Sir, Kindly clarify on the following issue in connection with investment under VPF for Private sectors. If the investment under VPF is above 3 Lacs during the FY2021-22, what will be tax effect and how much can be claimed as exemption If the VPF accumulation upto 31.03.2021 is Rs. 10 Lacs. What is the taxability? Interest credited to the account will be on accumulated VPF amount, How to claim exemption and arrive the taxable interest? Whether interest taxable above Rs 2.5 Lacs is on Contribution made during the year or on the accumulation in the account?
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Dear Sir, My query is as follows: If a search on a person took place on 30.09.2015 Return for assessment year 2014-15 filed on 30.03.2015 Last date for issuing notice under section 143(2) is 30.09.2015 Whether we can say, proceeding for A.Y. 2014-15 is unabated proceedings or not Whether the plea that addition can be made only on the basis of search document can be taken for A.Y. 2014-15
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Good evening sir. The assessment is completed by making five additions to the total returned income. Penalty u/s 270A is levied for these five additions, one for misreporting of income and four for underreporting of the income. In this case, can the assessee opt for immunity from penalty u/s 270AA for that assessment year? Section 270AA(3) specifies that if the penalty is initiated on account of misreporting of income, then the assessing officer will not grant immunity from penalty. Please clarify.
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Good evening sir. The assessee has sold a residential property and has not filed the return of income. On receipt of notice u/s 148, the return was filed and tax was paid. However, during the course of assessment proceedings, the cost of acquisition and development was reduced by the assessing officer and accordingly demand is raised. The assessee has given the sale consideration received as loan to a company, which is in the process of winding up. Hence, the assessee is not in a position to pay the taxes. If the demand is finalised assuming that the assessee loses the…
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Good evening sir. My query is: Are the provisions of section 56(2)(viib) and 56(2)(x) applicable on rights issue of shares? Mumbai ITAT in two judgements have held that 56(2)(vii)(c) provisions are not applicable to rights issue. So, similarly can it be said that 56(2)(x) provisions are not applicable to rights issue?
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SAD Refund was applied 6 to 7 years ago with the Custom Authorities.The said amount was shown as Refund Receivable in the Balance Sheet in the year of payment of SAD custom Duty. However , the same was never offered as income. Now Custom department has rejected the said Refund application and the said amount has been debited to Profit and Loss Account.Whether this amount is allowable in current year in view of Provisions of Section 43-B,Bad Debts and Prior Period Expenses.
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1. Where there is only change in profit or loss sharing ratio of existing partners and no change in partners, will it get hit by section 9B? 2. Where there is only change in sharing ratio of existing partners in the assets and liabilities of the firm without any change in profit or loss sharing ratio, will it get hit by section 9B? 3 Where there are both sharing changes as above among existing partners ,will it get hit by section 9B. In all above cases no one is receiving any capital assets or stock in trade and same partners…
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INTEREST ON COMPENSATION RECEIVED FOR LAND ACQUISITION FOR DELAYED PAYMENT/S BY NATIONAL HIGHWAY AUTHORITY OF INDIA LTD WHEHERR TAXABLE IF THE COMPENSATION ITSELF IS EXEMPT UNDER RECLLAR ACT ? PLEASE REFER CHENNAI ITAT JUDGEMENT IN THE CASE OF M/S SV GLOBAL MILL LTD.
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A NAME OF THE COMPANY WAS CHANGED FROM X LTD TO SAY Y LTD. THE SAID CHANGE WAS INTIMATED TO THE AO DURING THE ASSESSMENT PROCEEDINGS. THE AO STILL PASSED THE ASSESSMENT ORDER U/S 143(3) IN THE OLD NAME (I.E X LTD.). DOES THIS ORDER VALID AS ON THE DATE OF PASSING THE ORDER THERE IS NO COMPANY BY X LTD.
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The assessee during the course of assessment proceeding, even after granting sufficient opportunity by AO was not able to furnish confirmation, bank statement and ITR of depositors from whom unsecured loan was obtained. Accordingly the AO made the addition. Now the assessee before the CIT(A) has made available and produced all the documentary evidences (as above) to substantiate the unsecured loan was genuine. On what grounds, legal arguments and judgements, the appellant should raise in order that the CIT(A) admits the additional evidence now.
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Taxability of Interest on VPF.