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| Whether excess amount more than his capital outstanding paid to retring partner can be claim as deduction | |
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| Excerpt of query: | Assessee is partnership firm having 4 partners having equal share and engaged in the construction of project . The assessee firm has only one land which is disclosed as stock in trade the value of the same in the books is 2 cr and today’s FMV is 20 cr. In the said firm three more partners are added who were ready to contribute the capital as well as use there infrastructure for executing the project on the said land. After 2 months original four partners express there desire from the partnership and it is agreed that they will be paid 18 crs in addition to their balance in capital account of Rs. 2 Cr. whether the excess amount will be claim as deduction in the hands of firm as firm is having only land as stock in trade and held as current assets |
| Cash receipt limit without penalty 269 ST read with Rule 6DD | |
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| Excerpt of query: | What is the maximum amount that can be received in cash by a poultry producer for the broiler birds produced by him. |
| delay in filing income tax appeal | |
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| Excerpt of query: | i have seen the order in the portal only 31.03.2024. but the order was passed in 23.02.2024. there is a delay in filing the appeal what i have to do |
| TDS & GST | |
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| Excerpt of query: | SIR, வணக்கம்.நான் ஒரு ஆன்லைன் கேமிங் நிறுவனத்தில் விளையாடி ரூபாய் 6 லட்சம் வரை இழந்திருக்கிறேன்.அந்த நிறுவனம் மோசடி செய்கிறது என்பது எனக்கு தெரிகிறது.நான் போன 2023-24 ல் நான் அவர்களிடம் கட்டிய பணத்திற்க்கு 28 சதவீதம் GST அரசாங்கத்திற்க்கு கட்ட வேண்டும்,அதை அவர்கள் ஒழுங்காக கட்டியிருக்கிறார்களா என்று RTI ல் எந்த சட்டத்தின் படி கோரிக்கை வைப்பது மற்றும் நான் விளையாண்ட போட்டியில் ரூபாய் 10000 த்திற்க்கு மேல் வென்றவர்களிடம் 28 % TDS பிடித்து அரசாங்கத்திற்க்கு கட்ட வேண்டும்.அவர்கள் அதைசரியாக கட்டியிருக்கிறார்களா என்று RTI ல் எந்த சட்டத்தின் படி கோரிக்கை அல்லது மனு வைக்கலாம்.மேலும் நான் கலந்துகொள்ளாத போட்டிகளில் அரசாங்கத்தின் TDS ஒழுங்காக கட்டியுருக்கிறார்களா என்று கேட்கும் உரிமை எனக்கு உள்ளதா என்பதை தெரியப்படுத்தவும் நன்றி D.Kalyanakumar |
| Capital gain | |
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| Excerpt of query: | if the assessee died in year 2018 and Capital gain arise in the year 2015 and the legal heir of the deceased person which was his children are minor at that time and their mother are Doesn’t have knowledge as house wife and income tax impose interest on Capital gain is there any chance that this interest waived? |
| Clubbing of income | |
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| Excerpt of query: | Sir, The wife purchased a property and the funds for purchase were paid from husband’s bank account. The wife does not have any income and is a house wife. The property is given on rent and the wife is in receipt of rental income. Will this rental income be clubbed in the hands of the husband? If so, under which clause of section 64 of the Act? Please clarify. |
| Section 56(2)(vii)(b) | |
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| Excerpt of query: | If an assesse buys a flat for Rs 70L for stamp duty value was Rs 90L. The flat was registered on May 2013. As per my best knowledge this section was applicable for all transactions after 01 Apr 2013 Is the IT right in invoking the above section for difference of Rs 20L |
| Redevelopment Taxable in the hands of Society | |
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| Excerpt of query: | Hello , In one of the CHS’s case , redevelopment agreement entered into between Society and Builder. Redevelopment agreement got registered and builder had paid stamp duty on the same. Subsequent to this , department has sent notice to Society claiming that since the agreement is entered into between society and builder and society has benefitted with the sum of Rs……( Value of Development agreement) in the form of new construction, enhanced area and rental expenses in the existing property as per the agreement which is otherwise taxable under the head Income from Other Sources. Whether the said valuation of redevelopment agreement is liable to be taxed in the hands of Society especially in case where property is still not vacated by the members. |
| Section 144C(1) of the Income Tax Act | |
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| Excerpt of query: | As per provisions of section 144C(1) of the Act prior to amendment in Finance Act 2020, AO to pass a draft assessment order if he proposes to make any variation in the income or loss returned which is prejudicial to the interest of such assessee. In the Finance Act 2020 the words “income or loss returned” has been omitted. Consequent to amendment the section reads as any variation which is prejudicial to the interest of such assessee. what are the types of variations that is prejudicial to the interest of such assessee. The income returned is accepted, whether application of different rate of tax, non granting of refund under 148 proceedings(return filed for the first in pursuance of notice u/s 148), etc., amounts to variation allowing the AO to pass draft assessment order |
| vsvs scheme | |
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| Excerpt of query: | can we filed appeal against VSVS Scheme response ? |