Respected team, A charitable trust falling under general public utility, originally regd u/s 12A and now granted permanent registration u/s 12AB carried out commercial actitivity in the nature of business during F.Y. 2022-23 . however, it has not maintained seperate books of accounts for business activity. while computing tax liability, business activity and charitable activity to be computed seperately, if so, what is the tax rate for both activity ? whether Tax audit report in form 10BB (as total income exceeds Rs. 5 cr) and also form 3cb,3cd is to be filed ?

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A self employed person makes contribution to National Pension Scheme and wish to opt for new tax regime. whether deduction of contribution made to NPS will be available to him?

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KINDLY GIVE INFORMATION ABOUT ITAT APPEAL FEES IN CASE OF APPEAL WHERE AO HAS DONE ASSESSMENT WITH LOSS

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Assessing Officer has made addition u/s 68 to the tune of Rs. 20 Lakhs under the head Income from Other sources to be taxed u/s 115BBE @60%. Assessee has PGBP Income to the tune of Rs. 2,30,989/-. Assessee has MAT Credit Available to the tune of Rs. 10,13,277/- and Total prepaid taxes paid to the tune of Rs. 11,76,212/-. Now while making the computation Sheet of Assessment Order, AO give the credit of Rs. 68997/- only and did not give the credit of Excess MAT Credit available to the tune of Rs. 944280/-. Rectification has been filed and no order has been passed till date. Kindly Clarify is the assessee entitled for the Excess MAT Credit  u/s 15JAA to the tune of RS. 9,44,280/

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1. What will happen to cases below Rs 50 lacs beyond 3 years ? 2. What will happen to cases where approvals were granted but notices u/s 148A were neven issued ? 3. What will happen to cases which are now time barred ?

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Assessee is partnership firm having 3 partners. One of them has expressed his desired to retire from the firm due to diffrence of opinion about way of conducting the business. The retiring Partner is having debit balance of Rs. 6530000.00  to his account as on the date of retirement i.e. 31.08.2023. All of them agreed that the retiring partner will retire from the firm with immediate effect and he need not to pay any thing to the firm . Issues : how his debit balance is to be written of in the Books of accounts what are tax implication of this retirement as per section 45(4) and 9B of the Income TAx Act Is there any tax liability on the retiring partner due to this retirement

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Amount received on sale of shares received as ESOPS will be taxed as capital gain or any other head? If Capital Gain then what exemptions/deduction are available under sub sections of 54. Except 54F. Important points (1) Shares are of unlisted company (2) More than 24 months old (3) No amount paid during exercise of option.

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Assessee is private limited co and has taken the loan from NBFC co. In the year 2021-22, how ever due to financial crises could not make repayment as scheduled . Interest is provided in books and TDS is also made , however TDS has not paid. In the year Assesssee co did OTS with co by paying lumpsump payment where as per OTS entire interest was waived . ASSESSEE CO REceived SHOWCAUSE NOTICE FOR PROSECUTION FOR NON PAYMENT OF TDS from FY 21-22.. Pl guide.

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Assesseee is promoter and developers.  Has taken the loan from Bank. Bank has stiputed condition that amount will be used for the project only. However,  considering the status of the project, assessee has advanced the loan to its associate firm and earn the interest. Assessee has claimed the interest as part of cost of construction after reducing the interest received from associate concern. AO has not appreciated the concept Netting of Interest and made the addition on the decision of Tuticorin Alkali 227 ITR 172.  Whether assessee can take a stand in appellate proceedings that since there is direct nexus between the borrowed  funds and amount advance to Group concern, even if Interest received is taxable as other sources , interest paid on borrowed funds is allowed as deduction U/sec. 57(iii) of the Act. Pl guide and any judicial support for this action.

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An assessee had not filed his return of income for the Assessment Year 2018-19 voluntarily under section 139 inspite of having taxable income. The Return of Income was filed only in response to notice under section 148. But the assessee inadvertently escaped Saving Bank Interest and availed deduction under Section 80TTA. The Assessment Unit made assessment under section 147 read with section 144B and added Saving Bank Interest and also allowed deduction under section 80TA. The Tax demanded under section 156 was duly paid within 30 days. The Assessment Unit levied 50 % Penalty under Section 270A on the Tax Payable on the Total Income assessed considering the same as under reported income. Almost 90 % of the Tax Payable was deducted by the Employer in the form of TDS  on salary Income but even then Penalty was not levied on the entire Income considering the same as under reported income. On what grounds the penalty be waived or reduced in CIT(Appeals)? Any supporting case laws on the same ?

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