Firm with 2 partners A & B . A died on june 2020 B has taken C as a partner B & C has calculated the share of goodwill of A on the date of death. B and C decided to pay 50 lack in five years to the wife of deceased A whether the amendment made from 01/04/2020 is applicable in this case and any capital gain on this 50 lack is payable by the firm the goodwill amount calculated on death and paid to legal hair
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Assessee is AOP engaged in the business of construction and developing of housing project . Assessee is consistently following project completion method for recognizing revenue . In this method , the assessee is offering the Revenue when the possession of the unit is givne to buyer after obtaining completion certificate. During the course of search action nothing incriminating documents have been found . The Assessing Officer during the course of search recorded the statement of member of AOp and asked details of the project and about advances received from unit purchasers. On the basis of the details question was asked…
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the assessee has been served with notice u/s 148A to explain transaction of immovable property sale for AY 2018-19. my queries are whether his legal representative can objection to issue of notice u/s 148A similar to section 148 ? whether reply should be given on facts along with objection to issue of notice u/s 148A and ask not to issue notice u/s 148 ? How reply should be given - online reply by his legal representative by adding himself as legal representative of his father or manual letter to jurisdictional AO? By all means, department will issue notice u/s 148…
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I have not received the assessment order for AY 2020-21 till now(2.4.22). Is the date completion of assessment has been extended. Can you please share the relevant notification. Thanks
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Sold house involving LTCG - What are the must-to-d0 as the proceeds have been kept in parents' Savings & FD Bank Accounts; What would be the index from 2009 (purchase-deed) to 2021 (sale deed) ? For purchase, part investment was from Sister, who has now been paid with compensation for those 12 years - Eligible Interest on such borrowed money was never claimed in any of the Assessment Years from FY 2009-10 till FY 2020-21;
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Assesee is pvt limited co engaged in the manufacturing of steel billets. Search action U/sec. 132 was conducted In the month of May 2021. Notice u/Sec. 148 dated 28.03.2021 for A.Y. 2017-18 on the basis of information of Sales tax department about purchases one party. Assessee could not upload the return on due to problem at site , also have evidence for that, as complaint also made. So ultimately on 1.03.2022, assesee has submitted return manually to consider the original return filed u/sec.139(1) as return in response to Notice u/Sec. 148. Then asked the reasons and took objections. AO passed…
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when is the last day for the assesing officer to pass order for the financial year 2019-2020 for scrutiny under section 143(3). what happens if no order is passed by the due date . is any extension given beyond 31-03-2022 due to covid
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Partner retires in March 2020, but his account is settled in April 2020 by cash payment* – Is s.45(4) triggered, which is effective from AY 2021-22? S.45(4) does not apply ► ‘Reconstitution’ is defined as where a person “ceases” to be a partner of firm – where such cessation took place before introduction of law, it is not ‘reconstitution’ ► S.45(4) only shifts timing of taxation to actual receipt – basis of taxation continues to be accrual – which, in the present case, happened in March 2020 ► Receipt as also its connection with reconstitution are twin requirements for satisfaction…
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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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Capital Gain