the assessee company had booked a flat in feb 2011 for an agreed consideration of Rs 180.00 lacs . only booking form and allotment letter was executed and a sum of Rs 25.00 lacs was paid in Feb 2011. subsequently the project went into litigation and due to development rules constraint the project was delayed and final agreement was executed in registered in sep 2017. the stamp duty valuation is Rs 250.00 lacs. The AO is seeking to tax the difference in the agreed value and the stamp duty valuation u/s 56(2)(x), though the assessee is seeking refuge in the…
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In an HUF account, if a co-parcerner passes away, I have 2 queries: 1) Are his wife & daughter entitled to his share in the HUF? 2) Can the Karta of the HUF decide how to distribute the deceased co-parcerner's share?
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Dear Sir Kindly let me know the status of this CBDT Letter No. F.No 275 / 27 / 2013 – IT (B) dt. 2.8.2016 Regards, Hema
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From FY 2020-21, dividends declared by Indian companies have become taxable and the companies are required to deduct tax at source from such payment. However, in many cases, especially where shares are held in physical form, the shareholders could not furnish the PAN number timely and consequently, the companies have deducted the tax u/s. 206AA of the Income tax Act, 1961. Now the tds so deducted is not appearing in Form 26AS and hence, the shareholder is not able to claim credit of the tds amount. This is despite subsequently intimating the PAN to the Company and requesting for uploading…
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Whether Interest u/s 234A will be liable where entire tax has been paid before due date but 234E had to be paid when filing the return after due date and hence there was a shortfall to the extent of 234E. Also kindly enlighten whether 234A will be applicable on the shortfall only.
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An Indian company pays to a Singapore company license fees for purchase of software which is loaded on to chips procured from outside India. The embedded chip is used in SIM card which is sold to various institutions. The relevant portion of software license agreement with Singapore co is re produced below: License Grant 1) Against Payment Of the associated license fee, the xx Singapore company hereby grant the Licensee a non-exclusive (save as may be stated to the contrary in Annex E) and non-transferable license to use the xxxxx Product Software and Documentation or any portion thereof to manufacture…
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An assessee has earned long term capital gain on sale of his share of flat after determining the indexed cost. He wishes to obtain exemption for the gain by investing in bonds u/s.54EC. He also has brought forward long term capital loss which he would to set off against future gains on sale of shares. Whether the long term capital gain on sale of flat has to be determined by first deducting the brought forward loss and he can avail the benefit of Section 54EC only in respect of the balance income?
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From Assessment Year 2021-22, dividends are liable to income tax in the hands of the recipient. In case of residents the dividend received is taxed at the applicable tax slab rate. But it seems that in case of Non-Residents, the dividends received are to be taxed at the flat rate of 20% u/s.115A. The correct position may please be confirmed.
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CREDIT FOR ADVANCE TAX WAS TAKEN FOR THE INCOME DECLARED UNDER THE INCOME DECLARATION SCHEME FORM WAS SUBMITTED ONLINE- CPC CREDIT WAS ALLOWED TO FORMS FILED PHYSICALLY BUT CPC HAS NOT TAKEN ANY ACTION NOW 148 NOTICE IS ISSUED BY ITO WHAT COULD BE REMEDY
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As per Bombay H.C. (Goa Bench)(Full Bench) in Mr. Mohd. Farhan A. Shaikh in T.A. M 51 & 57 of 2012 and many other decisions of ITAT, No penalty u/s 271(1)(c) is leviable if - In Notice u/s 271(1)(c) - Irrelevant part not strike off. In penalty notice u/s 270 A - under reporting of Income or misreporting of income not strike off. But in the body of assessment order initiation of penalty is for under- reporting of income. Query- Whether the aforesaid decision of Hon'able Bombay HC will be equally applicable in penalty u/s 270A ?
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invocation of section 56(2)(x)