In the present case for AY 2016-17, notice u/s 148 dt. 31/3/21 received through email on 1/4/21. Reassessment order dt. 31/3/22 passed appeal filed before CIT (A) on 9/4/22. Again notice u/s 148A(b) issued on 2/6/22 (stated as issued, as per the direction of SC decision in the case of Ashish Agarwal) along with the information and material (12 pages missing/3 pages not legible) relied upon for such reopening. The above information is received by the AO from the INSIGHT PORTAL, as flagged by the system as HIGH RISK CRIU/VRU. Now the AO has issued order u/s 148A(d) & notice…
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For AY 2021-22 Gross Total Income (Per Tax Return filed) more than Rs 15,00,000 Deduction claimed under Chap. VIA (80TTB + 80G) Rs 60000 Old RATE auto applied by CPC because of such claim. If new rate were to applied, then the tax charged by CPC is far in excess. Is that justified/warranted ? For my viewpoint> https://www.linkedin.com/pulse/sec-80-ttb-act-surrounding-myth-venkataraman-swaminathan/ https://www.linkedin.com/posts/venkataraman-swaminathan-8a9b9575_share-tax-activity-6964086386643648513-rKJF/?utm_source=linkedin_share&utm_medium=member_desktop_web In short, in my quite arguable view/firm conviction, based on -COMMON SENSE, PRINCIPLES OF - EQUITY and GOOD CONSCIENCE , also based on PURPOSIVE INTERPRETATION of the LAW, so long as the taxable income returned does not exceed the…
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X is a partner in a firm along with other partners. Firm has some assets, properties etc. X has a debit balance in the firm. He leaves the firm Without giving or taking anything. Any tax implications for firm or partner?? The status of debit balance in the firm ??
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There is a partnership firm having partners F (father), S1 (Elder son) and S2 (Younger son) carrying a hotel business. Each partner is having an equal ratio in firm (i.e. 1/3 each). On 01/04/2021 Partner S1 retired from the firm and his balance in capital A/c is transferred to Unsecured Loan A/c. Neither the excess payment of cash is made nor any immovable property is transferred to retiring partner. Remaining partners (i.e. F and S2) are now sharing an equal ratio in the reconstituted Partnership Firm. Query: Whether the section 9B and 45(4) are applicable in the given case?
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There is one partnership Firm WITH 2 PARTNERS. One of the partners died in the month of March 2022. Sharing ration was 50:50. They had one Shop in the books of account and were claiming depreciation on it, WDV 31.3.2021 47,360/-. Shop Acquired in the year 2001- 02 COA - INR 334470 /-. Now the firm is selling the shop for INR 12,44,000/- (fair value). The asset is not yet transferred. There will be STCG to the firm as per sec. 50 INR 11,96,640 ( 12,44,000 - 47360 ) My query is : 1. To save on the capital gains tax…
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Assessee is private limited co filed the Return of Income filed the Return of Income For 20-21 where in Education cess has been claimed as expenditure on the basis of decision of hon'ble BHC. Assessee co has received SCN as to why proposed variation should not be made on 8.08.2022. on following grounds 1.Education Cess is not an allowable expenditure/deduction u/s 40(a)(ii) of the Income Tax Act, 1961. 2) It has retrospective effect from 01.04.2005 i.e. A.Y. 2005-06. 3) Penalty u/s 270A is imposable on such claim for under reporting of income. 4.Hence, you are requested to show sufficient cause…
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Assessee firm has made declaration under IDS for A.Y.2015-16 amounting to Rs. 3.30 cr. and has paid the installment of tax due on 30.11.2016, 30.03.2017 and 30.09.2017 , however due to mistake of CA , there was shortfall of Rs. 1313000/-, which he has paid on 3.10.2017. The assessee thought he had made the compliance of IDS. since the all the mail id of CA was given , assessee was not aware of the shortfall and proceedings completed by the AO U/Sec.147 r.w.s.144 r.w.s 144B on 22.03.22 , where in AO has taxed the entire amount disclosed under IDS amounting…
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Background Company A is headquartered in US and has a subsidiary company B in India. Company A is primarily owned by a Private Equity firm (approx. 80% ownership) Company A (US company) has issued ESOP to employees including employees of subsidiary company in India. Stock options were issued at a price of $10 per option. FMV as per merchant banker report is $15 as on December 31, 2020 In June 2021, there is transfer of ownership to a new Private Equity company. Both are large PE firms and majority stake exceeding 70-75% has exchanged hands As per transaction price for…
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Can one opt for filing new ITR U after notice under Black Money Act is already served? If income pertains to AY 16/17 but BMA notice is served in AY 21/22, what will be the year for which ITR u can be filed ?
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Whether employees of Autonomus body such as FTII/ NSD are treated as Govt. Employees; as CCS Rules are applicable to them.? Can leave encashment receive at the time of retirement is exmept in these cases?
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Notice u/s 148A(b)