Assessee is private limited co and has taken the loan from NBFC co. In the year 2021-22, how ever due to financial crises could not make repayment as scheduled . Interest is provided in books and TDS is also made , however TDS has not paid. In the year Assesssee co did OTS with co by paying lumpsump payment where as per OTS entire interest was waived . ASSESSEE CO REceived SHOWCAUSE NOTICE FOR PROSECUTION FOR NON PAYMENT OF TDS from FY 21-22.. Pl guide.
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Assesseee is promoter and developers. Has taken the loan from Bank. Bank has stiputed condition that amount will be used for the project only. However, considering the status of the project, assessee has advanced the loan to its associate firm and earn the interest. Assessee has claimed the interest as part of cost of construction after reducing the interest received from associate concern. AO has not appreciated the concept Netting of Interest and made the addition on the decision of Tuticorin Alkali 227 ITR 172. Whether assessee can take a stand in appellate proceedings that since there is direct nexus…
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An assessee had not filed his return of income for the Assessment Year 2018-19 voluntarily under section 139 inspite of having taxable income. The Return of Income was filed only in response to notice under section 148. But the assessee inadvertently escaped Saving Bank Interest and availed deduction under Section 80TTA. The Assessment Unit made assessment under section 147 read with section 144B and added Saving Bank Interest and also allowed deduction under section 80TA. The Tax demanded under section 156 was duly paid within 30 days. The Assessment Unit levied 50 % Penalty under Section 270A on the Tax…
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Is levy of penalty is justifiable on disallowance u/s 36(1)(va) after terming it as Under reporting of income.
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Amendment of 149 in finance act 2022 As per finance act 2022, the income escaping assessment should be represented in the form of--- an asset, an entry or entries or expenditure in a single transaction or transactions and expenditure.... For AY-2018-2019, the limit of 3 year get expired on 31 march 2022....now the amendment of finance bill 2022 be effective from april 1, 2022. so non asset based representation will also expire on 31 march 2022 for ay 2018-2019, if income escaping assessment is-more-than-50-lakh...is it right...............................................my questions is the following.... Questions : Can Income escaping assessment more than 50 lakh amended…
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The LLP in there agreement obligated to contribute 20 lakhs each by four partners. On 15th dec 2022. However till 31st March 23 nil contribution made by the partner. My query is can we show 80 lakhs as capital contribution and corresponding 80lakhs as receivable from partners in current assets as on 31st 2023 balance sheet. Thk in adv.
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Brother paid 5 lakhs out of 20 lakh directly to dealer of properties on behalf of property purchased by his sister and balance paid by sister herself. Will 5 lakh paid by brother is termed as "Gift" under Income Tax Act?
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When a Society building containing various is demolished due to a Development Agreement ( typical in Mumbai ), does it not amount to "Relinquishment of asset" u/s 2(47)(i) - The asset is physically not there now and a new asset (new house may be bigger) will be given.
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Regularly, I follow your website’s “Questions & Answers” blog and benefitted a lot which is knowledge-enhancing. I am a salaried person. If I do also freelance work in Animation & Graphic Designing for 2-3 months only during a FY not as a “Professional” but as an Amateur and earn around 1,00,000/-. If my client also deducts TDS from my Fees payments u/s. 194J and remitted to the IT deptt. Kindly clarify the following points :- Whether my receipts from freelancing comes under “Specified Professions” u/s. 44AA ? Which ITR form should I file, ITR-3 or ITR-4 ? What will be…
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With regard to valuation of unlisted shares, while considering the immovable property as per Rule 11ua at Stamp Duty Value the resulting share price is in negative number. Because the Guideline value is less than its Book Value. So, can we consider Book Value or Guideline Value whichever is higher for immovable property in valuation of unlisted shares as Rule 11ua provides only for Stamp Duty value w.r.t immovable property.
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PROSECUTION ON TDS