Answers By Expert: Advocate Shashi Ashok Bekal
  Withdrawal of appeal
if it is faceless how do we do that is the question Sir


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  MAT credit
The assessing officer denied the MAT (Minimum Alternate Tax) on the ground that the appellant has availed the benefit of Vivad se Vishwas Scheme (VsV) and have permanently settled the dispute without considering the fact that the appellant has opted for VsV w.r.t the disputed income and the MAT credit as per return of income will not lapse as result of appellant opting for VsV.   Kindly guide.


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  Issue of shares
The assessee is a private limited company. The share value of the company is Rs.100/- As per Balance sheet the share value is Rs.350/- Can the company issue shares to an investor at face value?  Ifso what  would be the income tax implication in the hands of the company as well as the Investor?


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  MSME and 43B payments
With effect from 1/4/2023, any sum payable by the assessee to Micro or Small enterprises beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises development act, 2006 shall not be allowed as deduction. There are three questions with respect to said amendments Old Dues outstanding to MSME due to any reasons (before 1/4/2023) and not paid during the year and still outstanding as on balance sheet date.  Will the such balances be required to added to income. Whether the micro or small enterprise which has obtained UDHAYM registration will only be counted or unregistered…


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  Time limit of 143(3) assessment order for Assessment year 2018-19
There was an extension of time limit for order as per section 143(3). What was the last date for this order


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  FEMALE HUF KARTA
Can wife become karta in HUF in presence of her husband?


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  VOLUNTARY CONTRIBUTIONS RECEIVED BY A TRUST CAN BE UTILISED FOR THE PURCHASE OF FIXED ASSETS
SIR, My doubt is if The Trust Registered U/S 11 and 12 of Income Tax Act got the  voluntary contributions from public and utilized for the purchase of the fixed assets for the trust  does it treat application  of income u/s 11 of Income Tax or not and otherwise shall we show it as a corpus donations please clarify and Trust having 12 A Registration when 85% funds utilized from the Gross Receipts for development remaining 15% can we carry forward in cash or bank form please clarify. Thanking you sir.


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  Will Architecture visualisation comes under professional tax in income tax? How much tax will be applicable
A professional having receipts less than 75 lakhs (AY 2024-25 onwards) can avail of section 44ADA of the Income-tax Act, 1961 whereby the assessee has to offer only 50 per cent of the receipts as income under the head PGBP.    


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  charitable trust carrying on business
Respected team, A charitable trust falling under general public utility, originally regd u/s 12A and now granted permanent registration u/s 12AB carried out commercial actitivity in the nature of business during F.Y. 2022-23 . however, it has not maintained seperate books of accounts for business activity. while computing tax liability, business activity and charitable activity to be computed seperately, if so, what is the tax rate for both activity ? whether Tax audit report in form 10BB (as total income exceeds Rs. 5 cr) and also form 3cb,3cd is to be filed ?


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  MAT Credit and Addition u/s 68
Assessing Officer has made addition u/s 68 to the tune of Rs. 20 Lakhs under the head Income from Other sources to be taxed u/s 115BBE @60%. Assessee has PGBP Income to the tune of Rs. 2,30,989/-. Assessee has MAT Credit Available to the tune of Rs. 10,13,277/- and Total prepaid taxes paid to the tune of Rs. 11,76,212/-. Now while making the computation Sheet of Assessment Order, AO give the credit of Rs. 68997/- only and did not give the credit of Excess MAT Credit available to the tune of Rs. 944280/-. Rectification has been filed and no order…


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