CELEBRITY CRICKETOR WITH AN INTENT TO TO MAINTAIN GOOD IMAGE/SOCIAL STATUS AND TO GAIN MORE FOLOWERS AND NEW BRAND ENDORSMENT PURCHASES EXPENSIVE WATCH AND CLOTHES FOR HIM. Q1. CAN SUCH PURCHASE OF CLOTHS / WATCH BE CLAIMED AS EXPENSE DEDUCTION FROM BRAND ENDORSMENT INCOME AND CRICKET INCOME. CRICKETOR TAKES SHOULDER INSURANCE KNEE INSURANCE LEG INSURANCE I.E. IMPORTANT BODY PART REQUIRED TO PLAY CRICKET AND ALSO WITH A CLAUSE THAT IN CASE OF INJURY TO ANY SUCH PART DUE TO WHICH HE IS NOT ABLE TO PLAY MATCH INSURANCE COMPANY WILL REPAY. Q2 - CAN SUCH INSURANCE AMOUNT BE CLAIMED AS…
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Assessee is a charitable trust duly registered u/s 12A of the Act. Assessment for A.Y 2015-16 was completed u/s 143(3) of the Act in October, 2017 by assessing the income in the hands of the assessee as charitable trust which is registered u/s 12A of the Act. Registration u/s 12A was cancelled in May, 2018 on the ground that the trust had indulged in illegal activities by accepting capitation fees and therefore the trust is sham or bogus, disregarding the fact that the trust is involved in educational activities and also accepted by the department in past since its inception…
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is it taxable if purchase of sali land is below the stamp value u/s 56(2)x
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What should be the status under which ITR 5 needs to be filed in case of approved superannuation scheme? AOP or PDT?
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In the financial year 2021-22 assessee did trading business of cloth. His turnover is around Rs.2.50 lacs His expenses and receipts are total in cash. During the financial year he incurred a loss of Rs.30000/-. He maintains regular book of accounts and never opted Presumtitve Taxation . Is tax audit applicable in this case.
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Dear Sir, What if the spouse decides to put the sale consideration in Capital Gain Account Scheme and willing to purchase a residential property and don't want to pay the tax Please do solve my issue ???..
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Assessee is a Private limited co engaged in manuf of dairy products. In the year 2012-13, assessee co has received subsidy from the Govt of Maharashtra, in respect of investment in Plant at back ward area in the status of Mega Project under the Package Scheme of Incentives, 2007, ('PSI'). As per the Eligibility Certificate, assessee co shall be entitled to: a.Electricity Duty exemption for the period of 7 years from the date of commencement of commercial production. b.100% exemption from payment of stamp duty under relevant Government Resolution of Revenue and Forest Department. c.Industrial Promotion Subsidy (`IPS') equivalent to…
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Assessee is a partnership concern and duly assessed under Income Tax Act. For A.Y 2013-14, assessee received notice u/s 148 on 20.05.2021. The assessee filed a Writ petition before High Court. In view of the Supreme court decision in the case of Ashish Agarwal, the AO issued notice u/s 148A(b), the assessee has objected to the said issuance of notice and submitted that, "In the light of the amended law, section 149 provides the time limit for re-opening assessment u/s 147 of Income Tax Act 1961. The amended provision of section allows reopening the assessment for a period of 3…
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WPRT my recent query for EXPERTS' answer , look up the UPDATE just posted drawing attention to certain recent developments ! May be, that provides a satisfactory answer to the intriguing point of concern posed- AGREE !
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Refer to the Article titled, – “Adjustment By Income Tax Department U/S 143(1)(a) In Respect Of Debatable Issue” (Posted on May 30, 2020 by editor Posted in Articles — 21 Comments ↓) EXTRACTS (: “DUE TO THE SETUP OF THE CENTRAL PROCESSING CENTRE, ALL THE INCOME TAX RETURNS FILED BY THE ASSESSEES ARE PROCESSED THROUGH COMPUTER PROCESSING. NO MANUAL INTERVENTION IS DONE. Presently the assessees are getting notices from the income tax central processing center for adjustments under section 143(1)(a) of the Income tax Act. AS PER THE NOTICES ISSUED, EXPLANATIONS ARE CALLED FOR FROM THE ASSESSEE FOR WHY ADJUSTMENT…
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ALLOWABILITY OF EXPENSES UNDER INCOME TAX