I have received IT department’s summons under section 131(1A) for AY21-22. I have received ESPP and RSU stock in years before AY 21-23 and during AY21-22 I have received dividend and it was taxed in USA. I have missed disclosing this information while file the return for AY21-22. I hold around 1160 ESPP/RSU stock in US company. what should be my course of action ?
► Read Answer
Trust regd u/s 12A has not recd huge fees/rent till 31st March. Will this be counted as income for purpose of spending 85% ? any form ? how long unrealised income be excluded from spending 85% ? any form ? can trust opt for cash system of accounting instead
► Read Answer
For our assessee notice u/s 148A issued, they came to us after time period for reply is over, officer passed order u/s 148A(d), and assessee not filed original return. what is the next procedure, please let us know. With Regards,
► Read Answer
who can sign it ? Is it necessary before TP audit is over ?
► Read Answer
Assesseee co is developer and Builder. Search action U/sec. 132 has been conducted in the year 2022-23. During the course of search one pen drive was found with one of the employee, which contains the noting of cash transcation. On the basis of such noting and statement of few employees and one of the director, where in they have accepted the noting are in respect of cash transcations carried out by assesseee and group co. On the basis of such admission Mr. A received Notice from AO , asking the Mr.A as to why amount mentioned on the seized…
► Read Answer
1 can it be claimed from IFHP ? 2. can pvt loan for home loan fall u/s 80C ?
► Read Answer
The trust registered u/s 12AA and 80G received unquoted shares as donation and sold the shares by market auction. the sale price was below net worth of shares. whether provisions of section 50CA will be applicable on the trust.
► Read Answer
Sir, My client is having long-term capital gains on the sale of shares(Listed). can I pay tax at 20% by taking the indexation benefit. Please clarify.
► Read Answer
Assessee is partnership firm engaged in business of real estate development. The assesse firm had appointed few contracteors to carry out construction of the project. In support of its claim for expenses , asssssee firm had submitted confirmations from all parties, giving details such as name, address, PAN and detailed account extract of all the parties and also submitted that all the payments were Made through normal banking channels. Ao issued Notices U/Sec. 133(6) to 6 parties, out that only one party responded even though the Notice U/sec 133(6) were duly served. However while completing the assessment AO had disallowed…
► Read Answer
The assessee is a company wherein in the assessment completed u/s 143(3) of the Act for A.Y 2021-22, addition of Rs. 70,00,000/- was made u/s 68 of the Act on account of unaccounted cash loan repayments on the basis of noting on seize papers found during the course of search conducted in the year 2021-2022. The director of the company has accepted the above referred seize paper noting in his personal capacity. However, AO has made an addition of Rs. 70,00,000/- as undisclosed income in the hands of assessee company and similar addition has been made on the protective basis…
► Read Answer
section 131(1A) for AY 21-22