A company’s one of the unit is set up in a “Special Economic Zone”. The company has claiming tax holiday for last 5 years out of 15 years with respect to SEZ profits and has created the “SEZ Reinvestment Reserve” as per section 10AA(ii) of the Act. Now the management of the company would like to utilize, without losing the tax holiday, the said SEZ Reinvestment Reserve for the following a) Acquiring assets for their other businesses unit. b) Acquire motor cars for SEZ units.
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ABC P. Ltd is engaged in business of rendering IT related services. ABC Ltd has formed wholly owned subsidiaries in USA (PQR Inc) and Dubai (STU FEZ Ltd) to bill transactions to its foreign customers. Promoter and majority of directors in foreign subsidiaries resides in India. However KMP’s of the said companies are based out of India and are on the Board of those companies. Management of ABC Ltd seek your opinion in regards to applicability of POEM of two foreign subsidiaries.
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A Limited has adopted IND AS for the first time in assessment year 2021/22. During the assessment year, company found that there were certain mistakes in the earlier years. Therefore, it rectified the error by recording prior period expenses and as well as income. The said prior period adjustments have been routed through “Other equity and not through Other comprehensive income” as per IND AS – requirements. Whether, can AO make the adjustments while making the assessment under MAT?
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What should be the situs of an intangible asset in case of transfer of an intangible asset?
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An individual assessee sold residential property, held for more than two years, during F.Y. 21-22. He invested the capital gain in residential property during the F.Y. 22-23 i.e. on June 30, 2022 and availed , the benefit of S. 54. Now, the assessee intends to gift the newly acquired residential property to his son i.e. before three years from the date of acquisition. Will there be any implication on claim of deduction under section 54 ?
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In Joint Development Agreement entered into by the owner of the land with the builder, when the transfer of land takes place and when the owner is liable to tax?
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In case of a charitable society running educational institution, if all the members of the society, retire and new members are introduced the executive body is also replaced by the new members. However, this being a commercial deal, the incoming members desire to pay the outgoing members say by way of gift through account payee cheques. In such a situation can incoming members pay to the outgoing members directly. The outgoing members are in the tax bracket of 30% plus surcharge, then what will be the implication of such transaction, and whether society will lose its character of being a…
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The assessee is a partnership firm constituted by four partners having mainly stock in trade. The firm is reconstituted two partners of the firm have retired. The retiring partners are given stock in trade as their share the questions are as under: (i) The stock in trade given to the outgoing partner will be subject to capital gain or business profit, and it will be taxable in whose hands that is the hands of firm or the outgoing partner? (ii) The second question is , will it be capital gains or business profit, and income tax that has been paid,…
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What is a distinction between “Burden of Proof” and “Onus of Proof”?
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A is holding rural agricultural land since before 2001. Subsequently he has converted such land as NA land and now sold it. Question is which value should be consider for 2001? Agriculture land value or NA land value? Any other suggestion for computation of capital gains.
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Special Economic Zone , Utilization Reserve?