Can the amount deposited in the account of wife on selling of land can be considered as gift under section 56(2)(vii), to the relative without any gift deed.
► Read Answer
Sir, A company regd under sec 8 of the Companies Act, doing statistical research wants to apply u/s 35(1)(iii) of Income Tax Act. Prescribed form for getting approval be adviced. whether it can be applied for the year 2020-21. condonation is required, kindly advice.
► Read Answer
Panchanamma and other related documents like seizure, inventory in the name of the assessee. Is AO correct if he invokes 153C when separate oath statement has been taken at the time of search seeking all clarifications about records and documents found in the name of the assessee himself
► Read Answer
Assessee firm has filed a declaration under IDS where in they have disclosed for AY 2015-16: Rs. 9,82,24,010/- as Business Income and For AY 2016-17: Rs. 1,15,04,953/- as Business Income. In the said declaration the assessee firm claimed the credit for the Advance Tax and TDS for both the assessment year. However CIT has denied the credit for the said payment on the ground that it is not permissible to give credit of advance tax in IDS. On the basis of this information the AO issued Notice U/Sec.148 for A.Y. 2017-18, on the ground of Invalid declaration due to non payment…
► Read Answer
I am the legal heir for my dad and dealing with an IT notice for AY 2012-13. I opted for VSV scheme and paid the full amount of tax on NOVEMBER 06,2020. I am yet to receive form 5 from the authorities. But I have so far I have been served three notices of faceless assessments as well as summons for First appeal proceedings Also the case was supposed to be time barred on 30th september 2021. now suddenly. the date has shifted to 31st march 2022. I have not received any communication (sms/mail/notification on my account) for the same.…
► Read Answer
A practical issue has arisen, though it is not of Technical Nature, but of an Administrative Nature, causing the concerned CA many practical difficulties, especially considerable space of his Office being occupied by the bulky Records of the Assessee. A Partnership Firm has presently pending litigation under the Income Tax Act, 1961 related to around AY 2005-06. Its Partners have refused to take back all Records of that Firm related to that AY from CA’s Office despite repeated request by him from time to time for the reason best known to them. Can CA request the following Authorities / Court…
► Read Answer
Assessee is a partnership firm having 17 partners engaged in the business of development of property . The said firm has one land which is hold as current assets having book value very less. In this firm two partners were admitted in the firm in the month of May. 2020, who are willing to invest the capital require for development of the said land and the project on the said land. Due to some reason the original 17 partners have decided to retire from the firm in the month of Dec. 2020. Before the retirement the partners have made revaluation…
► Read Answer
In case of assessee, ITAT has set aside the assessment order to the AO with directions to re-asses the income. Assessing officer has passed the order as per the direction of the Hon'ble ITAT. Whether after decision of Tribunal, Assessing Officer is duty bound to charge interest under section 234B up to date of original order of assessment passed by him and not up to date of reassessment order passed by him in pursuance of order of Tribunal. Kindly guide.
► Read Answer
whether notice under section 144 (Best Judgment Assessement) be issued for non response to notice under section 148 of IT Act.
► Read Answer
A public limited company has deducted tax at source on Dividend @15% for non submission of PAN. I have a PAN but it was omitted to be submitted to the Company. Is it possible to set off the TDS at the time of filing my Income tax Return? Do I Have to include the Dividend amount in my Return.
► Read Answer
can the amount deposited in the account of wife on selling of land can be considered as gift under section 56(2)(vii), to the relative without any gift deed.