Queries Regarding Domestic Transfer Pricing Case A 1. A partnership firm(having ‘A’ as Karta of his HUF and ‘B’ his wife as partners) is doing the business of Purchase and Sales of Grains in wholesale and semi-wholesale. 2. Total Turnover during F.Y. 2022-23 is more than Rs.20crore. 3. The assessee firm has also sold goods during the above F.Y. to a concern( in which proprietor is son of Mr. ‘A’) 4. The sales made to above concern during above F.Y. is more than Rs.20crore. 5. Whether provisions of Domestic Transfer Pricing Audit are applicable on the above partnership firm? Case…
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whether RTGS payments/repayments for the years prior to amendments of 269SS/269T is allowed as it is retrospective ?
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If unspent amount of LTCG is not deposited in Capital Gains scheme before date of filing return , whether any chance of claiming exemption u/s 54 etc ?
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when second asset enters a block of asset, is it necessary that both should be put to use for claiming deprecation ? how far it contradicts basic criterion for claim of depreciation ?
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Land purchased in 1990, for Rs 1,00,000, has been sold in FYE 31-03-2022 (AY 2023-24) for Rs 25,00,000. As per valuation report obtained from an Authorized Valuer, the FMV as on 1-4-2001 is Rs 7,00,000. In the New Form 2 for AY 2023-24, under the Schedule for Computation of “Long Term Capital Gains’’, in two of the relevant columns, taxpayer is required to fill-in, - “Cost of Acquisition” and “Cost of Acquisition with Indexation”. Expert is requested to kindly advise as to how to fill-in the mentioned two columns having regard to the stated facts?
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As per section 199 read with sub-rule (3) of rule 37BA, credit for tax deducted at source and paid is given for the assessment year for which such income is assessable. Accordingly, TDS needs to be claimed in the ITR based on income offered to tax in a financial year irrespective of the fact credit is appearing in future years in Form 26AS. The query is how TDS credit will be given if the same is not appearing in 26AS, for example the income was offered in FY 22-23 but the TDS credit is appearing in 26AS for FY 23-24. …
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Can AO ask any details of sales in cash below limits u/s 269ST ? any case law
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Firm take PAN under AOP status wrongly can file ITR under ITR 5 as Partnership firm and can claim the same benefit as partnership firm i.e tax rate of 30%
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Sir my father sold land on 2016 and paid TDS, he was died on 2017, we got 148A notice now 2023, he was undergone cancer treatment during year 2017, 20 lakhs was spent for treatment remaining he closed all his debts, we dont have any documents regarding that. How can we handle this
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Assessee is NBFC registered under Co Act as well as RBI. During the period of demonetization assessee co accepts cash in old currency amounting to Rs 1410000/- from the borrowers up to 14.11.2016 and from 15.11.2016 till 31.12.2016 amounting to Rs. 2010000/-. AO has made addition U/sec. 68 on the ground that NBFC are not permitted to accept currency in Old Notes from any one and therefore the amount is unexplained cash credit to be added U/sec. 68, eventhough assessee co has given complete details of the persons from whom amount is received towards repayment of loan taken from NBFC. …
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Domestic Transfer Pricing