Approval u/s 151 was given for A.Y 2019-20 on 30.03.2023 and notice u/s 148 was issued for escapement of income of Rs. 30 lakhs. During assessment proceedings assessee received notice u/s 144B dated 15.12.2023 but even after the notice name of the assessing authority was appearing in the notice. The notice was issued by central circle. whether faceless assessment scheme allows disclosure of the name of the assessing authority.
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As i have income from salary as well as business income for AY 2023-24. I have offered the full salary as income and claimed the TDS inrespect of Salary. With regard to my business income my GST turnover was around 26 lakhs. But my clients have deducted TDS for Rs.34 lakhs which includes GST amount and advance I received from client. Hence I have offered the GST sales ie.Rs 26 lakhs as my receipts and from that offerd income u/s 44AD. And for balance amount i have carried forward the TDS to next year. But CPC allowed the tax xcredit…
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Whether the provision of section 45(5A) of Income Tax Act, 1961 is applicable on transfer of rural agricultural land under Joint Development Agreement (JDA)? The rural agricultural land is not a capital asset as per section 2(14) of the Act, hence, in my opinion the provision of section 45(5A) should not be applicable on transfer of rural agricultural land under JDA. Accordingly, any capital gain from transfer of such land under JDA should be exempt.
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Hello Team, We, as a family of 4, have accumulated sizeable amount (cash) that is supposed to be used for retirement purposes. The amount accumulated is through a sale of property (the tax for this transaction has been paid). Our goal is to form a private irrevocable specified trust, introduce the cash into trust while forming the trust and then deploy that cash into debt and equity investments. Following are our concerns: 1. Tax implication while introducing the cash into trust - It is very much clear that there won't be any capital tax implication for introducing the cash into…
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I am a NRI for last 15 years and received summon u/s 131(1A) for FY 2021 to FY2024. Without disclosing any details, the summons ask for following: Sources of Income earned by me and my family members in India & outside India Details of interest earned by me and my family members on NRE/NRO/FD/FCNR/HUF account All property dealings during this period All Bank account statement Details of any business conducted by me in India Copies of my and my family member passports All property documents which are held by me and my family members I understand that as NRI, I…
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a registered firm purchased some item from a registered dealer having valid GST number, the goods were delivered through E-WAY BILL, but while making payments after some time assessee came to know that firm has been closed and registration is also cancelled therefore payment could not be made during the relevant financial year and shown as outstanding in his balance sheet. The department treated this as bogus transaction and added to his income after issuing 142(2) followed by 148, therefore a huge demand is created. the department issued a demand stating that if total demand along with interest is deposited…
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Whether imposition of tax on subsidy and concessions under amended provision of section 2(24)(xviii) (Finance Act 2015)
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Whether builder developer is required to deduct tax on amount paid to the existing members by way of rent for alternative accommodation as well as corpus and other sum paid as part of development agreement?
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Mr. A is a proprietor of various business having different trade name and place of business but the nature of business is same. Can he transfer the business to M/s. A Ltd company after retaining immovable property in his name so no capital gain tax is payable. Is it necessary to transfer it’s entire business with all assets and liabilities to the A Ltd company?
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A resident paying rent to NRI, deducting TDS @ 31.20%. However at the time of filing return (form 27Q), he did not mention the PAN and straight away mentioned “PAN not available” At what rate TDS is deductible ?
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Regarding Faceless assessment