If any partner withdraws an item of stock in trade of a builder firm [say 1 flat] at cost, what are tax implication on firm and partner both ? 43CA/56[2]x are applicable ?
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Company "A" has assigned the loan (a fully written-off loan account) to the NBFC in the year 2021 at a discounted value (lower value as compared to the original debt obligation). The loan was taken over by NBFC because NBFC is hope full of that it will recover the higher amount in the future. The Borrower against the loan (original debt) has allotted redeemable preference shares (RPS) of Rs 100/- each at par to the NBFC. The Borrower's net worth pre-allotment of RPS is negative. The query is What will be the tax impact on NBFC when the loan is…
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A COMPANY HAD DEDUCTED TDS OF RS. 50 LACS WHICH WAS PAID LATE BY 7 MONTHS DUE TO COVID 19 AND FINANCIAL CRISIS. THE SAID TDS WAS PAID LATE WITH APPLICABLE INTEREST AND LATE FEES. ALSO THE TAX WITH INTEREST AND RETURN WITH LATE FEES WAS FILED VOLUNTARILY BEFORE RECEIVING ANY NOTICE. NOW AFTER 2 YEARS, THE DIRECTOR HAS RECEIVED NOTICE FOR INIATIATING PROSECUTION AS THE COMPANY HAD COMMITTED DEFAULT AND IS A PERSON IN DEFAULT. WHAT REPLY SHOULD BE FILED TO AVOID PROSECUTION?
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Respected Sir, Can you share the judgement, wherein it has been held that - if the seller of immovable property is NRI, the buyer can deduct tax (TDS) on NET CAPITAL GAIN if the seller furnishes CA CERTIFICATE WITH CAPITAL GAIN WORKING.
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Assessee is private limited co , engaged in the business of construction and development of real estate project. the co hold two lands one is considered as stock in trade and another land is shown as investment which was purchased eight years bank. Now assessee co has decided to sold both the lands and accordingly executed the conveyance deed against the consideration to be received in form of constructed area after 24 months. The assesee co has also hand over the possession of the said land to the buyer of the land. consultant of the Purchaser is saying the tax…
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AS A FREELANCE JOURNALIST, I GET A INCOME UNDER 194J FOR MY REPORTING / EDITING. I SHOW THIS INCOME UNDER 44AD OR 44ADA OR JUST UNDER 'OTHER INCOME' IN MY INCOME TAX RETURNS? FREELANCE JOURNALIST IS A PROFESSION BUT NOT COVERED BY 44AD OR 44ADA - NO MENTION OF THE TERM 'JOUNARLIST'. PLEASE GIVE YOUR OPNION ON THIS. THANK YOU
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Should not the deduction u/s Sec 80TTB for Rs. 50,000, being a standard deduction , same way as the standard deduction in respect of salary income, be allowed to a SC/SSC irrespective of his opting for the old or new regime; especially if he claims no other ineligible deduction as specified ? NOTE: Refer the Poser raised with the CBDT/CPC , also vide Post on FB/ Linkedin, to which no response has been received so far.
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Assessee is an individual and partner in partnership firm engaged in the business of advertising. In the A.Y. 2008-09. Assessee has capital long term gain other than land and building amounting to Rs. 3.25 cr. Assessee has invested the entire amount for purchase of bungalow along with the land . The area of constructed bungalow is about 20000 sq.ft and area of land on which bungalow constructed is 60000 sq.ft Assessee has executed registered the Development Agreement and power of attorney by paying full stamp duty and also taken the possession of the said property. The assessee has not carried out…
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Dear Sir, Assessee received notice dated 20.05.2022 u/s 148A(b) in consequence to Hon'ble SC Order dated 04.05.2022. Assessee's case relates to LTCG. The information mentioned in the notice addressed to the assessee is totally wrong 1. name of the company in which assessee did purchase and sell of shares as per AO is wrong. 2. Amount of shares purchased and sold is wrong. 3. Name of broker to whom assessee purchase and sale of shares is wrong. Assessee filed reply in response to notice u/s 148A(b) mentioning that information given by you is wrong. Now, the assessee approached the concerned…
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Assessee received order u/s 148A(d) of the Act within the time limit of 30 days from the date of reply given. However, in the said reply, the AO has not considered the detailed objections raised by the the assessee and also not provided all the information and documents relied upon as required by the decision of Hon'ble Court in the case of Ashish Agarwal, tough it is mentioned that same has been provided to the assessee. In the order u/s 148A(d) of the Act, the AO has stated that assessee's request for copies of documents, statements and opportunity of cross…
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withdrawal of stock in trade by partner