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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Assessee is Private Limited company . For A.Y. 2020-21, has opted to be taxed U/SEc. 115BAA of the Act. For The A.Y. 2019-20, assessee has paid the tax as per regular provisions. In the A.Y. 2019-20, there was unutilised additional depreciation u/s 32(1)(iia) of the Act. The assessee company as per the proviso to section 32(1) of the Act and proviso to section 115BAA, wherein it is provided that, where there is a depreciation allowance in respect of a block of a asset which has not been given full effect to prior to the AY beginning on first day of…
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Assessee is an individual. and for A.Y. 2012-13 since his appeal was pending before the CIT(A) has opted for the VSVS and fill up the form 1 and 2, As per the Advice of his Lawyer has paid the tax as per working of the liability given by the lawyer . However , while issuing Form 3, the liability worked out by the PCIT is more by Rs. 12/- , and where as as per Lawyer the assessee has paid correct amount. PCIT is rejecting his application under VSVS as there is short payment of Rs. 12/- . Please guide.
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Assessee is Partnership Firm having 3 partners . Son and daughter of the one partner are working as employee for last more than 5 years . All the partners have decided to take the Term Policy( which is not key man Ins Policy) in the name of these employees to safe guard the interest of firm, therefore decided to claim the same as deduction U/SEc. 37 of the Act. The nominee of the policy will be Firm. Whether this is allowable deduction in the hands of firm U/Sec. 37 of the Act ? Whether the premium paid will be considered…
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My Arrogant father brought few properties under my name. I trusted him, signed on documents wherever needed my signature. He never revealed the details, I never asked him. I was a fool to believe him, all this happened more than 20 years ago. These properties are now in dispute, other parties are contacting me, threatening legal actions and other consequence. I am asking my father to explain the details, but he is so arrogant, he claims it is none of my business, since those properties belong to him. I agree with him that I didn't contribute anything in purchasing the…
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We have settled a dispute under Direct Tax VsV Scheme. We would like to withdraw the appeal. Please provide any template for reference.
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Section 147 r.w.s 148 to 153