?
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Dear Experts, Company A (unlisted company), issues Rights to its existing shareholders in the ration of 5:1. One of the shareholder renounces the Rights in the favour of one of the employees of Company A (at Zero price). The face value of the shares is Rs. 10. The employee buys the shares at Rs. 10 from Company A on the due date. Would there be tax implication in the hands of the shareholder who renounced the shares and also in the hands of the employee who bought the shares. The fair market value of the shares is assumed to be…
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SIR In my case I applied for approval of a legal heir after six months they have not approved. now notice has been issued on son with non-pan who has only informed that my father has expired on dated ........ . IS this proceeding correct when we have already applied as legal heirs in the mother's hand? no proceeding is done on the mother
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Sir, The return was Originally Processed U/s 143(1). Time limit for revision has elapsed. There were some dis-allowances in the Intimation Order, against which the assessee filed online rectification U/s 154. The Rectification Order u/s 154 was passed after more than 60 days of the date of the Intimation Order U/s 143(1). In the rectification order also no relief was granted. Aggrieved the assessee wants to file appeal before the CIT(A). My Question is:- Against which Order will the appeal arise whether against Order U/s 143(1) or Order U/s 154 ? If U/s 143(1) then the time limit of filing…
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I have received IT department’s summons under section 131(1A) for AY21-22. I have received ESPP and RSU stock in years before AY 21-23 and during AY21-22 I have received dividend and it was taxed in USA. I have missed disclosing this information while file the return for AY21-22. I hold around 1160 ESPP/RSU stock in US company. what should be my course of action ?
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Trust regd u/s 12A has not recd huge fees/rent till 31st March. Will this be counted as income for purpose of spending 85% ? any form ? how long unrealised income be excluded from spending 85% ? any form ? can trust opt for cash system of accounting instead
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For our assessee notice u/s 148A issued, they came to us after time period for reply is over, officer passed order u/s 148A(d), and assessee not filed original return. what is the next procedure, please let us know. With Regards,
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who can sign it ? Is it necessary before TP audit is over ?
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Assesseee co is developer and Builder. Search action U/sec. 132 has been conducted in the year 2022-23. During the course of search one pen drive was found with one of the employee, which contains the noting of cash transcation. On the basis of such noting and statement of few employees and one of the director, where in they have accepted the noting are in respect of cash transcations carried out by assesseee and group co. On the basis of such admission Mr. A received Notice from AO , asking the Mr.A as to why amount mentioned on the seized…
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Wrong Return Form filed and TDS not claimed in the Return