I have not received the assessment order for AY 2020-21 till now(2.4.22). Is the date completion of assessment has been extended. Can you please share the relevant notification. Thanks
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Sold house involving LTCG - What are the must-to-d0 as the proceeds have been kept in parents' Savings & FD Bank Accounts; What would be the index from 2009 (purchase-deed) to 2021 (sale deed) ? For purchase, part investment was from Sister, who has now been paid with compensation for those 12 years - Eligible Interest on such borrowed money was never claimed in any of the Assessment Years from FY 2009-10 till FY 2020-21;
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Assesee is pvt limited co engaged in the manufacturing of steel billets. Search action U/sec. 132 was conducted In the month of May 2021. Notice u/Sec. 148 dated 28.03.2021 for A.Y. 2017-18 on the basis of information of Sales tax department about purchases one party. Assessee could not upload the return on due to problem at site , also have evidence for that, as complaint also made. So ultimately on 1.03.2022, assesee has submitted return manually to consider the original return filed u/sec.139(1) as return in response to Notice u/Sec. 148. Then asked the reasons and took objections. AO passed…
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when is the last day for the assesing officer to pass order for the financial year 2019-2020 for scrutiny under section 143(3). what happens if no order is passed by the due date . is any extension given beyond 31-03-2022 due to covid
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Partner retires in March 2020, but his account is settled in April 2020 by cash payment* – Is s.45(4) triggered, which is effective from AY 2021-22? S.45(4) does not apply ► ‘Reconstitution’ is defined as where a person “ceases” to be a partner of firm – where such cessation took place before introduction of law, it is not ‘reconstitution’ ► S.45(4) only shifts timing of taxation to actual receipt – basis of taxation continues to be accrual – which, in the present case, happened in March 2020 ► Receipt as also its connection with reconstitution are twin requirements for satisfaction…
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A notice under section 148A has been issued on the assessee for re-assessment of AY 2018-19. Since the assessee was already assessed for AY 2018-19 in an earlier assessment. Can the assessee do the following on receipt of notice under section 148A: (1) Ask the AO for providing the 'reasons to believe,' considering that under the new regime notice under section 148 is issued on the basis of the 'information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment'? (2) Can the assessee object to the reasons to believe furnished by the AO on…
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Tds deducted from bills raised on HAM Project .Bills debited to w i p account shown in assets side .No sales or revenue receipt is there .Huge amount of tds deducted .whether the Sade tds is required to carry forward to next year till we receive annuity or can be claimed as refund on current assessment year? Or whether assesee can offer the income to the extent of TDS and claim the TDS every year.pl guide .
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The Honable Courts of various States has quashed the Notice issued under Section 148 after the 31.03.2021. My question is once notice issued and quashed by the Honable Court (irrespective of income involved), can Income Tax Authorities issued the Notice under 148a on same issue after 31.03.2022. If so does it voilate the Fundament Right 20 which protect against the double jeapardi
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The assessee company original assessment for asst year 2006-07 was completed u/s 143(3) in 2008. Assessee case was reopened in 2010 and 143(3)/147 was done in 2010.Assessee paid taX determined within 30 days in 2011. ASSESSEE preferred appeal and got part relief in 2011 from cit appeal.In itat also some relief was granted IN 2016/2019 .The assessee was given appeal effect order in 2022 january for both cit appeal and itat .(appeal effect given in jan 2022 for both). However on perusal it is seen that interest u/s 244A is 6 pc per annum.The assessee feels that interest u/s 244A(1A)…
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The assessee is an individual engaged in the retail trade business. He has offered the income u/s 44AD by applying net profit rate at 10% of gross receipts of Rs. 15,10,125/-. For A.Y 2015-16, on the basis of information that assessee has deposited cash of Rs.8,70,500/- in bank. In response to notice u/s 148, the assessee has stated this cash is deposited out of his business receipts of Rs. 15,10,125/- and which is more than cash deposited in savings bank and therefore no addition on account of unexplained cash deposit in the bank account can be made. The AO has…
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AY 2020-21 time limit for Completion of assessment