Can CBDT override the delegated legislation? Can notice be issued under Section 148 according to the old regime, despite the new regime?
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Assessee has filed declaration under DVSVS Act , and out of total tax payable under the scheme, paid substantial amount before 30.09.2021. Whether assessee has to pay additional tax @10% on gross tax payable under the scheme or on the net amount payable after deducting the amount paid before 30.09.2021. PCIT has considered additional tax @ 10% on the gross amount payable under DTVsVAct. Please guide
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The assessee is an individual and derives income from the business promoter builder. The assessee has disclosed an income of Rs.15,50,000/- under the Income Declaration Scheme (IDS) 2016. The assessee has paid two installments under IDS -2016. However, assesse has not paid the third installment of tax on such declared income under IDS, 2016 due to reasons beyond his control. The total amount paid under IDS was 3,48,752/- The assessment for the year under consideration was reopened u/s 147 of the Act by issue of notice u/s 148 of the Act dt 30.03.2018 and duly served to the assessee. AO…
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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.
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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.
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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
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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…
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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.…
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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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Reassessment proceedings under Section 148 of Income Tax Act