Answers By Expert: Advocate Neelam Jadhav
Assessee is Developers and builder . Search action U/sec. 132 has been conducted and during the search the record of unrecorded transaction for last 10 years was found . assessee has also filed the declaration Under IDS 2016 , can he take the benefit of IDS declaration vis a vis income generated in the years worked out on the basis of data of unrecorded transaction prior to IDS . pl guide
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A land is acquired by Municipal corporation for general public utility such as road, garden. Said acquisition is obtained by registered document and registrar inform said transaction under SFT with ready reckoner value. Said document is showing payment in form TDR as consideration. Subsequently said TDR are sold. My questions are: Whether received TDR is taxable as capital gain in year when land is transferred to corporation. If yes at what value being subsequent sale of TDR is much of lower value than shown consideration in sale deed. Whether provisions of 50C are applicable to allotted TDR. Said TDR are…
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Assessee is partnership firm engaged in ginning of cotton. It purchases cotton in cash from agriculturist through the Adatya claimed that it is payment to agriculturist and no disallwance be made u/sec. 40 A(3) of Act. Agriculturist confirm this transcation and accepted that they have received payment in cash. Ao has disallowed U/Sec 40 A(3) on the ground that it is not transcation between agriculturist and not covered by exception provided in Rules. Is action of AO is legally justified
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When lending company has deposited funds in a firm engaged in money lending activities for earning interest and such firm has advanced funds to substantial shareholders of lending company but such substantial shareholders have no control over the firm who has extended funds to substantial shareholders on interest, whether provisions of section 2(22)(e) could be invoked in the case of substantial shareholders even though there is no debit balance in the books of lending company to their account.
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Will you please clarify for AY 2024-25 what is the Rate of Surcharge on income-tax on longterm capital gains of Rs. 130000 and what is the marginal relief ?
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Hon'ble experts, The buyer deducted TDS at 1% u/s 194IA of the I.T. Act on Stamp value. The PAN number furnished by the seller was inoperative at the time of filing the from 26QB. Department deducted the TDS u/s 194IA at the rate of 20% due to non furnish the PAN card and issued the imitation order along with notice of demand. PAN card and Aadhar Card linked successfully. But, Pan and Aadhar card linked status is not updated in TDS Traces portal. Kindly help me out from this situation, With Regards, MOHAMED ALI Tax Practitioner.
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Assessee is trader of the steel and also registered under the GSt. Books of accounts are audited U/SEc. 44AB of the Act. In the assessment proceedings for A.Y. 2021-22, A.O. has asked the details of the purchases and on the basis of those details he has sent the Notices U/SEc. 133(6) to various parties. Two parties have not responded to the Notice U/SEc. 133(6) of the Act. AO has issued the SCN to assessee as to why the purchases of these parties should not be disallowed U/SEc. 37 of the Act since they have not responded to Notice U/SEc 133(6)…
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A self employed person makes contribution to National Pension Scheme and wish to opt for new tax regime. whether deduction of contribution made to NPS will be available to him?
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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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whether telescopic benefit of IDS declaration is possible