Assessee is company has filed the Return of Income for every year. Since assessee is engaged in the business of executing contracts , due to TDS there is always refund to the company. Almost every year assessment is completed U/Sec 143(3) by making an addition on the ground of difference in receipts as per 26AS and receipts as per profit and loss account since assessee could not give reconciliation. Assessee submits that since it is company, books of accounts are audited under co act as well as income tax Act and diffrence in mainly due to offering of income on…
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Certain Addition were made to the Return of Income On account of Investment in House Property and Difference in stock found During Survey operation in Assesment completed u/s 143(3) For AY 2006-07. In Quantum Appeal Before CIT(A) the Additions Were Confirmed. ITAT vide Order Dated 08/07/2016 Confirmed the order of CIT(A). The Said order of ITAT as per certificate issued by Registrar was sent to Principal Commissioner on 09/09/2016 Penalty Notice u/s 271(1)(C) was Issued for Concealment and furnishing inaccurate particulars of income.(in the printed form non applicable portion was not struck off) Penalty u/s 271(1)(c)was lavied by A.O. by…
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Assessee is partnership concern engaged in business of construction and trading of land .during the FY 31.03.2017 assessment was completed by accepting the income return by the assessee firm on 31.12.2019. Departmental Auditor has raised the query about not making an addition on account of difference in opening cash as per books and as per last years financial statement. Ao has issued notice u/Sec.154 on 13.05.2022 which was serve on email of consultant which was not operative and therefore no response was submitted . Ao passed the order U/sec 154 on 3.08.2022 by making an addition of Rs.8 lakhs .…
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Indian Company is having a Branch in Germany. Indian company remit the fund to German Branch against expenditures & so want to know if there is any TDS obligation under section 195. Refer any case laws.
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Dear Sir/Mam, I sold a flat in Mar2019, and deposited Capital Gain in SBI capital gain account in Aug 2019, I am told that my LTCG Account A would expire on 31st Aug 2022, since I have not utilized the money and hence I need to pay 20% tax on unused money from this capital gain account. Need your guidance on how to pay Tax and on which segment of ITR I should file in returns. Also, I am unhappy that inspite of COVID no relaxation given by government to extend LTCG period for reinvestment, Pls guide if I missed…
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Assessee is LLP having 4 partners out of them 3 are individual and one is another LLP, engaged in the business of constructions. They started the residential project and entire project is complete and completion certificate is also received from APPROPRIATE Local Athority . They have decided to distribute 4 unsold units of equal size between themselves. Issues : 1. What are implication under stamp duty, GST and income tax 2. Whether it is okay , if they transfer these units at Ready reckoner rate? Even though last unit sold was much higher than ready reckoner rate? 3. Does it…
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now what's final rate of tds on videography & photography services
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Is immovable property gifted to a relative through a trust taxable or not, and is it payble by the donor? What if the trust has created a company on the immovable property. Will the income generated from the company be taxed as gift tax?
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Notice for AY 2010-11 dated 31.03.2017 was sent electronically at 01:02:38 hrs on 01/04/2017 and the one sent by post for which there's no evidence/proof is brought on record as claimed to have been posted on 31/03/2017 was never delivered to the assessee and got returned with a remark "LEFT". Sec. 148 has used the word "to serve" while sec. 149 has used the terminology of "to issue". Whether issue and serve have different connotations as far as income tax law is concerned even though the judgement of the Supreme Court in DDA vs. H C Khurana speaks otherwise. Similarly…
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As section 45(5A) talks of deferment of capital gains to the year in which Completion Certificate is issued, whether the analogy laid down by the hon'ble Bombay High Court in CIT v. Manjula J. Shah's case (2016) 355 ITR 474 (Bom) should be applicable . In case of section 45(5A), though the provision calls for deferment of tax from the date of actual transfer, still no such specific provision is provided to clarify how the period of holding is to be computed. In the scenario, Whether indexation is only up to the date of transfer or up to the date…
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Addition due to diffrence in receipts as per 26AS and disclosed in Profit and loss account Stay of demand