Answers On Category: Income-Tax
FA disclosed in audit, TP report etc but not in ITR return what defence and any case law ? is it rs 10 lac per entry ?
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Whether the taxpayer has the option to apply indexation on long term capital loss incurred on sale of listed equities?
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Firm take PAN under AOP status wrongly can file ITR under ITR 5 as Partnership firm and can claim the same benefit as partnership firm i.e tax rate of 30%
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IS 50C applicable to sale of a flat between relatives below SDV ?
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Hotel bills zomato at MRP of food zomato pays after receiving sums from patrons . However, difference varies as per type of credit card used by patron. Is 194R applicable on variable difference ? [commission to zomato is separately paid by hotel ].
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on reconstruction of a partner ship firm weather section 45(4) or section 9B is applicable when capital asset is transferred to a retiring partner
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Assessee has received Notice for showing causes as to why order for reassessment should not be issued against the assessee dated 22 March 2023 The AO has passed order dated 25 March 2023 The provision read under provides time limit of 30 Days from the end of the month in which reply has been made Does the order passed becomes void-ab-initio as the month of Reply has not ended yet? or the Time limit given only provides an upper limit and not range of dates? Regards,
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Introduction of a land by a partner in AOP doing building work Is it eligible for 45[3] or not?
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a firm has 2 partners who are real brothers . They wish to gift a depreciated office of the firm to first son of third brother and non depreciated building of the firm to another son of 3rd bro, firm has running business too for the existing partners . Any tax liability any other section like 56 [2]/45 etc in the hands of firm, partners and 2 sons of 3rd brother ? can firm give gift as above ?
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Non residents are now eligible assessee u/s 144(15) for the purposes of draft order & for approaching DRP in case of adverse order. Whether same procedure would be warranted at the time of processing of return filed by Non Resident . Prima facie, answer is in affirmation as there is nothing to suggest that section 144C applies only to 143(3) / 144 assessment . (ii) if the case of non-resident is also a search case , how the direction of DRP and approval u/s 153D would reconcile
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penalty u/s 43