Whether brought forward non speculative business loss can be adjusted against current year’s income from speculation?

Whether brought forward non speculative business loss can be adjusted against current year's income from speculation?

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  Accident compensation whether taxable?

My client met with an accident in R.T. Nagar, Bangalore about 2 years back whose leg has been amputated in Columbia Hospital, Hebbal, Bangalore.  The Court has awarded compensation of about Rs.12 lakhs which is still in the Court and the Court has not released the amount till date (17-5-2021). 2. I request you to please let me know:- a) Whether the compensation receivable from the Court has to be offered to tax for the Assessment Year 2021-22, b) Whether the compensation amount is taxable or exempt from tax.  T.D.S. has been made by the BMTC Department. Kindly clarify. email…

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  Whether Declaration of higher income under preemptive taxation scheme than prescribed under Section 44ADA of Income-tax Act, 1961

Dear Sir, Ma'am, the query is as follows - Both Section 44AD and Section 44ADA prescribe a minimum threshold of declaration of income of 6%/8% and 50% of the turnover respectively in order to opt for presumptive taxation scheme, otherwise tax audit becomes applicable. These provisions also allow the assessee to declare income higher than the prescribed limit of 6%/8% and 50% in the return of income. A question arises whether declaring such higher income is compulsory in case where the actual income of the Assessee exceeds these threshhold limits or can the assessee continue to opt to declare income…

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  Taxability of recoverability of Expected Credit Loss

Dear Sir. While adopting Ind AS, the company provided for Expected credit loss by adjusting from the retained earnings in the opening balance sheet as at 1st April, 2016. No claim for write off was claimed under Income Tax in the Income Tax Return. Now, in the current financial year, the company has recovered the entire amount from the company under the settlement arrived at with the company to whom advance was made. Now, if we show the amount recovered as Other Comprehensive Income , I feel that  then neither  it need to be first shown as income and then…

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  Whether clubbing provision is applicable when the property is purchased in the name of wife however the cost was borne by the Husband?

Property is taken in the name of wife but cost borne by husband,the property is rented and proceeds credited to wife accounts....in whose hand will it be taxable....whether clubbing provisions will be applicable

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  Whether Lease premium amortization allowable on calculation of Book Profit U/s 115JB of the Act?

Company amortize lease premium paid for leasehold land every year in its books of account and got disallowed while computing the taxable income under the provision of Income tax act considering the same is a capital expenditure. However no adjustment has been made while computing book profit u/s 115JB of Income tax act. Accordingly book profit is lower to that extent. The AO added back the same. How to proceed, please guide.

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  Whether penalty u/s 270A be levied for misreporting of income in respect of 5% conveyance expenses and addition as cash credits? Whether penalty u/s 270A be levied for misreporting of income in respect of 5% conveyance expenses and addition as cash credits?

Penalty u/s 270A was initiated on addition of conveyeyance expense Say 5% for want of vouchers etc but mentioned in Assessment order as Mis reporting of income. Assessee filed form 68 u/s 270AA claim ing immunity from Penalty within a month of the order but as per section 270AA immunity is not available in Misreporting of Income.How to proceed . Pl Guide and refer some judgements.

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  Whether assessment proceedings abated and addition can be made only on the basis of incriminating documents found in the course of search proceedings ?

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 30.09.2015 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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  Whether assessment on the basis of notice issued by the Assessing Officer who had no jurisdiction is valid ?

Notice U/s 143(2) issued by ITO wd 20(3)(5), who has no territorial jurisdiction over the assessee for AY 2014-15, actual jurisdiction lies with ITO Wd 19(3)(5), an objection to that effect was filed within 30 days of issue of notice. However ITO 20(3)(5) asked for details time to time and assessee provided whatever the ITO asked for and an order was passed U/s 143(3) with an addition of Rs. 1 cr by disallowing LTCG on shares considering it as bogus.  Assessment was completed without removing objection filed by the assessee for jurisdiction. The assessee is in CIT (A), CIT (A)…

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  Whether the provisional Attachment under section 281B of Income- tax Act after completion of assessment ?

Sir, the IT deppt. had sent to the bank attachment notice of an assessee on february 2020. The assessee's appeal is pending and he has not paid 20% of the demand. He has filed for saty of demand but no reply has been submitted. In the mean time,6 months have elapsed and no extention letter has been sent to the bank for attachment. Can the bank account be released based on expiry of 6 months?

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