Answers By Expert: Research Team
Leave encashment benefits received by the salaried class at retirement, whose limit has been hiked from ₹3 lakh to ₹25 lakh in the Budget, will be tax-free in their hands under the new income tax regime even if they switch to it in the year of retirement, Revenue Secretary Sanjay Malhotra told. IS THIS FACILITIES ARE AVAILABLE ON ACCURAL BASIS OR PAYMENT BASIS, SUPPOSE A PERSON HAS BEEN RETAIRED FROM PSU SERVICE ON 31.10.2022 BUT HIS FINAL SETTLEMENT IS NOT YET DONE TILL TO DAY i.e. GRATUITY , LEAVE ENCASHMENT IS NOT YET PAID, MY QUESTION IS CAN HE AVAIL…
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Hi, can you please let us know the timelinmit by which assessee can file a MA before the ITAT?
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Assessee is pvt limited co engaged in business of manufacturing of engaged goods. Had supplied to a customer X . Search u/Sec. 132 carried out at X . During search digital in form of excel sheet was found n seized. On the basis of certain noting , CFO of X has agreed n given statement that X has pratice of recording 30% of material purchase from supplier in cash and not recorded in the books. On the basis of this admission CFo also stated that from assessee co X had effected transcation in cash of Rs. 3.5 Cr which is…
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Sir, If the company pays expenses for education of the whole time director in a university, is it deductible expense? Also, is tds applicable on the same? Pl clarify
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I got appointed on 11-03-2020 . the CID report on character reviced on 28-12-2020 as involve in criminal case still subjudice. I got acquitted on 28-11-2022.the acquittal order copy submitted the department also no appeal pending report regarding this matter also submitted on department 27-05-2023. Now the department serve show cause notice against me on 17-06-2023 regarding CID report and may me to reply in week, s how can i reply it
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Whether the paper book to be filed before the ITAT as well as the copy of the same whichis to be served upon the Income tax Departmental Representative be dispatched by speed post (registered post). Kindly advice
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Dear all, I had one query: An assessee had himself filed his income tax return for the F.Y. 2014-15 and inadvertently shown Income of F.Y. 2015-16 in F.Y. 2014-15. There was no income in F.Y. 2014-15 as the assessee was unemployed. Later on Return of FY 2015-16 was filed with the actual income of FY 2015-16. Can the return of income filed for F.Y. 2014-15 be deemed invalid by the Department and vacate the demand? The return of income filed for F.Y. 2014-15 was filed erroneously and there was no income during the relevant financial year and thereby NO TDS,…
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