Answers On Category: Income-Tax
Assessee is charitable trust , registered under sec. 12AA of the Act. For the AY2020-21 filed the Return of income , while filling return of income due to some software issue,deduction for expenditure inccured on the object of the trust were not claimed, however it remained unnotice till the trust received Intimation u/sec. 143(1)(a) with huge demand . What is remedy available for the trust to correct this and any decision in this context . Pl guide
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Dear Sir, If search is conducted in October 2022, can notice u/s 148 for A.Y. 2013-14 and 2014-15 can be issued as incriminating material for A.Y. 2013-14 and 2014-15 has been seized. Please clarify. Thanking You,
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Dear Sir, Please give your opinion on the following: By virtue of decision of SC dated 04.05.2022 in the case of Union of India vs. Ashish Aggarwal. Assessee received notice u/s 148A(b) dated 24.05.2022 relating to A.Y. 2013-14. The assessee reply in July 2022 mentioning that assessee did not do any transaction in the shares mentioned in the notice. The name of broker in the notice is also wrong. Assessee submitted affidavit also and asks to give details of payment made by the broker and to prove that particular shares were sold by the assessee. Assessing Officer did…
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Assessment on Assessee made u/s 143(3) for the Asst Year 2021-22. Taxable amount of purchase of Rs.10 crores from a Supplier disallowed u/s 37 as the said Suplier has denied the sale transactions with assessee.Supplier has also intimated that he is only a Watchman in a Residential Colony.Supplier has not been cross examined by the Assessee. GST amount of RS.60.00 Lakhs claimed as ITC on above purchases added as unexplained investment. Amount of Rs. 4 crore standing outstanding in the account of above supplier as on 31-03-2021 was also added as unexplained credit.The said amount was paid to the Supplier…
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what can AO add in such a case where circular trading is detected by search wing ? percentage of notional profit ? or disallow only loss ?
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when an individual proprietor converts proprietary business into LLP , will there be any capital gains u/s 45 or 50 on assets introduced as capital ?
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what is the remedy against wrong order u/s 148Ad[1] ?
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Can an individual claim interest income and expenses u/s 44AD ? Is money Lending licence necessary to do so ?
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Assessee , A partnership firm has huge plot of NA land and has constructed commercial building on some portion of said land and said building was used for business purpose. Upto 31-3-2010, depreciation was claimed with respect to said building. However with effect from 1/4/2010, business operations of the assessee was discontinued and so assessee stop claiming depreciation on all of its assets including building. However normal return was filed every year showing losses because certain administrative expenses needs to be incurred. During the year, assessee has sold the full property which consist of Land and Building. Land being long…
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1] whether any remedy against delay in paying taxes under VSVT 20 ? 2]whether any remedy against delay in paying taxes under IDS 16 ?
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Incorrect return uploaded