Assessee and 10 others friends have purchase two plots in The year 2019.and decided to do the construction. Also got the plan approved from Local authority in the name assessee and others. All the owners of land have executed MOU cum declaration where they have mentioned that all have agreed to open Escro account and which will be operated by assessee and one more person from remaining land owners. Each owner will contribute amount require for construction in the same proportion of their ownership of land. In the said declaration they have also mentioned the ratio of profits and losses…
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I received 148 notice for AY2014-15 on 30/06/21 which I challenged in high court. After SC verdict I received reasons to believe, 151 approval and other documents. I found out that both 148 & 151 were digitally signed and time stamped. The time on 151 was later than 148. So practically AO Didn’t have approval from PCIT when he issued 148. I challenged this aspect in my reply to AO. The orders from AO are yet awaited. The last date mentioned on AO Letter for me to submit reply was 9th June. Till date AO hasn’t issued orders or 148.…
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Whether clause 44 And 30C of Form 3Cd are applicable for Reporting in 3CD for Asst Year 2022-23.
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Respected sir, A charitable trust registered u/s 12A(a) of the Act, now carrying on business activity having in excess of 20% of gross receipts wants to forfeit exemption u/s 11 . what is the itr form to be used? taxability is on net receipts (after expenses) or on grosss receipts , what is the rate of tax ? Pl elucidate
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Assessee is an individual and has income from partnership firm, interest on fixed deposits. The assessee has filed the return of income for A.Y 2015-16 wherein the income on account of LTCG on sale of agricultural land and interest on savings bank account was remained to be disclosed in the return of income. Therefore assessee submitted a letter before the AO that he was under a bonfide belief that the land being agricultural land situated outside 8 kms from the local authorities, therefore has not offered the income form sale of said land in the return of income. After coming…
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Regular NRI assessee due to technical reason could not file the ITR for A.Y. 2020-21. TDS is more than the tax liability. Whether in application U/s 119 of IT Act to CBDT for permission to file the ITR can be obtained? Is there any other alternative with the assessee?
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I purchased the residential flat on 19th sept 1988 for Rs. 2,31,000/- subsequently flat went for development under individual agreement dated 31/12/2010. showing a value of Rs. 7,97,500/- and stamp duty paid by developer was Rs. 22,500/- subsequently redeveloipment delayed and was finally completed and cc certificate issued in November 2018. What will be the cost of acquisition if I plan to sell the flat now?
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On dissolution of firm, when it pays capital gain tax u/Sec. 9B, whether firm is elegible to claim exemption U/Sec. 54EC if assets distributed To partner is long term capital asset. If the firm decided To make investment in specified bonds and then distribute the same to partners in its books of accounts and record the same facts in dissolution deed and If partners offer the income accruing on the in investment on year To year basis, is it possible to claim the amount received on Redumption after five years completely tax free? Whether credit for TDS is available to…
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The assessee sold an immovable property and deposited sale consideration to the tune of caital gain under Capital gain scheme account and claimed deduction in ITR 2020-21 under 54F. Thereafter, the assessee demised before utilizing the deopsoit amount as per scheme. What will be tax treatment of Capital gain in case, the legal heir of assessee does not purchase any property or does not utilise the money as per scheme.
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Assessee is a private limited company engaged in the business of construction. In the FY 2012-13, assessee company has issued 3,00,000 shares of Rs. 10/- each to various parties at a premium of Rs. 90/- per share and accordingly collected Rs. 30,00,000/- for share capital and Rs. 2,70,00,000/- on account of share premium. During the course of assessment proceedings, AO asked the details about issue of these shares to various companies at a premium and justify the genuineness of the transaction. The assessee company could not produce the evidence in support of the same. Therefore, the AO made the addition…
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BOI OR Co ownership