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…
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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…
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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.
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whether notice under section 144 (Best Judgment Assessement) be issued for non response to notice under section 148 of IT Act.
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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.
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ASSESSMENT PROCEEDINGS FOR AY 2018-19 CONDCUTED AND ASSESSMENT ORDER PASSED WITH NIL ADDITION, ACCEPTING THE RETURNED INCOME. BY NFAC DELHI. WITH RESPECT TO ASSESSMENT PROCEEDINGS UNDERTAKEN BY NFAC DELHI, NO COMPUTATION SHEET OR DEMAND NOTICE IS ISSUED. ONLY ASSESSMENT ORDER IS RECEIVED. LATER ON, CPC BANGALORE HAS RAISED DEMAND ON PORTAL AGAINST THE SAID AY ON ACCOUNT OF NON-GRANTING TDS CREDIT. WHAT ACTION SHOULD BE TAKEN? IT APPEAL IS REQUIRED TO BE FILED, THEN AGAINST WHICH ORDER, APPEAL SHOULD BE FILED?
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Dear Expert, A private company filed its tax return for FY 2019-20 and availed the benefit of lower tax rate as prescribed under section 115BAA However, filing of form 10-IC as prescribed under sub section 5 of section 115BAA was done much later due to inadvertence. Return was filed within statutory due date but form 10IC was filed in Feb 2021 (about 2m delay). Sub section (5) states Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing…
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Assessee has individual who has purchase flat from Builder. There was search at the premises of Builder from whom assessee has purchased flat. During the course of search one statement in excel format in which name of flat holders, flat no, agreement value and on money , area etc mention. Builder has accepted that his additional income earned by him and paid the taxes. On the basis of this incriminating material and statement of Builder Assessing Officer has recorded a satisfaction note that on money amount is income to be taxable in the hands of assessee and sent the satisfaction…
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PLEASE EXPLAIN UNDER WHICH SITUATIONS, SEC 270AA AND 273A CAN BE TAKEN AS A STAND. Q - ASSESSMENT ORDER PASSED WHEREIN CERTAIN ADDITIONS WERE MADE. EVEN AFTER ADDITION MADE - THERE WAS NO TAX PAYABLE (REFUND AMOUNT GOT REDUCED). THEREAFTER PENALTY PROCEEDINGS UNDERTAKEN U/S 270A AND PENALTY FOR UNDER-REPORTING AND MIS-REPORTING LEVIED. AGAINST THE SAID PENALTY ORDER, APPEAL HAS BEEN FILED AND STILL PENDING. Q1 - CAN WE RESORT TO SEC 270AA - AS THERE WAS NO TAX PAYABLE. THE PERIOD OF 30 DAYS TO FILE APPLICATION UNDER THE SECTION HAS ALREADY EXPIRED. ANY CASE LAW WHERE SUCH DELAY IS…
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DURING AY 2017-18, PROPREITORSHIP FIRM WAS CLOSED AND PVT LTD COMPANY WAS FORMED. ALL THE WORK/CONTRACT WERE EXECUTED AND UNDERTAKEN IN PVT LTD COMPANY, BUT THE CONTRACTOR DEDUCTED TDS IN INDIVDUAL/PROPRIETORSIP FIRM. THE INDIVIDUAL IN HIS RETURN HAS NOT OFFERED ANY CONTRACT INCOME AND ALSO NOT CLAIMED THE TDS REFLECTED IN HIS FORM 26AS. AND THE PVT LTD COMPANY HAS OFFERED ALL THE INCOME AND ALSO CLAIMED TDS WHICH IS REFLECTED IN FORM 26AS OF INDIVIDUAL. ASSESSMENT PROCEEDING U/S 143(3) OF PVT LTD COMPANY FOR SAID AY UNDERTAKEN, WHEREIN NO ADDITION WAS MADE AND RETURNED INCOME WAS ACCEPTED. BUT IN…
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Non-cooperation by Assessee