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| Return form capital gains – Sale of depreciable assets . | |
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| Excerpt of query: | Sir, my assessee has sold a depreciable asset which was held for more than 3 years, the resultant gain has to be assessed as LTCG as held in Smita Conducters Ltd v. Dy. CIT (2015) 152 ITD 417 (Mum.)(Trib.) and other judgements. However, it appears that the Form prescribed for filing the Income Tax Return does not permit the gain to be offered as a LTCG. If the gain is not shown as STCG, the Form will not validate and the return cannot be filed. What is the remedy ? How to fil the return form ? |
| cost of improvement in capital gains | |
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| Excerpt of query: | Respected Sir, Recently we have sold a land by dividing into small plots which is part of capital asset in partnership firm.We filed the Income Tax Returns by showing this transaction as the long term capital gain and in this long term capital gain we show the cost of improvement as the amount to equal to 30 cents of land value as the road formation expenditure for road formation. Is this type of cost of improvement is allowable under cost of improvement or not. Please clarify |
| Tax on Updated Return | |
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| Excerpt of query: | ITR could not be filed for Ay 2023-24 u/s 139(1) or (4) But self assessment tax was deposited fully in September 2023. Now assessee is filing ITR-U . My queries is:- ITR utility not accepting challan deposited under self assessment tax in Schedule Part B-ATI saying that ‘challan should not be prior to 01.01.2024’. If we are showing this challan in Schedule IT then additional tax liability is not generating. My question is that in ITR-U will we get credit of this challan deposited u/s 140A, if we fill in schedule IT ? If demand is raised in processing, can the challans deposited u/s 140A in self assessment tax be used against such demand. |
| Query on 270AA of IT Act–Immunity from Imposition of Penalty | |
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| Excerpt of query: | Dear Experts, The Assessment Unit of the Income Tax Department made an assessment for the Assessment Year 2018-19 under section 147 read with section 144B on 14.02.2024 and a Demand of Rs 1,62,256 is raised. The demand is raised without giving credit of the self assessment tax paid on 07.04.2023 at the time of Filing Return of Income U/s 148 i.e. Rs. 60,917. Rectification petition for credit of Rs. 60,917 has been filed with the Jurisdictional Assessing Officer and is pending for processing. Balance Demand Rs. 1,01,339 (1,62,256 – 60,917) paid within 30 days of demand raised. Now, I am unable to file the application U/s 270AA (Form 68- Immunity from Imposition of Penalty). In Point 8 of Form 68— “Details of amounts paid”, since the date of amount paid as self assessment tax at the time of Filing Return of Income U/s 148 is before the date of service of order so an error message is displayed as “Error: Please enter valid date of deposit and it cannot be before date of service of order” What course of action should one take in such a case so that the Form 68 is successfully filed for grant of Immunity from Imposition of Penalty? One of the options I feel is to wait for the processing of rectification filed with the Jurisdictional Assessing Officer so that the demand gets reduced and the credit of Self Assessment Tax is given. What are the other options available? Please suggest. |
| Issue of shares to promoters | |
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| Excerpt of query: | Can a private limited company issue shares to a founder at NAV method or at facevalue if the company has already raised substantial amount of money and has a 250 times valuation compared to the NAV? Can the company do rights issue and allot shares to promoter? Such shares are given as a compensation to her committment. |
| A Rural agricultural land has been sold in AY 2016-17 for 60 lakhs | |
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| Excerpt of query: | Sir, A Rural agricultural land has been sold in AY 2016-17 for 60lakhs for which consideration received in cash and the same is deposited into seller bank ac. Now received a notice from IT regarding the above cash deposit. in reply to IT : If i mention, the cash deposit of 60L pertains to receipt of cash for sale consideration, do it attract any negative impact or any disallowance or u/s 269s/st ? I request you to please give me any suggestion. thanks, Shravan |
| Cessed Property tax implications on flat surrendering | |
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| Excerpt of query: | I am a tenant in a cessed building in Matunga East – Mumbai. If I surrender my tenancy & get a payment from the landlord – is that subject to taxes? If yes – what would be the tax %? What would be the implication if I invest the money in a residential property? Will i get exempted from taxes on account of the same? |
| Old Regime to New Regime switchover / AY 2023-24 / | |
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| Excerpt of query: | The original return was filed under old regime within the timeline of Sec 139(1). The revised return was filed with substantial increase in income under new regime. The intimation was processed under old regime with consequential demand. Is there any way out please. |
| Input tax credit of GST on the car taken on lease | |
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| Excerpt of query: | Assessee is an individual engaged in business of trading and registered under GST , the has taken the High Value Car on lease for 10 years , whether he can claim the credit of GST paid on lease rentals . |
| Whether cost of Acquistion of Flat includes charges such as Generator charges, Parking charges, etc. | |
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| Excerpt of query: | Whether cost of Acquistion of Flat includes charges such as Generator charges, Parking charges, etc. |