Answers By Expert: Mrs.Prem Lata Bansal
Whether imposition of tax on subsidy and concessions under amended provision of section 2(24)(xviii) (Finance Act 2015)
► Read Answer
In Case of Transfer ownership of Land to Developers by Landowner (Individual) against consideration in Area and some money. Q1. whether this is covered under Section 45 (5A), as it is not a Development Agreement? Q2. In this Case Developers Purchase Capital Asset - Land from Landowner and Developers name will be mentioned on Revenue Record as Landowner? Q3. Whether Landowner Income Tax Liability will postponed to Future Date on the date of OC
► Read Answer
My father sold a land property on his name and purchased a flat on his name with entire sale consideration. Now, Section 54F says he should not sell it within three year But can he gift the flat through gift deed in my name or should we wait for three years for gift transaction also? References of relevant cases will help a lot. Thanks.
► Read Answer
One of my friend filed the return for the income tax and got the refund . The case got selected got scrutiny and they have disallowed the amount which is almost 6.5 lacs.they have stated that under reporting due to misreporting of an income which is 200%. I have paid the tax and interest agreeing to them as I am not aware of it. After that they have initatiated penalty of 200% which is almost 4.08 lacs. whether there is any chance of prosecution. Most of the things are misreported. I am salary assessed . Some CA,s are telling that…
► Read Answer
please give a solution for the delay Condon for filing Form 10B AUDIT REPORT.
► Read Answer
When I was the Secretary of a Cooperative society, I filed an appeal at CIT against an order issued by IT department for paying a penalty of 2.45Cr against non filing of IT return. Appeal is pending. Now I resigned from the post of Secretary and new person assumed the charge of Secretary. My question is that how can I change the name in appeal as I resigned from the post of Secretary who is responsible for legal proceedings.
► Read Answer
Whether liability of the private limited company can be recovered from the Directors of the said company?
► Read Answer
Whether adjustment of demand raised in earlier years against the refund of the current year can be made by the Assessing Officer without giving any notice u/s 245 of the Act?
► Read Answer
What is the effect of fresh assessment order passed by the Assessing Officer in pursuance to order passed by Tribunal, which is barred by limitation?
► Read Answer
a) Whether deduction u/s 54/54F is available to the assessee if the investment is made in the residential house in the name of son, out of capital gain/net consideration arose on acquisition of his inherited farmland (agriculture) by the Government? b) Whether son has to face any taxation on account of purchase of flat or any other tax consequences?
► Read Answer
Subsidy , Capital or Revenue , Whether income chargeable to tax