Answers On Category: Income-Tax
when AOP is taxed at MMRate, Surcharge Should Charge at Slab wise or flat 37%
► Read Answer
In the case of a search/related party's case , notice issued u/s 148A instead of 148. Will AO get extension of time ?
► Read Answer
whether this section apples to political donations made by donor to a party which has later confessed having refunded cash on pro rata basis ? whether this will attract BMA ?
► Read Answer
The assessee is a company engaged in the business of manufacturing and trading of machine tools. The A.O. had made an addition of Rs. 14.5 lakhs on account of disallowance of investments and irrecoverable loans and advances written off on the ground that the said sums are given to subsidiary of the assessee company as capital investment and loan and hence are capital in nature and neither the said amount were taken as part of income in any of the earlier years without appreciating the submissions given by the assessee that amount paid by the assessee co clearly in the…
► Read Answer
whether ratio of 280 Taxman 334 / 125 taxmann.com 253 (Panji)(FB) ( Bom) (HC) apply to 270A as well ?
► Read Answer
Dear Sir, Please give your view and guide us: Order for A.Y. 2010-11 to 2019-20 have been passed on 24.04.2021 after taking approval on 23.04.2021. On 24.04.2021, it was Saturday. DIN was intimated to the assessee on 31.05.2021 mentioning in the letter that order has been passed on 31.05.2021. The body of the assessment order does not contain DIN. As per circular no.19 dated 14.08.2019, the maximum number of days for generating DIN is 15 days. The AO issued another letter dated 26.07.2021 mentioning that order has been passed on 24.04.2021 and generated another DIN for order passed u/s 153A.…
► Read Answer
The assessee is an individual engaged in the business of real estate dealings as well as in real estate consultancy. Assessee is also a partner in various partnership firms from which he derives exempt income and also has agricultural income. During the year assesseehad entered into Sathekhat with land owner for purchase of land on 04.07.2015 amounting to Rs. 1,85,00,000/- and paid Rs. 1.00 crores against the said “Sathekhat” and balance amount of Rs. 85.00 lakhs to be paid at the time of execution of the registered agreement for sale of land by the land owners in the name of…
► Read Answer
A house is sold to spouse under registered deed below SDV ,remaining sum is shown as unregistered but signed gift deed . Is this a valid arrangement ? Can this gift deed be rejected as invalid ?
► Read Answer
when registration of a political party is cancelled after survey/search, whether donor will lose deduction of the sums donated before that date ? Whether old case laws will apply or not ?
► Read Answer
I SOLD THE RESIDENTIAL PROPERTY WHICH I INHERITED FROM MY PARENTS AND EARNED LONG TERM CAPITAL GAIN ON SALE OF THIS RESIDENTIAL PROPERTY. I WANT TO INVEST THE CONSIDERATION ON PURCHASE OF ANOTHER RESIDENTIAL PROPERTY IN THE NAME OF MY MARRIED DAUGHTER. WHETHER I CAN CLAIM EXEMPTION OF CAPITAL GAIN ON SALE OF RESIDENTIAL PROPERTY OR IS IT NECESSARY THAT I MUST PURCHASE IN MY NAME. SECONDLY CAN I PURCHASE JOINTLY IN MY NAME WITH THE NAME OF MY MARRIED DAUGHTER. PLEASE SUPPORT YOU ANSWER WITH PROVISIONS OF I T ACT AND CASE LAW, IF ANY, ON THE SUBJECT
► Read Answer
Surchage on AOP