Answers On Category: Income-Tax
ASSESSEE IS ENGAGED IN BUSINESS OF REAL ESTATE AND HAVE LAND AND BUILDING IN HIS STOCK IN TRADE. HE WANTS TO MAKE GIFT OF A LAND TO HIS FATHER. WILL THIS BE TAXABLE AS BUSINESS INCOME IN THE HANDS OF DONOR ,IF YES, THEN AT WHAT VALUE.
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Hello experts for an AOP which is a residential welfare association what do u mean by MMR. SHares are not determinable and hence MMR is applicable. Does MMR include surcharge also at the highest rate or does the surcharge remains as per the slabs. Income of AOP is 42 lakhs for FY 2021-22 Can u someone let me know what is the tax rate including surcharge(if any) for the above income. Above income is the interest income and other source income for the AOP. If possible quote the section so that we can advise the client along with the provision…
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The deduction claimed was wrong and 148 notice issued for income escaping assessment. When the wrong deduction now rectified and showing the correct income in ITR filed u/s 148, which return will be considered by the ITO.
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the assessee had applied for recognition as eligible business in December 2024 but is yet to obtain the recognition. IS there a possibility for the assessee to file a return and claim exemption under the section notwithstanding the fact that the recognition is yet to be obtained
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I have taken a land from Cuttack development authority for 99 years lease now the income tax department asking why 194 i will not be applied. kindly justify the same
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My case is I have given for JDA and got six Flats in return. Occupancy Certificate issued in this FY. I have sold two flats in this FY and want to retain 4 Flats and claim deferment of Tax for retained Flats.
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While the Re-assessment proceedings based on the finding in a third party search holding the fact of cash transaction itself pending in appeal which remains subjudice, whether such Penalty to be levied without waiting for decison in the appeals against re-asst proceedings.
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Reassessment Summary – A.Y. 2017-18 Original Notice u/s 148The first notice under section 148 was issued by the Jurisdictional Assessing Officer (JAO), Ward 31(1)(1), Mumbai on 27.04.2021, i.e., during the transition period between 01.04.2021 and 30.06.2021. Subsequent Proceedings post-Ashish Agarwal JudgmentAfter the Ashish Agarwal decision of the Hon’ble Supreme Court, a notice under section 148A(b) was issued on 26.05.2022 by ITO Ward 2(2)(3), Mumbai (a different officer).Thereafter, the order u/s 148A(d) and fresh notice u/s 148 were issued on 30.07.2022, after obtaining approval from the PCIT. Issues for Consideration Jurisdictional Validity of NoticeThe reassessment notice u/s 148 can be issued…
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GIFT OF LAND BY DEALER IN REAL ESTATE TO HIS FATHER