WHETHER DAIRY INCOME (MILK FROM COW) TAXABLE UNDER INCOME TAX ACT OR EXEMPT UNDER AGRICULTURE INCOME. THE ASSESSEE HAS 100 ACRE OF LAND AND UNDERTAKES AGRICULTURE ACIVITY (GROWING CROPS). THE ASSESSEE ALSO HAS COWS AND SELLS MILK. PLEASE ADVISE ON TAXABILITY OF MILK INCOME WITH SUPPORT OF ANY COURT JUDGEMENT IF ANY.
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sir after mahenderpal's narang case what is the situation of TDS deducted by the income tax department on section 28 of land acquisition act 1894
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If a leasehold land on which building is constructed by self is sold/ transferred for a consideration, will the transaction attract sec 50C.Does the Stamp duty value applies to only freehold land or leasehold land also.
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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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WHETHER DAIRY INCOME (MILK FROM COW) TAXABLE UNDER INCOME TAX?