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| What would be taxability on waiver of loans in light of section 2(24)(viii). What will be taxability in case a private limited company waives its loan given to another private limited company. Will it be taxable u/s 56(2)(x) ? | |
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| Excerpt of query: | what would be taxability on waiver of loans in light of section 2(24)(viii). What will be taxability in case a private limited company waives its loan given to another private limited company. Will it be taxable u/s 56(2)(x) |
| When cash receipts are added as cash credits , whether provision of section 269ST is applicable ? | |
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| Excerpt of query: | If additions are made of more than Rs. 2 lakhs, under section 68 for cash credit or section 56 for gift received, whether section 269ST can also be applied by the AO and say there is violation of this section? |
| Whether deemed dividend provision is applicable when debentures are issued ? | |
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| Excerpt of query: | When a private limited company makes an inter-corporate deposit with another sister company where a common shareholder holds more than 20% in both companies, whether provisions of deemed dividend u/s 2(22)(e) are applicable? What would be the implication of deemed dividend if debentures are issued by one company and subscribed by the other sister company? |
| Whether the investment in share capital market and transactions on regular basis , whether assessable as business income or capital gains? | |
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| Excerpt of query: | If the person carrying the whole sale business of any product and, during the year of tax computation, if the same person invested the surplus money in share capital market where the transactions done in all format including cash segment, derivative segment and commodity segment on regular basis. So, how to treat the above transaction in books of account and how to make computation for the same. |
| Whether arbitrary Rejection of Form No – 1 filed under DTVSV Act, 2020 is justified ? , What is the remedy ? | |
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| Excerpt of query: | Company filed the Form-1 with declaration on 25-12-2020 without payment of tax on reduction of losses or depreciation as per Rule 9 (1) (ii) of the DTVSV Act, 2020 with option to carry forward the reduced amount of loss or unabsorbed depreciation as per the provisions of said Act. Company received a notice dated 30-03-2021 {practically after 3 months and that too on last date of VSV Scheme} from Ld. Income Tax Authorities mentioning therein the figures of “Unabsorbed Losses” and “Unabsorbed Depreciations” as computed by them with direction to the Company to revise the figures of Form-1 as per their computation and file the same by 31-03-2021 [ last date of filing VSV Forms ]. In compliance of said notice dated 30-03-2021 Company revised the figures of Form-1 and filed the revised Form-1. Besides, Company also furnished its unconditional consent to agree with the figures of Ld. Designated Authority as mentioned in the notice dated 30-03-2021 through email dated 31-03-2021 as well as subsequent e- response dated 09-04-2021 through e-proceeding portal. However, despite the consent of the Company as above, Ld. Designated Authority arbitrarily rejected the revised VSV Forms of the Corporation on 15-04-2021 { within 15 days of filing revised form -1 } without giving any reasonable opportunity with a vague and unjustified reason that revised VSV declaration Forms are still defective. What legal course of actions are available to Company as Rejection order is not appealable? |
| whether installation PE commences from the date of kick off meeting ? | |
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| Excerpt of query: | Relevant tax treaty provides for 6 months duration for construction PE. Foreign company has undertaken a supply and installation project in India. After executing contract a kick off meeting was held to discuss the specifications of equipment to be supplied and installed. Q1 – whether installation PE commences from the date of kick off meeting ? After supply of one lot of equipment the installation had to be stopped as remaining supplies got delayed due to unavoidable reasons like shortage of material etc. After supply of remaining materials the installation resumed. Q2 – whether interim period during which installation was pauses be counted for computation of 6 months period of construction PE ? |
| Whether Charitable Trust registered under S.12A of the Act , which is engaged in the promotion of music organising online classes can receive the fees in Foreign Exchange ? | |
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| Excerpt of query: | Whether a public charitable registered u/12A engaged in promotion of music by organizing online classes and conducting various programmers. It is not regd under FCRA. Whether it can receive money in foreign exchange from students abroad and also contribution for programmers from foreign rasikas to view the programmers online. |
| Whether the purchase of property belong to husband by the wife is eligible to exemption u/s 54F of the Act ? | |
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| Excerpt of query: | THE WIFE EARNED LONG TERM CAPITAL GAIN ON SHARES. WHETHER SHE CAN PURCHASE HUSBAND HOUSE(EXCLUSIVE IN HIS NAME) TO AVIL THE BENEFITS OF ADJUSTMENT U/S 54F AGAINST LTCG. |
| Whether Agricultural income can be assessed as cash credits ? | |
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| Excerpt of query: | Dear Sir, Assessee is an Agriculturist and has only Agricultural Income apart from that he does not have any source of income, can AO levy tax on the said Agricultural Income u/s 68 of the Act, if the assessee fails to produce Agricultural sale bills. Agricultural Income which was shown in the return of income is not deposited into bank account nor he purchased any assets he again utilized for agricultural purpose only. |
| When a person desires of setting up a Private Trust where he is the sole beneficiary , whether provision of S. 56(2)(vii) is applicable ? | |
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| Excerpt of query: | An individual holding OCI CARD is desirous of setting up a Trust in India and be the managing trustee and the beneficiary till he is alive . He is desirous of transferring his immovable property in India and also his income from abroad to the trust. Will there be any levy of tax u/s 56 (2)(vii) as the recipient is a trust or there will be no tax as he is the transferor and also the beneficiary |