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Some of the queries asked by people are given below.

Section 112A is mandatory or an option to choose section 112 or section 112A whichever beneficial
Excerpt of query:	Whether Long term capital loss on listed securities (STT paid on buy & sale both) can be computed by following the section 112(1) by taking benefit of indexation as given in second proviso to section 48. Whether section 112A is mandatory to be followed or it is an option to choose either section 112 or section 112A whichever beneficial to assessee while computing long term capital loss. Or if the computation results in a gain, assessee will have to re-compute the capital gains having regard to the provisions of section 112A of the Act. read more

Section 112A is mandatory or an option to choose section 112 or section 112A whichever beneficial

Excerpt of query:

Whether Long term capital loss on listed securities (STT paid on buy & sale both) can be computed by following the section 112(1) by taking benefit of indexation as given in second proviso to section 48. Whether section 112A is mandatory to be followed or it is an option to choose either section 112 or section 112A whichever beneficial to assessee while computing long term capital loss. Or if the computation results in a gain, assessee will have to re-compute the capital gains having regard to the provisions of section 112A of the Act.

whether provisions of section 56(2)(X) and section 50CA of IT act. will be applicable in case buy back of shares.
Excerpt of query:	Facts: In case of a unlisted company, buying back it’s own shares at face value of Rs.10/- when the fair market value of share as per income tax rules, is Rs.300/ and the said share ,was allotted at a premium of Rs.90/-. Query: Whether provisions of section 56(2)(X) and section 50CA of IT act providing deeming fiction of income , shall be applicable ? Whether benefit of the Hon’ble Mumbai Bench ITAT decision in case of VORA FINANCE shall be available to the assessee company and also the shareholder and the difference in the buy back price and FMV shall escape assessment as income, either in the hands of company or in the hands of shareholder.? read more

whether provisions of section 56(2)(X) and section 50CA of IT act. will be applicable in case buy back of shares.

Excerpt of query:

Facts: In case of a unlisted company, buying back it’s own shares at face value of Rs.10/- when the fair market value of share as per income tax rules, is Rs.300/ and the said share ,was allotted at a premium of Rs.90/-. Query: Whether provisions of section 56(2)(X) and section 50CA of IT act providing deeming fiction of income , shall be applicable ? Whether benefit of the Hon’ble Mumbai Bench ITAT decision in case of VORA FINANCE shall be available to the assessee company and also the shareholder and the difference in the buy back price and FMV shall escape assessment as income, either in the hands of company or in the hands of shareholder.?

Detailed procedure for filing a tax return in the case of a deceased individual
Excerpt of query:	Mr. A (died on 1 June 2021). His tax return is pending to be filed for FY 20-21. For FY 20-21, as Mr. A was alive throughout the year, all his income would be taxable in his hands. Accordingly, will have to get a legal heir registered on the income tax portal and proceed to file his return for FY 20-21. For FY 21-22, he has income earned for 2 months until 31 May 2021. Thereafter, income received would be reported in the hands of legal heir. Thus, 2 returns would be required to be filed, (a) one for 2 months under the deceased PAN and (b) other for 10 months under the legal heir’s name. There is some more income expected to be received in FY 22-23. As income is received after 1 June 2021, the tax return for FY 22-23 would be filed under legal heir’s name. (a) Can a tax return under deceased PAN be filed only once i.e. for only one tax year? (b) If the answer to above is Yes, is it possible to club income of April and May 21 with FY 20-21 income i.e. income for FY 20-21 would consist of 14 months and proceed to file the return. (c) Can a tax return under legal heir’s PAN be filed more than one year i.e. for FY 21-22 and FY 22-23? read more

Detailed procedure for filing a tax return in the case of a deceased individual

Excerpt of query:

Mr. A (died on 1 June 2021). His tax return is pending to be filed for FY 20-21. For FY 20-21, as Mr. A was alive throughout the year, all his income would be taxable in his hands. Accordingly, will have to get a legal heir registered on the income tax portal and proceed to file his return for FY 20-21. For FY 21-22, he has income earned for 2 months until 31 May 2021. Thereafter, income received would be reported in the hands of legal heir. Thus, 2 returns would be required to be filed, (a) one for 2 months under the deceased PAN and (b) other for 10 months under the legal heir’s name. There is some more income expected to be received in FY 22-23. As income is received after 1 June 2021, the tax return for FY 22-23 would be filed under legal heir’s name. (a) Can a tax return under deceased PAN be filed only once i.e. for only one tax year? (b) If the answer to above is Yes, is it possible to club income of April and May 21 with FY 20-21 income i.e. income for FY 20-21 would consist of 14 months and proceed to file the return. (c) Can a tax return under legal heir’s PAN be filed more than one year i.e. for FY 21-22 and FY 22-23?

