The Assessee had not filed Return of Income for AY 2015-16 and missed out show cause notice u/s.148A(b) which gave time limit 22/04/2022. Notice u/s.148 is also received requiring the assessee to file return of income within 30 days.
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Assessee is an individual. during the course of search with his brother and his companies on Aug.2013 following documents were found . a. Cash deposit slip about deposit of cash 1050000/- by the said co. b. Gift deed for gift of shares in Pvt. limited co by the assessee to his father. and other relatives were found. on the basis of these documents Notice U/Sec.153C was issued in jan 2016 for A.Y. 2008-09 to 2013-14. while recording the satisfaction the AO has stated that from verification of seized documents it reveals that assessee has certain undisclosed income for the A.Y.…
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My form 5 under VSVS 2020 has already been issued by the department 4 months back granting me refund. The same has not been issued by the AO to us, even after 4 months of issuance of Form 5. Kindly update me with, what is the time limit for issuance of refund under VSVS 2020 & where we can file complaint against the AO? What is the process of filing a complaint against AO to PCIT for not issuing refund under VSVS 2020?
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Treatment of Insurance claim received for theft of car-its treatment in Books of Accounts and under I.Tax ActTreatment of Insurance claim received for theft of car-its treatment in Books of Accounts and under I.Tax Act
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What should be the Treatment of conversion cost where agriculture land converted in to stock. The conversion expenses like development of land and government fee for conversion paid first and later the land was converted for non-agriculture purpose. The land is treated as stock after conversion into non-agriculture. While calculating Long Term Capital Gains, the conversion cost and indexed cost of acquisition both be considered? or Only cost of acquisition is considered and cost of conversion will be considered as business expenditure?
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There is only one Block Of Assets in case of a assessee. This block consists of only one car ,the WDV of the same is Rs. 5,00,ooo as on 1-4-2021.The said car is lost by way of theft on 5-9-2021. The said car is not insured at all. The above said amount of Rs. 5,00,000 will be considered as Business Loss or Short Term Capital Loss.
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*Facts:* 1. Assessee is running a Proprietorship Business of Vendor Payment Services and Gift Cards Processing. FY 2020-21 Turnover was Rs. 96.60 lk. Current year FY 21-22 Turnover is Rs. 13.50 crores. 2. Considering the turnover of previous year – No TDS applicability for Current FY 2021-22 for Section 194C/ 194H and 194J. However, it exceeded Rs. 50 lacs transactions with single parties and hence is covered under Section 194M. 3. Total two parties where the Turnover exceed Rs. 50 Lacs. a. First Party- Availed Gateway Services for vendor payment. This party has its registered domain and known for its…
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Where a remittance is made to a person by way of salary on monthly basis(for services being rendered outside India) to a NRI employed for overseas branch of a firm resident in India. Whether the same is chargeable to tax under the Head Salary in case of such employee in India or in the country where the employee is based.
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Facts: - 1) I have contributed Rs 1.80 cr as advance to Builder on sep 2014 and booked a flat. 2) July 2016, another payment of Rs 27.50 lacs was paid 3) July 2018, Building was completed but i didn't get the possession of premises and dispute filed in court. 4) Court decide in favour of assessee and in dec 2021 settle their dispute a sum of Rs 3.5 cr. (Rs 2.075 own contribution plus interest) Query: - Weather the amount of Rs 1,42,50,000 which is received over and above of own contribution would be consider as "Capital Gain" or…
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I want to know the TDS section for tds on videography or photography services on the basis of case laws.
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Recourse Against Order Passed U/s.148A(d)