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| Turnover , less than 5 crores , filing of report , school exemption .? | |
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| Excerpt of query: | In case of a school whose aggregate turnover during the financial year is less than 5CR. Do the school have to submit a report in form 10B/10BB. Will the answer differ if school is not registered u/s 12AA/10(23C)? |
| Special Economic Zone , Utilization Reserve? | |
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| Excerpt of query: | A company’s one of the unit is set up in a “Special Economic Zone”. The company has claiming tax holiday for last 5 years out of 15 years with respect to SEZ profits and has created the “SEZ Reinvestment Reserve” as per section 10AA(ii) of the Act. Now the management of the company would like to utilize, without losing the tax holiday, the said SEZ Reinvestment Reserve for the following a) Acquiring assets for their other businesses unit. b) Acquire motor cars for SEZ units. |
| Applicability of POEM of two foreign subsidiaries. (POEM) | |
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| Excerpt of query: | ABC P. Ltd is engaged in business of rendering IT related services. ABC Ltd has formed wholly owned subsidiaries in USA (PQR Inc) and Dubai (STU FEZ Ltd) to bill transactions to its foreign customers. Promoter and majority of directors in foreign subsidiaries resides in India. However KMP’s of the said companies are based out of India and are on the Board of those companies. Management of ABC Ltd seek your opinion in regards to applicability of POEM of two foreign subsidiaries. |
| Book profit (MAT), mistake in earlier years ? | |
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| Excerpt of query: | A Limited has adopted IND AS for the first time in assessment year 2021/22. During the assessment year, company found that there were certain mistakes in the earlier years. Therefore, it rectified the error by recording prior period expenses and as well as income. The said prior period adjustments have been routed through “Other equity and not through Other comprehensive income” as per IND AS – requirements. Whether, can AO make the adjustments while making the assessment under MAT? |
| Notice issued in the name of erstwhile company | |
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| Excerpt of query: | When notice u/s. 143(2) of the Income Tax Act was issued in the name of erstwhile existing company (amalgamating company) then whether the assessment order passed by the Assessing Officer in the name of amalgamated company is legal and valid? |
| Transfer of intangible asset . | |
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| Excerpt of query: | What should be the situs of an intangible asset in case of transfer of an intangible asset? |
| Profit on Sale of Property used for Residence ,S. 54 | |
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| Excerpt of query: | An individual assessee sold residential property, held for more than two years, during F.Y. 21-22. He invested the capital gain in residential property during the F.Y. 22-23 i.e. on June 30, 2022 and availed , the benefit of S. 54. Now, the assessee intends to gift the newly acquired residential property to his son i.e. before three years from the date of acquisition. Will there be any implication on claim of deduction under section 54 ? |
| Joint Development agreement entered with builder , when the transfer of land takes place and lability of tax ? | |
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| Excerpt of query: | In Joint Development Agreement entered into by the owner of the land with the builder, when the transfer of land takes place and when the owner is liable to tax? |
| Charitable Trust , all members retire , Incoming members paying to outgoing members by way of gift , tax implication of such transaction? . Whether Society will loose the exemption? | |
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| Excerpt of query: | In case of a charitable society running educational institution, if all the members of the society, retire and new members are introduced the executive body is also replaced by the new members. However, this being a commercial deal, the incoming members desire to pay the outgoing members say by way of gift through account payee cheques. In such a situation can incoming members pay to the outgoing members directly. The outgoing members are in the tax bracket of 30% plus surcharge, then what will be the implication of such transaction, and whether society will lose its character of being a charitable organization? |
| Partnership firm, stock in trade , retiring partners ? | |
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| Excerpt of query: | The assessee is a partnership firm constituted by four partners having mainly stock in trade. The firm is reconstituted two partners of the firm have retired. The retiring partners are given stock in trade as their share the questions are as under: (i) The stock in trade given to the outgoing partner will be subject to capital gain or business profit, and it will be taxable in whose hands that is the hands of firm or the outgoing partner? (ii) The second question is , will it be capital gains or business profit, and income tax that has been paid, weather will be added to the cost of remaining assets available in the ballot sheet of the firm. Although large amount of stock entry will still be available with the continuing firm? (iii) Will the situation will change if the stock in trade is only available and there is no capital asset what will happen in that scenario? |