Answers On Category: Income-Tax
my son who is canadian PR holder has gifted a sum of Rs. 5 Lac in FY2020-21 to me. how can i show this in ITR & claim the exemption?
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Assessee is partnership firm engaged in the business of construction and development of housing project. Assessee firm has filed the Return of Income for AY 2018-19, 2019-20 and 2020-21. While filling the Return of Income as per advice of CA, added back the difference in stamp duty valuation and actual consideration u/sec 43CA of the Act. While making this disallowance, assessee firm has added the difference even though the same is less than 10%. Since the disallowance was huge, assessee firm has uploaded the Return with out making payment of self assessment tax. All the returns are processed u/143(1A) of…
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If assessee get redeveloped flat today against his old flat and same is sold after 2 years , the cost of acquisition would be stamp duty value as on today?
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Sir, Thanks for providing us the updated judgements. Whether these are now not updated, as after April'2021 we are not able to see any update in judgements. Please confirm & clarify
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When Mr A wants to sell a ownership flat received free by him on surrender of tenanted flat at the time of redevelopment . What is its cost and what is period of holding ?
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1.Penalty of Rs.5,00,000 u/s 271(1)(c) was deleted by CIT appeal on the ground that penalty order passed by A.O. was passed after six months u/s 275(1)(a) . 2.The revenue is in appeal before ITAT on the ground that i) The penalty order was received late by CIT ii) The case is covered under exception to small tax effect circular of CBDT para 10(a) iii) Appeal admitted by the High court in quantum case is not relevant since withdrawal application has been filed by the assessee as per Vivad se Vishwas scheme. 3. On behalf of the assessee it was submitted…
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Assessee has purchase flat from developer. During the course of search at the premises of developer one excel sheet was found in which data regarding name of person flat no, agreement value and cash consideration was mentioned. Accountant and developer accepted in the statement recorded that they have collected on money from flat purchasers. Developer went to settlement commission and also submitted about on money as source . Assessing Officer has issued notice u/sec. 153C for 6 years to assessee on this information. Assessee has filed the returns in response to notice U/sec. 153C of the Act and submitted that…
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Section 145A(ii) requires certain adjustments to be made in valuation of Purchase and Sale of Goods and Services and of Inventory for computing Taxable Business Income of a Assessee who is following Exclusive Method of Accounting. Query is:-Whether adjustment is also to be made for GST paid on Purchase of of Fixed Assets and Indirect Expenditure Incurred, when such GST has been debited to GST Account and not to Duties and Taxes Account(Expenditure Account).
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Please advise the form in appeal can be filed before ITAT against order passed under section 144C of Income Tax Act 1961
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The à declared under IDS but the taxes not paid. Notice U/s 148 issued. The declared amount vin Form 1 is treated as undisclosed income. Kindy guide how to proceed? Regards
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Exemption u/s 56 (2) (x)