How & to whom an application for directions of the JCIT or the Addl CIT is to be submitted for directions u/s 144A, in the Faceless Assessment Scheme?
► Read Answer
A query was answered by Adv.Advocate Aditya Ajgonkar The Ld. advocate stated that the last date for issue notice u/s 148 was extended to 30.06.2021 but section 148A is also effective from 01.04.2021. My query is that section 148 has been extended as if Finance Act 2021 was not passed hence extended upto 31.03.2022. Similarly, application of section 148A is also deferred till 31.03.2020. Can you pl confirm & provide notification Nos>
► Read Answer
When the second wave of Covid-19 was at its peak and people were dying merely for the lack of oxygen beds in the country, the DGFT, vide Notification 4/2015-20 amended Para 2.25 of Foreign Trade Policy, 2015-20 allowing duty free imports of Oxygen Concentrators for personal use through post, courier or e-commerce portals in the list of exempted categories, where Customs clearance is sought as ''gifts", till 31 July 2021. No enabling provisions for relief has been made in any other laws till date. Assuming that an Oxygen Concentrator costs upwards of Rs. 1.5 lakhs, if an Oxygen Concentrator is…
► Read Answer
Sir, An individual has taken a loan from bank of Rs2cr and has given as a loan to the firm as a partner.Would like to know whether the interest paid to the bank would be allowed as a deduction from interest income earned from the firm u/s 57(iii) as there being a direct nexus between taking of loan and lending the said amount to the firm.
► Read Answer
Hi, I have two questions regarding above title. Can we search for single PAN functionality for section 206AB & 206CCA through income tax portal? While doing the bulk search, after uploading the csv file of PAN ,the page is not loading, is anybody facing the same issue?
► Read Answer
NRI got foreign income earned outside India by rendering services outside India and money received outside India and no way connected to India of such income sources. But NRI is also having property income of Indian asset... return of income to be filed in India.... Which status Resident or NRI status is to file return...which income is to disclose in the status of Resident or in NRI status . Whether global income is to disclose and claim DTAA relief under 90/90A/91 irrespective of whether filed in the status of Resident or in NRI status...
► Read Answer
Whether Long term capital loss on listed securities (STT paid on buy & sale both) can be computed by following the section 112(1) by taking benefit of indexation as given in second proviso to section 48. Whether section 112A is mandatory to be followed or it is an option to choose either section 112 or section 112A whichever beneficial to assessee while computing long term capital loss. Or if the computation results in a gain, assessee will have to re-compute the capital gains having regard to the provisions of section 112A of the Act.
► Read Answer
Facts: In case of a unlisted company, buying back it's own shares at face value of Rs.10/- when the fair market value of share as per income tax rules, is Rs.300/ and the said share ,was allotted at a premium of Rs.90/-. Query: Whether provisions of section 56(2)(X) and section 50CA of IT act providing deeming fiction of income , shall be applicable ? Whether benefit of the Hon'ble Mumbai Bench ITAT decision in case of VORA FINANCE shall be available to the assessee company and also the shareholder and the difference in the buy back price and FMV shall…
► Read Answer
Mr. A (died on 1 June 2021). His tax return is pending to be filed for FY 20-21. For FY 20-21, as Mr. A was alive throughout the year, all his income would be taxable in his hands. Accordingly, will have to get a legal heir registered on the income tax portal and proceed to file his return for FY 20-21. For FY 21-22, he has income earned for 2 months until 31 May 2021. Thereafter, income received would be reported in the hands of legal heir. Thus, 2 returns would be required to be filed, (a) one for 2…
► Read Answer
Respected members, we have received FORM 3 by designated authority in Dec 2020. Out of 5 AY's , their is refund n 4 AY's. We have not filed FORM 4 till date. Please guide us whether we can file FORM 4 now and also how to apply for refund claim.
► Read Answer
Faceless Assessment & invocation of Provisions of sec 144A