Form 4 filing of VVS Act 2020
Excerpt of query:	Respected members, we have received FORM 3 by designated authority in Dec 2020. Out of 5 AY’s , their is refund n 4 AY’s. We have not filed FORM 4 till date. Please guide us whether we can file FORM 4 now and also how to apply for refund claim. read more

Form 4 filing of VVS Act 2020

Excerpt of query:

Respected members, we have received FORM 3 by designated authority in Dec 2020. Out of 5 AY’s , their is refund n 4 AY’s. We have not filed FORM 4 till date. Please guide us whether we can file FORM 4 now and also how to apply for refund claim.

Whether long term capital gains invested in a house outside India is eligible to claim exemption (S. 54, 54F) ?
Excerpt of query:	IF AN ASSESSEE INDIVIDUAL SELLS HIS RESIDENTIAL SITE IN INDIA AND GIFTS THE SALE PROCEEDS TO HIS DAUGHTER (NRI) FOR THE PURCHASE OF A RESIDENTIAL HOUSE OUTSIDE INDIA, CAN THIS BE ELIGIBLE TO CLAIM EXEMPTION? read more

Whether long term capital gains invested in a house outside India is eligible to claim exemption (S. 54, 54F) ?

Excerpt of query:

IF AN ASSESSEE INDIVIDUAL SELLS HIS RESIDENTIAL SITE IN INDIA AND GIFTS THE SALE PROCEEDS TO HIS DAUGHTER (NRI) FOR THE PURCHASE OF A RESIDENTIAL HOUSE OUTSIDE INDIA, CAN THIS BE ELIGIBLE TO CLAIM EXEMPTION?

WITHHOLDING (TDS) RATE ON PROFESSIONAL/FEES FOR TECHINCAL SERVICE PAYMENT TO NRI
Excerpt of query:	WHAT WILL BE THE WITHHOLDING / TDS RATE ON FEES FOR TECHNICAL SERVICE PAID TO NRI (RESIDENT OF USA). PLEASE NOTE, TRC OF THE NRI IS NOT AVAILABLE. CAN BENEFIT OF DTAA BE CLAIMED. WHAT IS THE TAX RATE AS PER INDIAN INCOME TAX ACT AND DTAA OF USA ON FTS. AS PER MY UNDERSTANDING IF THE RECEIVER DOES NOT HAVE PAN – THEN TDS AT HIGHER RATE OF 20% IS TO BE DEDUCTED. WILL THIS PROVISON BE APPLICABLE HERE? read more

WITHHOLDING (TDS) RATE ON PROFESSIONAL/FEES FOR TECHINCAL SERVICE PAYMENT TO NRI

Excerpt of query:

WHAT WILL BE THE WITHHOLDING / TDS RATE ON FEES FOR TECHNICAL SERVICE PAID TO NRI (RESIDENT OF USA). PLEASE NOTE, TRC OF THE NRI IS NOT AVAILABLE. CAN BENEFIT OF DTAA BE CLAIMED. WHAT IS THE TAX RATE AS PER INDIAN INCOME TAX ACT AND DTAA OF USA ON FTS. AS PER MY UNDERSTANDING IF THE RECEIVER DOES NOT HAVE PAN – THEN TDS AT HIGHER RATE OF 20% IS TO BE DEDUCTED. WILL THIS PROVISON BE APPLICABLE HERE?

Time limit for Issuing scrutiny notice u.s 143 (2) , FY 2018-19
Excerpt of query:	Dear Shashi ji, Could you pl advise us the last date for issuance of notice under 143(2) for FY 2018-19 not for FY 2019-20 Kind regards Sameerjain read more

Time limit for Issuing scrutiny notice u.s 143 (2) , FY 2018-19

Excerpt of query:

Dear Shashi ji, Could you pl advise us the last date for issuance of notice under 143(2) for FY 2018-19 not for FY 2019-20 Kind regards Sameerjain

Issuing scrutiny notice _ AY 2019-20
Excerpt of query:	Dear sir, Which is the last date to issuing scrutiny notice for AY 2019-20 ? Kind regards, Sameer jain read more

Issuing scrutiny notice _ AY 2019-20

Excerpt of query:

Dear sir, Which is the last date to issuing scrutiny notice for AY 2019-20 ? Kind regards, Sameer jain

What should be done if the Karta of HUF is alive but becomes incapable of contracting?
Excerpt of query:	What should be done if the Karta of HUF is alive but becomes incapable of contracting? read more

What should be done if the Karta of HUF is alive but becomes incapable of contracting?

Excerpt of query:

What should be done if the Karta of HUF is alive but becomes incapable of contracting?

GST Regn.-Whether Additional New Activity started is required to be incorporated in GST Regn.
Excerpt of query:	A trader registered with GST has started a new manufacturing additional activity under new HSN Code. Whether this new activity is required to be incorporated in the existing GST Regn. read more

GST Regn.-Whether Additional New Activity started is required to be incorporated in GST Regn.

Excerpt of query:

A trader registered with GST has started a new manufacturing additional activity under new HSN Code. Whether this new activity is required to be incorporated in the existing GST Regn.

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