Mr. X, is a join a service at Dubai in the financial year 2013-14 and before joining service at Dubai he was a proprietor of a petrol pum and carring on the business from sale of petrol ,Hsd lubricant etc. and was filing his income tax return in individul capacity as resident, but after joining the service at Dubai from where he get salary he is still the propritor of the firm and carryon the business and filling is income tax return at India in his individual capacity as a non resident. My querry is that should he disclose his…
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Assessee is partenrship Firm and case of the assessee is selected for scrutiny for the AO for A.Y. 2020-21. AO has issued Notice U/Sec.143(2) and 142(1) and served up the assessee in time. later on there was change in the Assessing officer and new officer has continued the assessment proceedings by issuing Notice U/Sec., 142(1), to which assesssee firm has responded time to time by submittiing the explanation and completed the assessment U/Sec. 143(3) by making certain addition. whether action of new AO of completing the assessment with out issuing fresh Notice U/sec. 143(2) is legally valid? if Not ,…
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Respected Sir, A charitable trust regd u/s 12A failed to file the ITR for AY 2021-22 before the due date for filing of ITR i.e. after 15/03/2022 . However it filed audit report, Form 10B before due date for filing of form 10B. CPC while processing u/s 143(1) has not allowed the entire expenditure as application of income and treated the gross receipts as taxable income and taxed accordingly. In the intimation no reason given for the disallowance. For filing appeal what grounds can be taken and apart from appeal , any other alternative remedy available . Kindly enlighten.
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Assessee is promoter and Builder. During the course of carrying of business, assessee accepted one time deposit from flat purchaser for future maintainance of the building. AO is the opinion that it is taxable in the year of receipt , where as assessee is saying that it is not taxable in his hands as assessee is only custodian and after deduction of expenses incurred for maintenance, will be handover the balance to society . Whether assessee's stand is correct ? Or AO is correct ? Pl guide .
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Mr. X is a senior Citizen. Due to BRAIN STROKE her right side is totally paralysed . She can not sit with out help. Sir , Under which section she can get deductios and what papers/documents are required.
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If i have a capital gain from equity mutual fund of rs. 400000 after deducting rs. 100000, my gain tax will be 40000 rs. If it is to be set off against long term capital loss, i have to saw loss of only 40000 or 400000 rs?
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I am holding rural agricultural land since before 2001. Now I have converted such land as NA land in December 2022 and sold it in March-2023. In which amount I have to pay tax ? If I am allowed indexed cost then My question was which value I should consider for 2001 ? Agriculture land value or NA land Value ? Circle Value of land as on 01-04-2021 is 200 Rs for Agricultural land and Rs. 1000 for Non Agricultural Land. Circle rate of NA Land as on Dec-2022 is 3550 and I have sold it at Rs. 3700 in…
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In case the overseas company issues stock options to the employees of the subsidiary and there is no recharge arrangement. Is the Indian company still liable to include the ESOP costs in the cost base (for cost plus method or TNMM with net margin based on cost) in case it renders services to its other AE
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Disclosure of assets located out side India by non resident