Assesseee is private limited company. In addition to Remuneration to Directors , Incentive is paid to them on the basis of profit of the company after finalization of audited accounts and immediately Tax is deducted an paid in the month of June every year. Co is received show casue Notice as to why prosecution should not be made on the ground of not deduction tax on monthly basis and delay in payment of same. Company take a stand that since the incentive is link with finalization of accounts , it can not determined the amount of incentive and therfore there…
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How to Prepare Trading & Profit & Loss Account for F &O Trading in Case of Tax Audit Futures and options (Non-speculative transactions) In Normal scenario, turnover for Futures & Options is determined as follows – The total of favorable and unfavorable differences shall be taken as turnover Premium received on sale of options is also to be included in turnover In respect of any reverse trades entered, the difference thereon should also form part of the turnover. For understanding the above Turnover is taken as “Calculated Turnover”. My question is when an assessee opts for Tax Audit in F & O…
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FORM 3 ISSUED. HAVING BALANCE IN PD ACCOUNT WITH THE INCOME TAX DEPARTMENT DUE TO CASH SEIZED AND ASSESSMENT MADE. CAN I PAY FROM PD ACCOUNT UNDER DTVSVS.
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Facts Demand raised against the assessee after assessment u/s 143(3) First appeal preferred and order in favour of assessee. Amount refunded by department as no addition sustained for refund as well as demand paid along with interest u/s 244A. appeal preferred by the department against order of CIT appeal before Honourable ITAT Meanwhile assessee settled the dispute under VSVS by paying 50% Now revised form 3 received seeking to recover 244A interest already granted to assessee on earlier interest paid and also seeking to collect 234D interest @ 0.5% from date of refund to date of payment under VSVS. Question…
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my son who is canadian PR holder has gifted a sum of Rs. 5 Lac in FY2020-21 to me. how can i show this in ITR & claim the exemption?
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Assessee is partnership firm engaged in the business of construction and development of housing project. Assessee firm has filed the Return of Income for AY 2018-19, 2019-20 and 2020-21. While filling the Return of Income as per advice of CA, added back the difference in stamp duty valuation and actual consideration u/sec 43CA of the Act. While making this disallowance, assessee firm has added the difference even though the same is less than 10%. Since the disallowance was huge, assessee firm has uploaded the Return with out making payment of self assessment tax. All the returns are processed u/143(1A) of…
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If assessee get redeveloped flat today against his old flat and same is sold after 2 years , the cost of acquisition would be stamp duty value as on today?
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Sir, Thanks for providing us the updated judgements. Whether these are now not updated, as after April'2021 we are not able to see any update in judgements. Please confirm & clarify
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When Mr A wants to sell a ownership flat received free by him on surrender of tenanted flat at the time of redevelopment . What is its cost and what is period of holding ?
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1.Penalty of Rs.5,00,000 u/s 271(1)(c) was deleted by CIT appeal on the ground that penalty order passed by A.O. was passed after six months u/s 275(1)(a) . 2.The revenue is in appeal before ITAT on the ground that i) The penalty order was received late by CIT ii) The case is covered under exception to small tax effect circular of CBDT para 10(a) iii) Appeal admitted by the High court in quantum case is not relevant since withdrawal application has been filed by the assessee as per Vivad se Vishwas scheme. 3. On behalf of the assessee it was submitted…
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TdS and Prosecution