Should not the deduction u/s Sec 80TTB for Rs. 50,000, being a standard deduction , same way as the standard deduction in respect of salary income, be allowed to a SC/SSC irrespective of his opting for the old or new regime; especially if he claims no other ineligible deduction as specified ? NOTE: Refer the Poser raised with the CBDT/CPC , also vide Post on FB/ Linkedin, to which no response has been received so far.
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Assessee is an individual and partner in partnership firm engaged in the business of advertising. In the A.Y. 2008-09. Assessee has capital long term gain other than land and building amounting to Rs. 3.25 cr. Assessee has invested the entire amount for purchase of bungalow along with the land . The area of constructed bungalow is about 20000 sq.ft and area of land on which bungalow constructed is 60000 sq.ft Assessee has executed registered the Development Agreement and power of attorney by paying full stamp duty and also taken the possession of the said property. The assessee has not carried out…
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Dear Sir, Assessee received notice dated 20.05.2022 u/s 148A(b) in consequence to Hon'ble SC Order dated 04.05.2022. Assessee's case relates to LTCG. The information mentioned in the notice addressed to the assessee is totally wrong 1. name of the company in which assessee did purchase and sell of shares as per AO is wrong. 2. Amount of shares purchased and sold is wrong. 3. Name of broker to whom assessee purchase and sale of shares is wrong. Assessee filed reply in response to notice u/s 148A(b) mentioning that information given by you is wrong. Now, the assessee approached the concerned…
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Assessee received order u/s 148A(d) of the Act within the time limit of 30 days from the date of reply given. However, in the said reply, the AO has not considered the detailed objections raised by the the assessee and also not provided all the information and documents relied upon as required by the decision of Hon'ble Court in the case of Ashish Agarwal, tough it is mentioned that same has been provided to the assessee. In the order u/s 148A(d) of the Act, the AO has stated that assessee's request for copies of documents, statements and opportunity of cross…
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Assessee is an individual and filed the return of Income disclosing income from business and other souces for AY 2014-15. During the year under consideration has also sold agricultural land and profit on sale of the same on the bonafide belief and as per certificate from Talthi that said land is beyond 8 kms from municiple corporation and population of the village is less than 10000. As per mutation entry also crops like ground nut were cultivated. During the course of scrutiny which was selected under Cass for large deposits in Bank, which includes amount received on sale of agricultural…
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Suppose, SAR issued by Parent entity to employees of subsidiary with no reimbursement from Subsidiary. Subsidiary claim it as expenses. Is it allowed? If yes, do we have any Case law supporting this?
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Dear Sir, A charitable trust registered under section 12A(a) of the Act. The Society has been allotted land by DDA for the purpose of charitable activities. Now, the Society rented out part building to Limited Companies and the said rent receipts were spent on renovation/construction of the said building. Can the Society claim exemption under section 11 of the Act? Please clarify.
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THE ASSESEE HAS SOLD LISTED COMPANY SHARES THROUGH BROKERS IN BUY BACK AND STT IS CHARGED.WHETHER SECTION 10(34A) BENEFIT AVAILABLE.IN FY 21-22 TCS,JUST DIAL ETC BUY BACK OFFER HAD COME THROUGH BROKER MODE AND STT CHARGED.PLEASE NOTE THAT IT IS NOT DIRECT PURCHASE BY COMPANY. PLEASE REPLY ABOUT ABOUT SEC 10(34A).
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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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Standard deduction under Sec 80 TTB for AY 2022-23