Answers By Expert: Research Team
The Company has closed its business and applied to ROC for its closure. The Company received the Closure Order. Company submitted application to Income Tax for PAN surrender and its activation. However no reply received from them for more than 2 years. Is it mandatory to file Income Tax Return even after application for PAN Surrender.
► Read Answer
The Company has received the closure notice from ROC after submission of all formalities for closure. After closure the company applied for surrender of PAN Card. Till now neither PAN has been deactivated nor any reply received from Department for surrender order. Should the closed company need to continue file IT Return even after the PAN Surrender since PAN has not been deactivated.
► Read Answer
Assessee is promoter and Developers. During the course of its business accepted the one time maintenance from the unit purchaser and disclosed as deposit liability in the audited financial statement. on the completion of project the amount is handed over to society or apartment .This policy and method has been followed by the assessee since last 10 years and also accepted in the assessment U/SEc. 143(3) of the Act. Under the Service Tax Act as well as under GST Act this amount is accepted as deposit and no tax has been levied. Assessee submitted that it is not business receipts…
► Read Answer
Assessee is NBFC registered under Co Act as well as RBI. During the period of demonetization assessee co accepts cash in old currency amounting to Rs 1410000/- from the borrowers up to 14.11.2016 and from 15.11.2016 till 31.12.2016 amounting to Rs. 2010000/-. Ao has made addition U/sec. 68 on the ground that NBFC are not permitted to accept currency in Old Notes from any one and therefore the amount is unexplained cash credit to be added U/sec. 68, eventhough assessee co has given complete details of the persons from whom amount is received towards repayment of loan taken from NBFC. …
► Read Answer
Is there any remedy for 36(1)(va), if appeal filed before checkmate judgement of supreme court.
► Read Answer
Dear Sir/Madam, we have a question on applicability of section 80IBA. in case if assessee maintains cost center wise books of accounts for all the projects in a single accounting software. will it meet the requirement of separate books of accounts as mentioned in section 80IBA?
► Read Answer
may I show the total no. of appeal filed by the department
► Read Answer
My Mother had a Flat (460 sq,ft) on Ownership basis since 1984. Building went into Redevelopment in the Year 2014. Builder paid Stamp Duty only on Construction Cost Rs 1760/ sq.ft.(as the Law Prevailed in 2014), whereas Fair Market Value & Stamp Duty Value was 8600/ sq.ft Now which Value I Have to Take for Capital Gain Tax Calculations I have sold the Flat in August 2023. from 2001 as base rate or stamp duty paid value or market value as on 2014 (agreement yr)
► Read Answer
We have converted the rural agricultural land into non agricultural land in 2020 for the purpose of sale. I have received cash advance 300000 from the purchaser of land in the year of 2018( before convertion of agriculture land into NA land). Whether section 269ss or any other sections for penalty is applicable for cash advance of 300000. I'm in opinion that, advance cash received before conversion will be treated as advance against agricultural land which is not a capital asset. If I would have received advance cash after conversion of land, section 269ss or other sections for penalty will…
► Read Answer
Amount received on sale of shares received as ESOPS will be taxed as capital gain or any other head? If Capital Gain then what exemptions/deduction are available under sub sections of 54. Except 54F. Important points (1) Shares are of unlisted company (2) More than 24 months old (3) No amount paid during exercise of option.
► Read Answer
ITR of Closed Company