ITR could not be filed for Ay 2023-24 u/s 139(1) or (4) But self assessment tax was deposited fully in September 2023. Now assessee is filing ITR-U . My queries is:- ITR utility not accepting challan deposited under self assessment tax in Schedule Part B-ATI saying that 'challan should not be prior to 01.01.2024'. If we are showing this challan in Schedule IT then additional tax liability is not generating. My question is that in ITR-U will we get credit of this challan deposited u/s 140A, if we fill in schedule IT ? If demand is raised in processing, can…
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Dear Experts, The Assessment Unit of the Income Tax Department made an assessment for the Assessment Year 2018-19 under section 147 read with section 144B on 14.02.2024 and a Demand of Rs 1,62,256 is raised. The demand is raised without giving credit of the self assessment tax paid on 07.04.2023 at the time of Filing Return of Income U/s 148 i.e. Rs. 60,917. Rectification petition for credit of Rs. 60,917 has been filed with the Jurisdictional Assessing Officer and is pending for processing. Balance Demand Rs. 1,01,339 (1,62,256 – 60,917) paid within 30 days of demand raised. Now, I am…
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Can a private limited company issue shares to a founder at NAV method or at facevalue if the company has already raised substantial amount of money and has a 250 times valuation compared to the NAV? Can the company do rights issue and allot shares to promoter? Such shares are given as a compensation to her committment.
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Sir, A Rural agricultural land has been sold in AY 2016-17 for 60lakhs for which consideration received in cash and the same is deposited into seller bank ac. Now received a notice from IT regarding the above cash deposit. in reply to IT : If i mention, the cash deposit of 60L pertains to receipt of cash for sale consideration, do it attract any negative impact or any disallowance or u/s 269s/st ? I request you to please give me any suggestion. thanks, Shravan
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I am a tenant in a cessed building in Matunga East - Mumbai. If I surrender my tenancy & get a payment from the landlord - is that subject to taxes? If yes - what would be the tax %? What would be the implication if I invest the money in a residential property? Will i get exempted from taxes on account of the same?
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The original return was filed under old regime within the timeline of Sec 139(1). The revised return was filed with substantial increase in income under new regime. The intimation was processed under old regime with consequential demand. Is there any way out please.
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Whether cost of Acquistion of Flat includes charges such as Generator charges, Parking charges, etc.
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An assessee had not filed his return of income for the Assessment Year 2018-19 voluntarily under section 139 in spite of having taxable income. The Return of Income was filed only in response to notice under section 148. But the assessee inadvertently escaped Saving Bank Interest and availed deduction under Section 80TTA. The Assessment Unit made assessment under section 147 read with section 144B and added Saving Bank Interest and also allowed deduction under section 80TTA. The Tax demanded under section 156 was duly paid within 30 days but the time limit for application u/s 270AA (Immunity from Imposition of…
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We are in the verge of partitioning our properties jointly owned under HUF. The Act says, that HUF partition will attract 0.35% Stamp Duty on the highest value of property under partition in HUF. This point is well accepted and agreed by the Registrar. However, Income Tax act says the Joint property when partitioned, will retain its status as HUF property, if received by a male member in the HUF. Hence, in HUF partition, male coparcener beneficiary of the property will be the coparcener HUF and not the coparcener individual. There are several High court and Supreme court judgements for the same. Same of them are: [CIT v.…
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1. Whether Tribunal has power to condone the delay in filling an MA U/sec 254(2) of the Act 2. whether date of passing order of Tribunal or date of receipt of order is to be consider for calculating period of six month U/Sec 254(2) 3. whether Supreem court decision passed later on the issue can be ground to file MA, against ITAT order which has allowed appeal by relying then order of jurisdictional HC available at that time. pl guide
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Tax on Updated Return