Answers On Category: Income-Tax
Refer to the Article titled, – “Adjustment By Income Tax Department U/S 143(1)(a) In Respect Of Debatable Issue” (Posted on May 30, 2020 by editor Posted in Articles — 21 Comments ↓) EXTRACTS (: “DUE TO THE SETUP OF THE CENTRAL PROCESSING CENTRE, ALL THE INCOME TAX RETURNS FILED BY THE ASSESSEES ARE PROCESSED THROUGH COMPUTER PROCESSING. NO MANUAL INTERVENTION IS DONE. Presently the assessees are getting notices from the income tax central processing center for adjustments under section 143(1)(a) of the Income tax Act. AS PER THE NOTICES ISSUED, EXPLANATIONS ARE CALLED FOR FROM THE ASSESSEE FOR WHY ADJUSTMENT…
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Assessee is an individual and Hindu . He got married with another women in the life time of first wife. He had two children from first wife and a daughter from second wife. First wife expired and thereafter almost 25 years assessee and his second wife are living together as husband and wife and also accepted by all family and society. Assessee was also assessed to tax in the capacity of HUF also. The family members consisting of the children of first wife and the second wife and her daughter has decided to settle their disputes about the property of…
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What are the consequences of 271(1)C ? also how to prove and how to solve 271 1c ?
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I got Summon notice From income tax department under section 131(1A) by india post but i search income tax website but notice not showing Genuine
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Assessee is an individual and Hindu . He got married with another women in the life time of first wife. He had two children from first wife and a daughter from second wife. First wife expired and thereafter almost 25 years assessee and his second wife are living together as husband and wife and also accepted by all family and society. he had his HuF . He died with out having any will. what are rights in property of second wife and their daughter . whether they have any rights in properties of his HUF . pl guide .
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If any partner withdraws an item of stock in trade of a builder firm [say 1 flat] at cost, what are tax implication on firm and partner both ? 43CA/56[2]x are applicable ?
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What is the remedy for assessee if appeal effect order is not given correctly by AO on ITAT orders and the same resulted in lower refunds and interest thereon.
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The assessee had issues that had gone to ITAT for ASST YEAR 2006-07 and thereafter AO gave appeal effect order.THEREAFTER the AO compared normal income and 115JB calculations .However in 115JB calculations the AO ignored 88E which per settled law is allowable from tax on 115JB income(PER KARNATAKA HC AND DELDI HC).The AO granted LOWER refunds on basis of 115JB calculations as it is higher on TAXABILITY as rebate was denied of section 88E from tax on 115JB.BEFORE CIT(A) AND ITAT 88E AND 115JB THINGS WERE CONSEQUENTIAL ISSUE AS STT AND NON STT INCOME CALULATIONS WERE MAIN ISSUES. QUESTIONS 1.WHAT…
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Company "A" has assigned the loan (a fully written-off loan account) to the NBFC in the year 2021 at a discounted value (lower value as compared to the original debt obligation). The loan was taken over by NBFC because NBFC is hope full of that it will recover the higher amount in the future. The Borrower against the loan (original debt) has allotted redeemable preference shares (RPS) of Rs 100/- each at par to the NBFC. The Borrower's net worth pre-allotment of RPS is negative. The query is What will be the tax impact on NBFC when the loan is…
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A COMPANY HAD DEDUCTED TDS OF RS. 50 LACS WHICH WAS PAID LATE BY 7 MONTHS DUE TO COVID 19 AND FINANCIAL CRISIS. THE SAID TDS WAS PAID LATE WITH APPLICABLE INTEREST AND LATE FEES. ALSO THE TAX WITH INTEREST AND RETURN WITH LATE FEES WAS FILED VOLUNTARILY BEFORE RECEIVING ANY NOTICE. NOW AFTER 2 YEARS, THE DIRECTOR HAS RECEIVED NOTICE FOR INIATIATING PROSECUTION AS THE COMPANY HAD COMMITTED DEFAULT AND IS A PERSON IN DEFAULT. WHAT REPLY SHOULD BE FILED TO AVOID PROSECUTION?
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Processing of Tax Return by CPC