Answers On Category: Income-Tax
Background Company A is headquartered in US and has a subsidiary company B in India. Company A is primarily owned by a Private Equity firm (approx. 80% ownership) Company A (US company) has issued ESOP to employees including employees of subsidiary company in India. Stock options were issued at a price of $10 per option. FMV as per merchant banker report is $15 as on December 31, 2020 In June 2021, there is transfer of ownership to a new Private Equity company. Both are large PE firms and majority stake exceeding 70-75% has exchanged hands As per transaction price for…
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Can one opt for filing new ITR U after notice under Black Money Act is already served? If income pertains to AY 16/17 but BMA notice is served in AY 21/22, what will be the year for which ITR u can be filed ?
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Whether employees of Autonomus body such as FTII/ NSD are treated as Govt. Employees; as CCS Rules are applicable to them.? Can leave encashment receive at the time of retirement is exmept in these cases?
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Assessee has agreed to sell a flat and made agreement with buyer, possession of flat is also given within time but consideration of flat is not received from buyer . Now question is they want to claim exemption by investing in 54EC Bond but the Sale consideration is not yet received. Stipulated time of investing in 54EC is over and still consideration is not received, is any case law to prove that transfer is still not completed as consideration is not received.
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CELEBRITY CRICKETOR WITH AN INTENT TO TO MAINTAIN GOOD IMAGE/SOCIAL STATUS AND TO GAIN MORE FOLOWERS AND NEW BRAND ENDORSMENT PURCHASES EXPENSIVE WATCH AND CLOTHES FOR HIM. Q1. CAN SUCH PURCHASE OF CLOTHS / WATCH BE CLAIMED AS EXPENSE DEDUCTION FROM BRAND ENDORSMENT INCOME AND CRICKET INCOME. CRICKETOR TAKES SHOULDER INSURANCE KNEE INSURANCE LEG INSURANCE I.E. IMPORTANT BODY PART REQUIRED TO PLAY CRICKET AND ALSO WITH A CLAUSE THAT IN CASE OF INJURY TO ANY SUCH PART DUE TO WHICH HE IS NOT ABLE TO PLAY MATCH INSURANCE COMPANY WILL REPAY. Q2 - CAN SUCH INSURANCE AMOUNT BE CLAIMED AS…
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Assessee is a charitable trust duly registered u/s 12A of the Act. Assessment for A.Y 2015-16 was completed u/s 143(3) of the Act in October, 2017 by assessing the income in the hands of the assessee as charitable trust which is registered u/s 12A of the Act. Registration u/s 12A was cancelled in May, 2018 on the ground that the trust had indulged in illegal activities by accepting capitation fees and therefore the trust is sham or bogus, disregarding the fact that the trust is involved in educational activities and also accepted by the department in past since its inception…
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is it taxable if purchase of sali land is below the stamp value u/s 56(2)x
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What should be the status under which ITR 5 needs to be filed in case of approved superannuation scheme? AOP or PDT?
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In the financial year 2021-22 assessee did trading business of cloth. His turnover is around Rs.2.50 lacs His expenses and receipts are total in cash. During the financial year he incurred a loss of Rs.30000/-. He maintains regular book of accounts and never opted Presumtitve Taxation . Is tax audit applicable in this case.
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Dear Sir, What if the spouse decides to put the sale consideration in Capital Gain Account Scheme and willing to purchase a residential property and don't want to pay the tax Please do solve my issue ???..
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Income Tax Liability on ESOP