In case of Builders 100% deduction is allowable under section 80IBA. Is there any form to be uploded duly certified by CA like form 10CCB? To the best of my knowledge no such form is prescibed. However in the faceless scrutiny the department is asking for above form
► Read Answer
Assessee company is a private limited company and has issued its shares of Rs. 100/- each fully paid up at a premium of Rs. 80/- in the year 2010. As on today the value of the shares is Rs.500/-. the articles of association of the company has a clause for giving option in case of transfer of shares by any shareholder to the existing shareholders only. None of the existing shareholder are ready to buy the said shares from the shareholder who is interested in selling. In this situation can company being a private limited company buy back the shares…
► Read Answer
Assessee is a company, who has invested in a share of unlisted public company in the year 2006 having total cost Rs. 42,00,000/-. In the month of October 2020, the assessee company has received a letter informing them about capital reduction pursuant to resolution plan approved by Hon'ble NCLT and informed that entire existing, issue, subscribed and paid up share capital of said unlisted public company held by existing share holders stands cancelled and extinguished. Therefore, the value of shares of the said unlisted public company becomes Zero. Issues: Whether the assessee company can take the benefit of indexation of…
► Read Answer
Dear Sir, A company named ABC has bought 100% of the equity capital of a private limited company named XYZ. XYZ has no assets or liabilities other than a mining lease allotted by the Government. The mining lease is a valuable asset as it gives XYZ exclusive and monopoly rights. The agreement between ABC and the sellers of the shares of XYZ makes it clear that the only reason ABC has bought the shares is to acquire control over the mining lease. Can ABC claim that the amount paid for acquiring the shares should be treated as amount paid for…
► Read Answer
Respected sir, Due to Covid-19 measures in Country X and India including lack of flights, I have not been able to resume my job in Country X and have been in India during the PY 2020-2021 for the period April 2020 to October 2020. I came to India in March 2020 and was to re-join duty in Country X in April 2020. Due to the suspension of international flights from India (and into Country X), I was unable to join duty in Country X. CBDT vide Circular No 11/2020 had clarified that for the purpose of determining the residency under…
► Read Answer
Assessee is lady who purchase a shop from the developer. During the search action with the developer certain loose papers found which include receipt of cash payment signed by husband of the assesee. Which states that amount is paid against purchase of of some flat and number of flat is also mentioned . Assessee submitted that said flat is not purchased by the assessee and also submitted the evidence in support of the same by producing the index II which shows that the said unit is purchase by other person. AO has issued show cause to tax said amount in…
► Read Answer
Assesseee is private limited company. In addition to Remuneration to Directors , Incentive is paid to them on the basis of profit of the company after finalization of audited accounts and immediately Tax is deducted an paid in the month of June every year. Co is received show casue Notice as to why prosecution should not be made on the ground of not deduction tax on monthly basis and delay in payment of same. Company take a stand that since the incentive is link with finalization of accounts , it can not determined the amount of incentive and therfore there…
► Read Answer
How to Prepare Trading & Profit & Loss Account for F &O Trading in Case of Tax Audit Futures and options (Non-speculative transactions) In Normal scenario, turnover for Futures & Options is determined as follows – The total of favorable and unfavorable differences shall be taken as turnover Premium received on sale of options is also to be included in turnover In respect of any reverse trades entered, the difference thereon should also form part of the turnover. For understanding the above Turnover is taken as “Calculated Turnover”. My question is when an assessee opts for Tax Audit in F & O…
► Read Answer
FORM 3 ISSUED. HAVING BALANCE IN PD ACCOUNT WITH THE INCOME TAX DEPARTMENT DUE TO CASH SEIZED AND ASSESSMENT MADE. CAN I PAY FROM PD ACCOUNT UNDER DTVSVS.
► Read Answer
Facts Demand raised against the assessee after assessment u/s 143(3) First appeal preferred and order in favour of assessee. Amount refunded by department as no addition sustained for refund as well as demand paid along with interest u/s 244A. appeal preferred by the department against order of CIT appeal before Honourable ITAT Meanwhile assessee settled the dispute under VSVS by paying 50% Now revised form 3 received seeking to recover 244A interest already granted to assessee on earlier interest paid and also seeking to collect 234D interest @ 0.5% from date of refund to date of payment under VSVS. Question…
► Read Answer
CA Form for deduction U/S 80IBA -Builders case