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In case of a school whose aggregate turnover during the financial year is less than 5CR. Do the school have to submit a report in form 10B/10BB. Will the answer differ if school is not registered u/s 12AA/10(23C)?
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When notice u/s. 143(2) of the Income Tax Act was issued in the name of erstwhile existing company (amalgamating company) then whether the assessment order passed by the Assessing Officer in the name of amalgamated company is legal and valid?
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In Joint Development Agreement entered into by the owner of the land with the builder, when the transfer of land takes place and when the owner is liable to tax?
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In case of a charitable society running educational institution, if all the members of the society, retire and new members are introduced the executive body is also replaced by the new members. However, this being a commercial deal, the incoming members desire to pay the outgoing members say by way of gift through account payee cheques. In such a situation can incoming members pay to the outgoing members directly. The outgoing members are in the tax bracket of 30% plus surcharge, then what will be the implication of such transaction, and whether society will lose its character of being a…
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The assessee is a partnership firm constituted by four partners having mainly stock in trade. The firm is reconstituted two partners of the firm have retired. The retiring partners are given stock in trade as their share the questions are as under: (i) The stock in trade given to the outgoing partner will be subject to capital gain or business profit, and it will be taxable in whose hands that is the hands of firm or the outgoing partner? (ii) The second question is , will it be capital gains or business profit, and income tax that has been paid,…
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Sirs, In the absence of any incriminating material during the course of search or any adverse statement recorded in the deposition, can there any be addition to the income which was assessed under section 143(3) of the Act? Also, please guide if there are any judgements of Supreme Court in this regard. Thanking You
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Assessee is partnership firm engaged in the business of construction. assessee firm has filed the declaration under IDS for A.Y. 2015-16 and 2016-17 in respect of Income earned during the relevant A.Y. .In the said declaration assessee firm has claimed the credit for payment of advance tax paid prior , however the PCIT has not allowed the credit and considered the IDS declaration as invalid . The assessee firm has filed the WP against denial of credit of advance tax in IDS declaration and the same is pending before the HC. AO has issued the Notice U/SEc. 148 on 30.06.2021…
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Turnover , less than 5 crores , filing of report , school exemption .?