Answers On Category: Income-Tax
I am a person having only Agricultural Income. I have a TCS credit of Rs 1,00,000/-. But I could not file the return before the due date or extended due date. Is there any possibility to get the delay be condoned and the refund of the TCS Credit
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My Great Grandfather property in Matunga, Mumbai was send to redevelopment in 2007 and my father got one flat of 1BHK including Extra FSI as a land lord in 2023. Now, We want to sell that flat immediately, What will be Tax Implications? Can we get Deduction in Sec 54, 54EC and Sec 54F? Will there be Index Cost of Acquisition? If yes how can we compute same?
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hi every one the assessee is a trader and supplies live stock (buffalo cattle) to the various meat factories. the sales are confirmed by the respective customers and payments are also received in bank account, but cash withdrawn from the bank account for making the payments to the respective suppliers (farmers/producers) in cash, because all the purchases are made from the farmers/producers of buffalo and the payment has to be made in cash. this cash purchase is allowed as per the conditions of Rule 6DD and section 40B. now the assessing officer is doubting about the purchase. now i need…
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- whether sale of agricultural land which is within the municipal limits reserved for public garden and sold below stamp duty ready reckoner price can be subjected to 50C . If not please give relevant case laws on the subject. I would be grateful for your guidance.
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Does it need written agreement for claiming stamp duty of earlier ? Is letter of allotment enough ?
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Assessee is partnership Firm enganged in the business of construction having 5 partners . Two of the five partners retired from the firm as per deed of retirement executed on 1.04.2017. It was agreed that one partner will get cash and other partner will get 1/5 portion of land from firm by 31.03.2023. accordingly they got the respective commitment as per retirement deed executed on 1.04.2017 in 31.03.2023. 1.what are implication of the above in the hands of firm as well as partners 2. whether it will make a difference if the said land is held as capital asset or…
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1] whether advance against sales can be treated as cash credit u/s 68 ? 2] whether sales amt itself can be treated as cash credit u/s 68 ? 3]whether sundry creditor can be treated as as cash credit u/s 68 ? 4] whether deposits fro dealers can be treated as as cash credit u/s 68 ? case law ?
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1] Is it necessary to have agri income to claim exemption from capital gain tax on sale of Agri land ? 2] Can it be contended that it was for self consumption? 3] IS book keeping and record keeping needed ? case laws / sections ?
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Taxation of RSU (Sweat Equity) in the holding company granted 'free of cost' to employee of its Indian subsidiary - Two stages / heads , - Salary - Perq. On Vesting, And; ‘Capital Gains ‘ On Sale of vested shares – In case , because of Recession ,the FMV taken for reckoning Perq. . Is less than the Price/FMV on Sale QUERY (Tax Planning) : How best to make good for the resulting Tax Loss ?
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Filing Return by Condonation of Delay and Getting Refund of TCS