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| Taxability of Capital Gain on Conversion | |
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| Excerpt of query: | A Private limited is intending to convert into LLP , with same economic interest of share holder and partner . Will there be any capital gain tax in the hands of shareholder upon surrender of shares and getting capital in LLP. |
| WHETHER DAIRY INCOME (MILK FROM COW) TAXABLE UNDER INCOME TAX? | |
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| Excerpt of query: | WHETHER DAIRY INCOME (MILK FROM COW) TAXABLE UNDER INCOME TAX ACT OR EXEMPT UNDER AGRICULTURE INCOME. THE ASSESSEE HAS 100 ACRE OF LAND AND UNDERTAKES AGRICULTURE ACIVITY (GROWING CROPS). THE ASSESSEE ALSO HAS COWS AND SELLS MILK. PLEASE ADVISE ON TAXABILITY OF MILK INCOME WITH SUPPORT OF ANY COURT JUDGEMENT IF ANY. |
| What is the situation of TDS deducted by the income tax department on section 28 of land acquisition act 1894 ? | |
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| Excerpt of query: | sir after mahenderpal’s narang case what is the situation of TDS deducted by the income tax department on section 28 of land acquisition act 1894 |
| Whether section 50C of IT Act is applicable to transfer of lease hold rights ? | |
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| Excerpt of query: | If a leasehold land on which building is constructed by self is sold/ transferred for a consideration, will the transaction attract sec 50C.Does the Stamp duty value applies to only freehold land or leasehold land also. |
| Taxability of Interest on VPF. | |
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| Excerpt of query: | Sir, Kindly clarify on the following issue in connection with investment under VPF for Private sectors. If the investment under VPF is above 3 Lacs during the FY2021-22, what will be tax effect and how much can be claimed as exemption If the VPF accumulation upto 31.03.2021 is Rs. 10 Lacs. What is the taxability? Interest credited to the account will be on accumulated VPF amount, How to claim exemption and arrive the taxable interest? Whether interest taxable above Rs 2.5 Lacs is on Contribution made during the year or on the accumulation in the account? < |
| Search and seizure action has taken place on 30 -9 -2015 last date for issuing notice was 30 -9 .2015 for the assessment year 2014 -15 whether the assessment is abated , when no incriminating documents were found for the relevant assessment year ? | |
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| Excerpt of query: | Dear Sir, My query is as follows: If a search on a person took place on 30.09.2015 Return for assessment year 2014-15 filed on 30.03.2015 Last date for issuing notice under section 143(2) is 30.09.2015 Whether we can say, proceeding for A.Y. 2014-15 is unabated proceedings or not Whether the plea that addition can be made only on the basis of search document can be taken for A.Y. 2014-15 |
| Whether ERA applies to business of open plotting of land. ? | |
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| Excerpt of query: | Sir, Please let me know whether the RERA applies to business of open plotting of land and business of construction of individual houses even if the size of each plot sold is below 500 sq. meters. If the applicable to any of them, is there any provision for lesser penalty if applied voluntarily for registration of the project under RERA provisions, after commencement of sales of open plots/ villas ? If common rules of penalty applicable, what is the outgo please explain. |
| At what circumstances the assessee will get immunity from penalty u/s 270AA of the Act ? | |
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| Excerpt of query: | Good evening sir. The assessment is completed by making five additions to the total returned income. Penalty u/s 270A is levied for these five additions, one for misreporting of income and four for underreporting of the income. In this case, can the assessee opt for immunity from penalty u/s 270AA for that assessment year? Section 270AA(3) specifies that if the penalty is initiated on account of misreporting of income, then the assessing officer will not grant immunity from penalty. Please clarify. |
| Whether prosecution be launched for failure to pay the tax ? | |
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| Excerpt of query: | Good evening sir. The assessee has sold a residential property and has not filed the return of income. On receipt of notice u/s 148, the return was filed and tax was paid. However, during the course of assessment proceedings, the cost of acquisition and development was reduced by the assessing officer and accordingly demand is raised. The assessee has given the sale consideration received as loan to a company, which is in the process of winding up. Hence, the assessee is not in a position to pay the taxes. If the demand is finalised assuming that the assessee loses the appeal in the highest forum, will non-repayment of loan by the company be a reasonable ground for non levy of prosecution on the assessee? Also, please clarify if the age of the assessee will be considered at the time of launch of prosecution for the above mentioned facts. |
| Whether provisions of section 56(2) (x) are applicable to Rights issue of shares ? | |
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| Excerpt of query: | Good evening sir. My query is: Are the provisions of section 56(2)(viib) and 56(2)(x) applicable on rights issue of shares? Mumbai ITAT in two judgements have held that 56(2)(vii)(c) provisions are not applicable to rights issue. So, similarly can it be said that 56(2)(x) provisions are not applicable to rights issue? |