Thank you for your question – Page 20

Thank You

Thank you for your question. We will forward it to an expert in our panel. The experts opinion will be made available shortly. Please visit the main page after some time to read the answer to your question.

Some of the queries asked by people are given below.

refer case laws
Excerpt of query:	No capital gain to be charged on profit from sale of rural agricultural land read more

refer case laws

Excerpt of query:

No capital gain to be charged on profit from sale of rural agricultural land

TDS on Ocean Freight for Export
Excerpt of query:	read more

Effective date as to applicability of Section 194T
Excerpt of query:	Respected Sir, I have followng query: As per Finance (No.2) Act, 2024, as passed by Parliament, newly inserted Section 194T has been made effective from 01/04/2025. Whether it means it is effective from AY 2025-26 or it means requireemnt of TDS are applicable in respect of amount paid or creidted on and from 01/04/2025, i.e. from AY 2026-27? Thanking you. read more

Effective date as to applicability of Section 194T

Excerpt of query:

Respected Sir, I have followng query: As per Finance (No.2) Act, 2024, as passed by Parliament, newly inserted Section 194T has been made effective from 01/04/2025. Whether it means it is effective from AY 2025-26 or it means requireemnt of TDS are applicable in respect of amount paid or creidted on and from 01/04/2025, i.e. from AY 2026-27? Thanking you.

Income tax hose property loan interest 24(b)
Excerpt of query:	If house property is purchase in name of my mother(100% owner) and loan for purchase consideration is borrowed by me(son) , the sole borrower, how can i claim deduction of home loan interest u/s 24(b) of income tax act? And if stamp duty is also paid by me(son) , how can i claim deduction u/s 80C ? read more

Income tax hose property loan interest 24(b)

Excerpt of query:

If house property is purchase in name of my mother(100% owner) and loan for purchase consideration is borrowed by me(son) , the sole borrower, how can i claim deduction of home loan interest u/s 24(b) of income tax act? And if stamp duty is also paid by me(son) , how can i claim deduction u/s 80C ?

Section 54
Excerpt of query:	Assessee deposited capital gain in CGAS. But while purchasing the new property utilized amount from personal saving account. Are the unutiled amount CGAS is taxable read more

Section 54

Excerpt of query:

Assessee deposited capital gain in CGAS. But while purchasing the new property utilized amount from personal saving account. Are the unutiled amount CGAS is taxable

Compensation amount from govt for road extension purpose
Excerpt of query:	Sir, It assessess own commercial property trading for cloth business maintained and assessess business part place government occupied for road extension purpose.if assessess business part place registered to government after some amount received. Question: Assessess received amount from government capital gain tax implications for it act. read more

Compensation amount from govt for road extension purpose

Excerpt of query:

Sir, It assessess own commercial property trading for cloth business maintained and assessess business part place government occupied for road extension purpose.if assessess business part place registered to government after some amount received. Question: Assessess received amount from government capital gain tax implications for it act.

Under GST Act
Excerpt of query:	Sir, This issue is relating to GST Act, the query is as follows. The dealer is registered under GST Act, and initially was registered as Regular assesses, after a period of 3 to 4 months the dealer switch over to composition scheme in 17/18, the dealer was using a software named Busy software, while programming the developer had in inadvertently had programmed as regular registered dealer and made a bifurcation of sale consideration as BASIC + CGST + SGST , but in fact the Dealer was into composition scheme, The dealer was filling CMP 04 every Qtr reflecting the sale and payment of 1% GST, Unfortunately there was a search conducted by GST team on 23 Oct 24, The officer conducted the Mazhar and noted this issue of GST reflection in the sale Bill and was adamant on the same and was bent upon the issue of GST Tax being shown in the bill, even after meeting next day in his office he was determined to levy the Tax @ 18% from 17/18 onwards.It is not a Fatal Error, which is prejudicial to Revenue. This was an the only omission, and Human Error and there was NO mens rea to evade tax, the dealer due to oversight had left this issue unattended, otherwise would have corrected at it’s preliminary stage of development / installation of software, as the dealer is into Business from past 35 years Now that the officer has taken all Books of Accounts, records and Bank statements form 17/18 till date, the dealer is awaiting for his Notice and Order, to known the action initiated by the Officer. PL know us any Precedent of Higher Forum cases to get the Relief, your kind consideration would be highly appreciable, Thanks M.M.T CA., read more

