Answers On Category: Income-Tax
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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During FY. 10-11 Assessee purchased certain shares through banking channels . The shares were transferred in the D-mat account and the same were reflected in the Balance sheet as on 31.03.11. Case for the issue was reopened u/s 148 notice dated 31.03.18 . On the basis of information of DDIT (Inv.). The assessee objected to 148 and also furnished the details as regards the source of investment and after considering the details furnished the AO was satisfied and the assessment was completed on returned income u/s 143(3)/147. The above referred shares were sold during F.Y. 14-15 (A.Y. 15-16) through stock…
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Whether income derived from funds of HUF – Individual or family income ?
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There is default u/s 271(1)(b) . The assessment was completed u/s 143(3). Apart from the reasonable cause for non appearing legal ground in appeal is that since the assessment has been completed u/s 143(3) , penalty u/s 271 (1)(b) is not leviable. Please give case laws of court/ITAT on the point.
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- An Individual is tax resident in India, holding British Passport has been filing returns in India since past several years.He has immovable residential Property in UK which is let out. He is paying tax in UK on rent income .He has not offered rent income in India returns in the past. Is he required to declare rent income in India tax return? He is of the opinion that rent income is not taxable in India because immovable property is situated in U.K. Please give your views. Also any other suggestion. Please cite case laws if any , supporting or…
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Interest u/s 234A