A private Specific Trust wants to convert itself into Discretionary Trust. What will be the tax impact and whether it will be assumed that on conversion private specific trust is first dissolved and thereafter discretionary trust is formed? Further, the specific trust presently has huge investments in shares of various private companies and are shown at cost price the question is whether on conversion the shares will have to be revalued and brought to tax in the hands of beneficiaries at the time of conversion and further shares are held for more than 24 months, the question is whether on…
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Notice under the above referred section was issued on 11/03/2022 for reply on or before 17/03/2022 Whether the aforesaid notice which allows less that 7 days time is valid? Whether the plea of invalid notice can be taken after issue of notice u/s 148 ? Whether the plea of invalid notice can be taken in appeal ? Whether on this plea the proceedings of re- assessment can be held invalid ? Thanks & Regards
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Is any notice or assessment order digitally signed using an expired digital signature of assessing officer valid in law ? Is there any specific provision under the Information Technology Act, 2000 or any other law with respect to use of digital signature on any document / notice / order? Whether the provisions of section 282A of the Income Tax Act, 1961 would come to rescue of the assessing officer who has signed the notice / order with expired digital signature ? Kindly guide.
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Assessee is private family trust created by the setlor for the benefits of 4 minor sons of family. In the said trust father and mother of 4 sons were trustees. After few years one of the trustee was expired. The trust is later on run by the sole trustee. The sole trustee also expired after 2 years. Since 4 sons who were beneficiaries of the trust become major have decided to continue the trust by appointing two brothers out of 4 as trustees of the trust. Whether action taken by trustee is legally correct ? If not what action has…
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Sir, Last date for payment of tax under VSV was 31/10/2021 ?? or is it extended ?? can we make payment now & file Form 4 now ???
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An NRI has never filed any return in india as he was not having any taxable income in india. In the year Nov 2011, he has paid a sum of Rs. 5 Lacks as Premium on ULIP policy being Single premium policy on sum assured of Rs. 6.25 lacks but as he has not filed any income tax return, no 80C was claimed. In year 2017-18, said NRI has received Rs. 9.75 being maturity proceeds to said ULIP policy and Insurer has also deducted tds of 1% on maturity proceeds. The question is Whether the sale proceeds received by NRI…
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Whether show cause notice issued u/s 148A(b) on or after 28.04.2022 is valid or not.. is a question to ponder over, of late, as IT department is issuing the said notices rampantly. For this purpose let us first examine the third proviso to sec 149 which reads as under…. [i]Provided also that for the purposes of computing the period of limitation as per this section, the time or extended time allowed to the assessee, as per show-cause notice issued under clause (b) of section 148A or the period during which the proceeding under section 148A is stayed by an order or…
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Facts : A Private Specific Family Trust is there having four major persons as its beneficiaries. Shares of all the beneficiaries are fixed and known as per the trust deed. Said Trust owns commercial building through which it receives rental income. Return of income of Trust is regularly filed and income from rent is allocated to beneficiaries according to their shares and said income is offered for tax by beneficiaries when they file their return of income (i.e of beneficiaries ) and returned income of Trust is always NIL and Trust does not pay any taxes on rental income. Now…
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Hello, Please guide as to how we can claim compensation for undivided ancestral land acquired by Govt. for Canal construction. 1. We have ancestral land that remains undivided among my grandfather and his brother and other relatives in our Village. 2. We do not have any land records however we do have possession of the said land. 3. As I'm given to understand in the land records available in the land record portal of Odisha Govt. Lot many people are mentioned in addition to my Grandfather and his younger brother,we do not know who are these people or do not…
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Assessee is partnership engaged in the business of real estate developers. Survey U/sec. 133A has been conducted , where a incriminating statement giving particulars of sale of flats , name of person , agreement value and cash accepted was recorded. Partner who was not looking after accounts had accepted the amount stated in coloum cash is extra consideration received. The amount for each unit is more than 2 lakhs. At the time of assessment the said partner had retracted from the statement. However AO made this cash as undisclosed income. Assessee later on received Notice u/Sec.269SS on the ground that…
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Taxation on conversion of Private Specific Trust to Discretionary Trust