Answers On Category: Income-Tax
If the accumulation of surplus is not shown as appropriation in Income & expenditure Account, can the benefit of 11(2) be denied. I ran a ICAI Chat GPT query, and got the following cases Gujarat State Board of School Textbooks v. ACIT (Exemptions) [2022] 139 taxmann.com 155 (ITAT Ahmedabad) ITO (E) v. Chamber of Income Tax Consultants [2020] 117 taxmann.com 321 (ITAT Mumbai) Bharat Diamond Bourse v. ADIT (Exemptions) [2021] 127 taxmann.com 54 (ITAT Mumbai) I am unable to find the cases, hene this query
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Can we claim exemption/relief on Capital Gains from Indian Mutual Funds for NRIs in Saudi Arabia by virtue of Article 13(6) of DTAA with Saudi Arabia?
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Search u/s 132 in progress for 20 plus days. In between, can Authorised officer record a statement of the searched person u/sec. 131 to investigate about seized material? Can these statements be used for third party legally?
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Father A and Son B were searched u/132 at residence. Diaries written by father seized, owned up by him. Certain notes on cash loans were written in the name of Son B in that dairy. B not aware. Assessment under which Sec. to be carried ? 153 A or 153C?
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I am an NRI. I have suffered a LTCLoss from the sale of Listed shares of Indian Companies , Under the Capital Gain item No. 6 - 7 - 8 & 9 are for NRI. Under which item should I report the above mentioned loss
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Hi, We are a Private Limited Company & need to make dividend payment to to just become NRI shareholder in INR. As per your opinion Form-15CB& 15CA is applicable for the dividend payment transaction. As the Form-15CA-CB requires the currencies to be mentioned in INR as well as Forex. In such case how to mention the forex amount as the payment is in INR. Hope for the earliest reply in the matter. Best regards,
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Buy rural agriculture land and within 24 months without any agricultural activities on such land by aseessee sold after development in plot. Is it treated as capital asset and liable to capital gain.
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Amount given by all family members for investment in the Residential House property- Property will be used by all family members. So the amount taken can be shown as interest free loan. If transaction is between spouse or daughter in law whether clubbing will attract. If yes please provide some circular or any case laws
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My client want to shift from cash basis to Mercantile basis of accounting, but some services rendered in Mar last week and bill prepared in April. How to give effect of the bills in financials.
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Procedure for informing Income tax authority about death of an assessee. How to surrender PAN after death of a person.
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Accumulation of surplus u/s 11(2)