Introduction of a land by a partner in AOP doing building work Is it eligible for 45[3] or not?
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a firm has 2 partners who are real brothers . They wish to gift a depreciated office of the firm to first son of third brother and non depreciated building of the firm to another son of 3rd bro, firm has running business too for the existing partners . Any tax liability any other section like 56 [2]/45 etc in the hands of firm, partners and 2 sons of 3rd brother ? can firm give gift as above ?
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Non residents are now eligible assessee u/s 144(15) for the purposes of draft order & for approaching DRP in case of adverse order. Whether same procedure would be warranted at the time of processing of return filed by Non Resident . Prima facie, answer is in affirmation as there is nothing to suggest that section 144C applies only to 143(3) / 144 assessment . (ii) if the case of non-resident is also a search case , how the direction of DRP and approval u/s 153D would reconcile
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During the course of assessment proceedings, AO notice that in some loan transcation assessee has accepted loan in Cash and assessee has also given confirmation from the lender that he is assesssed to tax and disclosed the transcation in his books of accounts. Assessment U/Sec. 143(3) was completed on 31.03.22 by accepting Returned income. There is no mentioned about contravention of provisions of Sec. 269SS of the Act. On 10.05.2022, he made a reference to Joint CIT about contravention ofprovisions of sec. 269SS and initiation of penalty proceedings u/Sec. 271D of the Act. The JCIT o 10.06.22 initiated penalty proceedings…
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Search is conducted in the month of March 2023 on Assessee XYZ, where in a diary is found which is cash book for from F.Y. 2011-12 to 2022-23. in the said diary noting about receipt and payment is shown in the name of ABC. On the basis of these noting, Notice U/Sec. 148 is issued in view of provisions of Clause (iv) of Explanation -2 of Sec. 148 for A. Y . 14-15, 16-17 and 2019-20 alleging escarpment of income more than Rs. 50 lakhs each year. ABC has no connection of what so ever nature with XYZ. How ABC…
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incentives linked to deposits of sub-brokers, is it covered u/s 194/A/R/H ?
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The dispute of extra area work was finally settled throu arbitration award pertaning to pre GST period ( Finacial year 2016-17) . Some Compensation and interest is recived now. On the above interest, income tax is payable on 50% income as per section57(iv) of Income Tax Act ?
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What will be the TDS liability in case of : 1. IMPORT FREIGHT PAID TO INDIAN SHIPPING COMPANY 2. IMPORT FREIGHT PAID TO FOREIGN SHIPPING COMPANY 3. EXPORT FREIGHT PAID TO INDIAN SHIPPING COMPANY 4. EXPORT FREIGHT PAID TO FOREIGN SHIPPING COMPANY 5. ON WHAT AMOUNT TDS WILL BE APPLICABLE. INVOICE INCLUDES FREIGHT CHARGES, PORT CHARGES, MATERIAL HANDLING CHARGES ETC
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The notice us 148 of I.T Act , aswellas , notice u/s 148A(b) of Income tax Act has been issued on 08.04.22 for the first time as the assessee has deposited more than 50 Lakhs in financial year 2014-15 .My Querry is that whether the notice issued is barred by limitation or well with in the time?
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Dear Experts, Company A (unlisted company), issues Rights to its existing shareholders in the ration of 5:1. One of the shareholder renounces the Rights in the favour of one of the employees of Company A (at Zero price). The face value of the shares is Rs. 10. The employee buys the shares at Rs. 10 from Company A on the due date. Would there be tax implication in the hands of the shareholder who renounced the shares and also in the hands of the employee who bought the shares. The fair market value of the shares is assumed to be…
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45[3]