Assesse has been carrying on the business of lending money on interest, he has offered the income of interest u/s Section 44AD at 88% against the statutory requirement of 6%. 12% of the income have been incurred on expenses such as Bank charges, Depreciation, insurance of Car and its running expenses, salary of accountant/manager and Telephone Expenses. The case have been reopened for the A.Y. 2020-21 u/s 148 of the I.T Act, 1961 on the ground that income should have been offered under the head of Income from Other sources. Query: Whether the action of the A.O is justified? Any…
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Department of Agriculture, Tripura has advertised for the post of Agri-assistant on 25.09.2018. . But unfortunately till date no written test was conducted in this recruitment process and the process of recruitment was also not completed. The recruitment process kept on hold. My question is how many days a govt job recruitment process could be on hold? Will this recruitment process be considered as cancelled ?
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Dear sir , I have received wrong demand order for selling a property in 2015 which actually I have purchased and loan is availed . In this case what need to be done ? 264 or CIT Appeal
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We have applied under VIVAD SE VISHWAS SCHEME against the demand mentioned in the Order for the relevant year. income tax authority issued Form 5, but its not updated in their system. and now the authorities also adjusted my refund against that due amount which i have already paid under vivad se vishwas scheme. what is remedy with me ?
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Good evening What is the course of action to undo the ex-party assessment u/s 147 rws 144 done by faceless assessment unit. After remand or set aside by CIT (A), where the jurisdiction will fall for reassessment? Ie., jurisdictional ITO or faceless unit. For stay of demand whether certain payment of 20% is mandatory in the first appeal. When the assessee has no fin capacity to pay , then what is the recourse. Is there any favorable possibility incase a. Business closed b. Issue is 6 years old record not readily available. Regards to team of experts …
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I hv received a notice u/s 148 as the ITR has not been filed. My query is whether I can claim refund in the ITR.
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Decisions for "the addition on account of short credit of receipts as per Form 26AS made by the AO for the purpose of computing the tax liability does not fall any of the items mentioned in clauses (a) to (j) of the Explanation. It is submitted that since no adjustment on account of short credit of receipts as per Form 26AS is to be made while computing the book profit u/s 115JB of the Act"
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THE CO-OPERATIVE SOCIETY ENTERED INTO DEVELOPMENT AGREEMENT WITH THE DEVLOPER IN FY 2014-15. THE SAID AGREEMENT REGISTERED IN FY 2014-15 AND STAMP DUTY DETERMINED VALUE AT RS.6.17 CR. BASED ON COST OF NEW CONSTRUCTION AND LEVIED STAMP DUTY. SOCIETY DID NOT RECEIVED ANYTHING FROM DEVELOPER. BUILDING MEMBERS VACATED IN 2017. DEVLOPER PAID HARDSHIP COMPENSATION TO EXISTING MEMBERS AND GAVE PERMANENT ACCOMODATION TO MEMBERS IN THE YEAR 2021. CAAN ITO TAX 6.17 CR. STAMP DUTY VALUE IHE HANDS OF SOCIETY IN FY 2014-15? IN FACT EXISTING MEMBERS HAVE OFFERED CAPITAL GAIN TAX ON ACQUIRING OF NEW FLAT AND CLAIM EXEMPTION U/S.54.…
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Respected Sir, Recently we have sold a land by dividing into small plots which is part of capital asset in partnership firm.We filed the Income Tax Returns by showing this transaction as the long term capital gain and in this long term capital gain we show the cost of improvement as the amount to equal to 30 cents of land value as the road formation expenditure for road formation. Is this type of cost of improvement is allowable under cost of improvement or not. Please clarify
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vsvs scheme