Assessee is a partnership firm having 17 partners engaged in the business of development of property . The said firm has one land which is hold as current assets having book value very less. In this firm two partners were admitted in the firm in the month of May. 2020, who are willing to invest the capital require for development of the said land and the project on the said land. Due to some reason the original 17 partners have decided to retire from the firm in the month of Dec. 2020. Before the retirement the partners have made revaluation…
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In case of assessee, ITAT has set aside the assessment order to the AO with directions to re-asses the income. Assessing officer has passed the order as per the direction of the Hon'ble ITAT. Whether after decision of Tribunal, Assessing Officer is duty bound to charge interest under section 234B up to date of original order of assessment passed by him and not up to date of reassessment order passed by him in pursuance of order of Tribunal. Kindly guide.
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whether notice under section 144 (Best Judgment Assessement) be issued for non response to notice under section 148 of IT Act.
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A public limited company has deducted tax at source on Dividend @15% for non submission of PAN. I have a PAN but it was omitted to be submitted to the Company. Is it possible to set off the TDS at the time of filing my Income tax Return? Do I Have to include the Dividend amount in my Return.
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Dear Expert, A private company filed its tax return for FY 2019-20 and availed the benefit of lower tax rate as prescribed under section 115BAA However, filing of form 10-IC as prescribed under sub section 5 of section 115BAA was done much later due to inadvertence. Return was filed within statutory due date but form 10IC was filed in Feb 2021 (about 2m delay). Sub section (5) states Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing…
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Assessee is partnership firm. DURING the course of Search shortage in stock is found. Assssee has stated that though there is no reason for shortage, as his maintaining stock record , however to avoid litigation partner agree that they will offer income on the value of shortage in stock in the return . However AO is saying he is going to add entire amount of shortage and tax the same by resorting to sec. 115BBE at special rate. Is he is correct .
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ABC company of USA has filed civil law suit against XYZ company of India in the court of USA alleging breach of confidentiality and misappropriation of trade secret. Now both the parties have agreed mutually to fully settle the dispute, wherein XYZ company will pay sum of USD 250000 to ABC company, and ABC company will withdraw the case. Q1. whether such payment made by XYZ company will be deductible expense from business income? Q2. Under which section TDS will be applicable and at what rate? Q3. under what expense head such payment should be booked in profit and loss…
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There are three partners in a firm. The firm is having two residential properties having high market value compared to cost. No depreciation has ever been claimed on the properties. The firm is carrying business of export and properties are shown as Investments in books of account. One of the partner who was having 80% share in the firm expires. As per deed the share of the said partners goes to remaining partners only. What will be impact under S.45(4) and S.9B of the act. Whether firm will have to pay the tax since there will be reconstitution on account…
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Public limited co making payment of Dividend to NRI share holder. This payment is credited to his NRE account in Indian Rupees. Whether in this situation Form 15 CA and CB is required. Does this amounts to remittance to NRI, even though payment is credited in bank account maintained in India.
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I work in a department of govt India. I have borrowed a housing loan and house construction completed. My office has rejected to give me any rebate on income tax and tax being continued to be debited from salary due to no completion certificate available. I read an article in news paper mentioning no certificate is required to avail the exemption on interest on home loan. Can you please guide me which law (section and sub sections) support this fact. You can refer to the link below https://economictimes.indiatimes.com/wealth/tax/mumbai-tax-tribunal-order-a-major-relief-for-home-buyers/articleshow/55128659.cms?from=mdr
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Retirement of Partners before amendment brought in Finance Act, 2021