Under GST Act

Excerpt of query:

Sir, This issue is relating to GST Act, the query is as follows. The dealer is registered under GST Act, and initially was registered as Regular assesses, after a period of 3 to 4 months the dealer switch over to composition scheme in 17/18, the dealer was using a software named Busy software, while programming the developer had in inadvertently had programmed as regular registered dealer and made a bifurcation of sale consideration as BASIC + CGST + SGST , but in fact the Dealer was into composition scheme, The dealer was filling CMP 04 every Qtr reflecting the sale and payment of 1% GST, Unfortunately there was a search conducted by GST team on 23 Oct 24, The officer conducted the Mazhar and noted this issue of GST reflection in the sale Bill and was adamant on the same and was bent upon the issue of GST Tax being shown in the bill, even after meeting next day in his office he was determined to levy the Tax @ 18% from 17/18 onwards.It is not a Fatal Error, which is prejudicial to Revenue. This was an the only omission, and Human Error and there was NO mens rea to evade tax, the dealer due to oversight had left this issue unattended, otherwise would have corrected at it’s preliminary stage of development / installation of software, as the dealer is into Business from past 35 years Now that the officer has taken all Books of Accounts, records and Bank statements form 17/18 till date, the dealer is awaiting for his Notice and Order, to known the action initiated by the Officer. PL know us any Precedent of Higher Forum cases to get the Relief, your kind consideration would be highly appreciable, Thanks M.M.T CA.,

Disallowance of deduction claimed u/s 80IBA of the Act .
Excerpt of query:	Respected Sir / Madam Request you to kindly guide on the following matter. The learned AO disallowed the deduction claimed by the appellant u/s 80IBA of the Act on the ground that the appellant had not fulfilled the conditions stipulated under section 80IBA of maintaining separate books of accounts for all the activities undertaken by it during the year under consideration and drawn the inference that appellant is maintaining common books of accounts for the entire plot only on the basis of perusal of Financial Statements . read more

Disallowance of deduction claimed u/s 80IBA of the Act .

Excerpt of query:

Respected Sir / Madam Request you to kindly guide on the following matter. The learned AO disallowed the deduction claimed by the appellant u/s 80IBA of the Act on the ground that the appellant had not fulfilled the conditions stipulated under section 80IBA of maintaining separate books of accounts for all the activities undertaken by it during the year under consideration and drawn the inference that appellant is maintaining common books of accounts for the entire plot only on the basis of perusal of Financial Statements .

Huge amount un secured loans sec 68,69 provision applicable
Excerpt of query:	Sir, One of the it person new residential house construction estimate Value rs:1.50 crores Funds from bank loans rs:1 crores. Different persons each one @19,000/- total amount rs:50 lacs received for construction purpose Question: Assessess un secured loans huge rs:50 lacs amount received from different persons sec 68,69 provision applicable for it act. read more

Huge amount un secured loans sec 68,69 provision applicable

Excerpt of query:

Sir, One of the it person new residential house construction estimate Value rs:1.50 crores Funds from bank loans rs:1 crores. Different persons each one @19,000/- total amount rs:50 lacs received for construction purpose Question: Assessess un secured loans huge rs:50 lacs amount received from different persons sec 68,69 provision applicable for it act.

Gst Dealer sale turnover compared previous years compared provision in gst act
Excerpt of query:	sir, A Gst registered dealer regular scheme registred in gst act. April to septemer-24 sales turnover declared in gstsr3b rs:60 lacs previous years april to septemer -23 sales turnover declared in gstsr3brs:80 lacs .if gst officer visited dealer prinicipal palace sale turnover campared turnover shortfall reasons asked. Query: Gst officer turnover compared reasons asked provisions in gst act. read more

Gst Dealer sale turnover compared previous years compared provision in gst act

Excerpt of query:

sir, A Gst registered dealer regular scheme registred in gst act. April to septemer-24 sales turnover declared in gstsr3b rs:60 lacs previous years april to septemer -23 sales turnover declared in gstsr3brs:80 lacs .if gst officer visited dealer prinicipal palace sale turnover campared turnover shortfall reasons asked. Query: Gst officer turnover compared reasons asked provisions in gst act.

Latest Judgements

Latest Articles

Categories

Recent Posts

Meta