There is one partnership Firm WITH 2 PARTNERS. One of the partners died in the month of March 2022. Sharing ration was 50:50. They had one Shop in the books of account and were claiming depreciation on it, WDV 31.3.2021 47,360/-. Shop Acquired in the year 2001- 02 COA - INR 334470 /-. Now the firm is selling the shop for INR 12,44,000/- (fair value). The asset is not yet transferred. There will be STCG to the firm as per sec. 50 INR 11,96,640 ( 12,44,000 - 47360 ) My query is : 1. To save on the capital gains tax…
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Assessee is private limited co filed the Return of Income filed the Return of Income For 20-21 where in Education cess has been claimed as expenditure on the basis of decision of hon'ble BHC. Assessee co has received SCN as to why proposed variation should not be made on 8.08.2022. on following grounds 1.Education Cess is not an allowable expenditure/deduction u/s 40(a)(ii) of the Income Tax Act, 1961. 2) It has retrospective effect from 01.04.2005 i.e. A.Y. 2005-06. 3) Penalty u/s 270A is imposable on such claim for under reporting of income. 4.Hence, you are requested to show sufficient cause…
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Assessee firm has made declaration under IDS for A.Y.2015-16 amounting to Rs. 3.30 cr. and has paid the installment of tax due on 30.11.2016, 30.03.2017 and 30.09.2017 , however due to mistake of CA , there was shortfall of Rs. 1313000/-, which he has paid on 3.10.2017. The assessee thought he had made the compliance of IDS. since the all the mail id of CA was given , assessee was not aware of the shortfall and proceedings completed by the AO U/Sec.147 r.w.s.144 r.w.s 144B on 22.03.22 , where in AO has taxed the entire amount disclosed under IDS amounting…
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Background Company A is headquartered in US and has a subsidiary company B in India. Company A is primarily owned by a Private Equity firm (approx. 80% ownership) Company A (US company) has issued ESOP to employees including employees of subsidiary company in India. Stock options were issued at a price of $10 per option. FMV as per merchant banker report is $15 as on December 31, 2020 In June 2021, there is transfer of ownership to a new Private Equity company. Both are large PE firms and majority stake exceeding 70-75% has exchanged hands As per transaction price for…
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Can one opt for filing new ITR U after notice under Black Money Act is already served? If income pertains to AY 16/17 but BMA notice is served in AY 21/22, what will be the year for which ITR u can be filed ?
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Whether employees of Autonomus body such as FTII/ NSD are treated as Govt. Employees; as CCS Rules are applicable to them.? Can leave encashment receive at the time of retirement is exmept in these cases?
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Assessee has agreed to sell a flat and made agreement with buyer, possession of flat is also given within time but consideration of flat is not received from buyer . Now question is they want to claim exemption by investing in 54EC Bond but the Sale consideration is not yet received. Stipulated time of investing in 54EC is over and still consideration is not received, is any case law to prove that transfer is still not completed as consideration is not received.
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CELEBRITY CRICKETOR WITH AN INTENT TO TO MAINTAIN GOOD IMAGE/SOCIAL STATUS AND TO GAIN MORE FOLOWERS AND NEW BRAND ENDORSMENT PURCHASES EXPENSIVE WATCH AND CLOTHES FOR HIM. Q1. CAN SUCH PURCHASE OF CLOTHS / WATCH BE CLAIMED AS EXPENSE DEDUCTION FROM BRAND ENDORSMENT INCOME AND CRICKET INCOME. CRICKETOR TAKES SHOULDER INSURANCE KNEE INSURANCE LEG INSURANCE I.E. IMPORTANT BODY PART REQUIRED TO PLAY CRICKET AND ALSO WITH A CLAUSE THAT IN CASE OF INJURY TO ANY SUCH PART DUE TO WHICH HE IS NOT ABLE TO PLAY MATCH INSURANCE COMPANY WILL REPAY. Q2 - CAN SUCH INSURANCE AMOUNT BE CLAIMED AS…
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Assessee is a charitable trust duly registered u/s 12A of the Act. Assessment for A.Y 2015-16 was completed u/s 143(3) of the Act in October, 2017 by assessing the income in the hands of the assessee as charitable trust which is registered u/s 12A of the Act. Registration u/s 12A was cancelled in May, 2018 on the ground that the trust had indulged in illegal activities by accepting capitation fees and therefore the trust is sham or bogus, disregarding the fact that the trust is involved in educational activities and also accepted by the department in past since its inception…
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is it taxable if purchase of sali land is below the stamp value u/s 56(2)x
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CAPITAL GAIN