Answers On Category: Income-Tax
Abcd solutions sdn bhd (ABCD) registered, incorporated and resident in Malaysia. The shareholders comprising of 4 individuals ( 3 malaysian residents and 1 Indian residents). 3 malaysian residents are also the directors of the company. Xyz the indian reaident shareholder based in India represents the company in meetings with suppliers in India. However the business decisions are made in Malaysia (by the 3 directors) ABCD does not have any employees or place of business in India. ABCD derives 100% commission income from India. Q1 - Based on above facts, does Xyz presence in India create a PE risk in India?…
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A battalion of Special Armed Forces has been given a licence to operate a petroleum outlet. It has obtained PAN in the Government category (4th character of PAN is 'G') and then also got GSTIN. My query is whether the said battalion of SAF is required to get its account in relation to its petroleum outlet audited u/s 44AB of the Income Tax Act and whether it is liable to file its return of income in respect of its petrol pump. If the answer is in affirmative, then which ITR will be applicable, and what would be the status and…
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There is a Partnership Firm having three partners.The Net worth of the Firm is Rs. 100 Crores (considering Market value of Goodwill and Immovable Properties-whereas Net worth as per Books of Accounts is Rs. 50 Crores) as on 31-03-2022. A new Partner is admitted in the Firm on 1-4-2022 and he is given 25% Share of Profit in the Firm whereas existing partners Share is reduced. New Partner contributes Rs 25 Lacs in Firm as his Capital Contribution.Existing Partners are not given any Stock nor any Immovable Property nor any money over and above the balances appearing in their capital…
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Assessee had land in dholera. Dholera has population of 2500 peoples. There is no town within 20 kms from dholera (land of assessee) having a having population more than 10000. The government has recently recognized dholera as residential zone and passed town planning. Q - whether the land of assessee will be considered as agriculture land as population of dholera is less than 10000 and whether sale of said land will be taxable? Q - Or whether due to the status of land being residential zone and under town planning, the sale of given land will be taxable Q -…
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Mr.A booked a flat in FY 2010-11 and made the payment of booking amount through banking channels. Total consideration to be paid for the flat was Rs.68Lacs. The builder issued 'Earnest Money Receipt' for the same in FY 2010-11 .Subsequently the installments were paid from time to time by Mr.A.Some of the installments were also paid by his real brother Mr.B.The installments paid by Mr.B is also mentioned in the audited accounts maintained by him. In the sales customer ledger issued by the builder for FY 2010-11 to 2019-20 the name of Mr.B has also been mentioned as co-applicant along…
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Assessee is an individual AND received gift of Rs. 10 lakhs in A. Y. 2020-21. ASSESSEE has claimed it is not taxable as it is received from step brother. However AO is not accepting contention of appellant on the ground that step brother or sister is not covered in the definition of Relative under Income tax Act and therefore he has made an addition in the hands of assessee with mentioning any section. Is action of AO is correct and justified in Law. Whether assessee has case to fight in an appeal. Pl guide
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I have mistakenly paid the amount in VSV Scheme in Minor Head - Self Assessment Tax (300) instead of Tax on Regular Assessment (400). What do I do now.
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Is it necessary to register Partition Deed of HUF if it does not own any immovable property?
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how many days can file application u/s 254 and how many days to file application of condonation delay
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One immovable property (flat)was purchased before 01/04/2017 for which all payments were made before 01/04/2017. allotment of the property as well as possession was given before 01/04/2017. However, due to some reasons the registration (purchase deed) was done after 01/04/2017. As we all know that section 56(2)(x) of the I.T Act came into effect from 01/04/2017 my question is that will provisions of section 56(2)(x) of the I.T Act will be attracted in this case?
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International taxation