Whether Long term capital loss on listed securities (STT paid on buy & sale both) can be computed by following the section 112(1) by taking benefit of indexation as given in second proviso to section 48. Whether section 112A is mandatory to be followed or it is an option to choose either section 112 or section 112A whichever beneficial to assessee while computing long term capital loss. Or if the computation results in a gain, assessee will have to re-compute the capital gains having regard to the provisions of section 112A of the Act.
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Facts: In case of a unlisted company, buying back it's own shares at face value of Rs.10/- when the fair market value of share as per income tax rules, is Rs.300/ and the said share ,was allotted at a premium of Rs.90/-. Query: Whether provisions of section 56(2)(X) and section 50CA of IT act providing deeming fiction of income , shall be applicable ? Whether benefit of the Hon'ble Mumbai Bench ITAT decision in case of VORA FINANCE shall be available to the assessee company and also the shareholder and the difference in the buy back price and FMV shall…
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Mr. A (died on 1 June 2021). His tax return is pending to be filed for FY 20-21. For FY 20-21, as Mr. A was alive throughout the year, all his income would be taxable in his hands. Accordingly, will have to get a legal heir registered on the income tax portal and proceed to file his return for FY 20-21. For FY 21-22, he has income earned for 2 months until 31 May 2021. Thereafter, income received would be reported in the hands of legal heir. Thus, 2 returns would be required to be filed, (a) one for 2…
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Respected members, we have received FORM 3 by designated authority in Dec 2020. Out of 5 AY's , their is refund n 4 AY's. We have not filed FORM 4 till date. Please guide us whether we can file FORM 4 now and also how to apply for refund claim.
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IF AN ASSESSEE INDIVIDUAL SELLS HIS RESIDENTIAL SITE IN INDIA AND GIFTS THE SALE PROCEEDS TO HIS DAUGHTER (NRI) FOR THE PURCHASE OF A RESIDENTIAL HOUSE OUTSIDE INDIA, CAN THIS BE ELIGIBLE TO CLAIM EXEMPTION?
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WHAT WILL BE THE WITHHOLDING / TDS RATE ON FEES FOR TECHNICAL SERVICE PAID TO NRI (RESIDENT OF USA). PLEASE NOTE, TRC OF THE NRI IS NOT AVAILABLE. CAN BENEFIT OF DTAA BE CLAIMED. WHAT IS THE TAX RATE AS PER INDIAN INCOME TAX ACT AND DTAA OF USA ON FTS. AS PER MY UNDERSTANDING IF THE RECEIVER DOES NOT HAVE PAN - THEN TDS AT HIGHER RATE OF 20% IS TO BE DEDUCTED. WILL THIS PROVISON BE APPLICABLE HERE?
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Dear Shashi ji, Could you pl advise us the last date for issuance of notice under 143(2) for FY 2018-19 not for FY 2019-20 Kind regards Sameerjain
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Dear sir, Which is the last date to issuing scrutiny notice for AY 2019-20 ? Kind regards, Sameer jain
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Due to the introduction of TDS on dividend payments, the company has deducted TDS u/s 195 for the dividend payments to non-residents. Should the company also file Form 15CB for those cases? Also, please clarify what is the applicability of Form 15CB if the transfer is made to the Indian bank account of the non-resident?
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Is gift by maternal grandmother to the grandson covered under the definition of relative for the purposes of section 56(2)(x)?
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Section 112A is mandatory or an option to choose section 112 or section 112A whichever beneficial