The dispute of extra area work was finally settled throu arbitration award pertaning to pre GST period ( Finacial year 2016-17) . Some Compensation and interest is recived now. On the above interest, income tax is payable on 50% income as per section57(iv) of Income Tax Act ?
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What will be the TDS liability in case of : 1. IMPORT FREIGHT PAID TO INDIAN SHIPPING COMPANY 2. IMPORT FREIGHT PAID TO FOREIGN SHIPPING COMPANY 3. EXPORT FREIGHT PAID TO INDIAN SHIPPING COMPANY 4. EXPORT FREIGHT PAID TO FOREIGN SHIPPING COMPANY 5. ON WHAT AMOUNT TDS WILL BE APPLICABLE. INVOICE INCLUDES FREIGHT CHARGES, PORT CHARGES, MATERIAL HANDLING CHARGES ETC
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Assessee is NBFC registered under Co Act as well as RBI. During the period of demonetization assessee co accepts cash in old currency amounting to Rs 1410000/- from the borrowers up to 14.11.2016 and from 15.11.2016 till 31.12.2016 amounting to Rs. 2010000/-. AO has made addition U/sec. 68 on the ground that NBFC are not permitted to accept currency in Old Notes from any one and therefore the amount is unexplained cash credit to be added U/sec. 68, eventhough assessee co has given complete details of the persons from whom amount is received towards repayment of loan taken from NBFC. …
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this is passed with approval of PCIT, is this final and free from from any other action ?
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Assessee is a partnership firm engaged in the business of manufacturing and job work of engineering goods. Search u/s 132 of the Act was carried out in the month of January,2018. While filing return of income in response to notice u/s 153A, assessee firm discloses additional income on account of unaccounted scrap sale. This scrap sale has been worked out by estimating burning loss at the rate of 20% and the assessee firm declared income as unaccounted scrap sale. Penalty proceedings u/s 271(1)(c) are initiated for concealing the inaccurate particulars of income in the assessment order. Notice u/s 274 r.w.s…
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Background As on 01 April 2022, Company ‘B’ Private Ltd (‘Co. B’) is a wholly owned subsidiary of Company ‘A’ Ltd (‘Co. A’), which is a listed Company. On sale of shares of Co. B by Co. A, owing to application of Section 79 of the Act what will be the fate of brought forward losses amounting to INR 100. Scenarios Co. B sell its entire shareholding in Co. A to a Listed Company Co. B sell its entire shareholding in Co. A to a private limited Company which is a wholly owned subsidiary of the listed Company Co. B…
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1] c0-legal heirs offered rent income as AOP for years 2] can LTCG be later taxed in individual hands of legal heirs since buyer reuses to buy property from AOP?
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Many people having below taxable income in ay 22-23 and 21-22 have not filed returns of ITAX. what is their remedy now for getting refunds?
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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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50% deduction under section 57(iv)