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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The assessee is a Charitable Trust engaged in running a Primary School solely for educational purposes. The only income earned is by the way of Tuition Fees from student and Interest income. The assessee trust had its original return on 19.08.2016. and revised return of income for A.Y. 2016-17 on 26.06.2017, where there were lots of errors and the claims which were incorrect. such as assessee trust has claimed the the trust is registered U/Sec.12AA by quoting incorrect registration number, when the trust was not having registered U/Sec.12AA of the Act. The AO served notice under section 148 in response…
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Assessee is a charitable trust running a primary school. Assessee trust do not have registration U/sec.12 AA. His consultant has filed the Return of Income by mentioning incorrect number of registration U/sec. 12AA of the Act. Also filed application for registration. His application was rejected by the CIT on the ground of various defects in the financial statement submitted along with ROI and incorrect mentioning of Registration number. Notice u/sec.147 was issued . In response to said notice the assessee trust has filed the Return of Income where in all the errors in earlier Return filed were corrected and since…
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Assessee is partnership firm. DURING the course of Search shortage in stock is found. Assssee has stated that though there is no reason for shortage, as his maintaining stock record , however to avoid litigation partner agree that they will offer income on the value of shortage in stock in the return . However AO is saying he is going to add entire amount of shortage and tax the same by resorting to sec. 115BBE at special rate. Is he is correct .
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ABC company of USA has filed civil law suit against XYZ company of India in the court of USA alleging breach of confidentiality and misappropriation of trade secret. Now both the parties have agreed mutually to fully settle the dispute, wherein XYZ company will pay sum of USD 250000 to ABC company, and ABC company will withdraw the case. Q1. whether such payment made by XYZ company will be deductible expense from business income? Q2. Under which section TDS will be applicable and at what rate? Q3. under what expense head such payment should be booked in profit and loss…
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There are three partners in a firm. The firm is having two residential properties having high market value compared to cost. No depreciation has ever been claimed on the properties. The firm is carrying business of export and properties are shown as Investments in books of account. One of the partner who was having 80% share in the firm expires. As per deed the share of the said partners goes to remaining partners only. What will be impact under S.45(4) and S.9B of the act. Whether firm will have to pay the tax since there will be reconstitution on account…
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Public limited co making payment of Dividend to NRI share holder. This payment is credited to his NRE account in Indian Rupees. Whether in this situation Form 15 CA and CB is required. Does this amounts to remittance to NRI, even though payment is credited in bank account maintained in India.
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I work in a department of govt India. I have borrowed a housing loan and house construction completed. My office has rejected to give me any rebate on income tax and tax being continued to be debited from salary due to no completion certificate available. I read an article in news paper mentioning no certificate is required to avail the exemption on interest on home loan. Can you please guide me which law (section and sub sections) support this fact. You can refer to the link below https://economictimes.indiatimes.com/wealth/tax/mumbai-tax-tribunal-order-a-major-relief-for-home-buyers/articleshow/55128659.cms?from=mdr
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A partnership firm was with two partners between Father and Son. Assets of the firm consist of immovable n movable assets. Father expired on 20.08.2020. There is no other member in the family. How to comply the following 1. What deed is to be executed so that relevant form regarding dissolution of firm can be uploaded. 2. How to intimate this to GST authorities and get the number change 3. Will there be any Tax liability U/sec. 45(4) and 9 B of the Act. 4. How to inform Income Tax Authorities about dissolution of Partnership
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WAIVER OF PENALTY U/S 270AA AND 273A