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| NEW SURCHARGE SCHEME (contd.) | |
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| Excerpt of query: | The NEW SURCHARGE SCHEME vs (X) Auto calculation by CBC ? Apropos /In continuation of earlier posted comments : Pending any FEEDback, no guess why so, invite attention to the supplement @ https://www.linkedin.com/pulse/new-surcharge-scheme-swaminathan-venkataraman/?trackingId=qR9y6OmmTKG1rFalXlUUFg%3D%3D To reiterate / repeat : The subject matter, as urged , deserves a joint representation to the FM/CBDT as a matter of prudence , based on common sense. Proactive steps need to be taken and pursued , relentlessly ,- both jointly and severally, to the end of a favourble outcome aspired for; in preference to postponing such action until after the CPC has started issuing ‘INTIMATIONS’ in the normal course /as a routine. For, among others, one good and very valid reason why that is imperative is that , apart from courts, the ITAT itself is groaning under the weight of escalating pendency of cases. courtesy |
| Slump sale vs slump exchange | |
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| Excerpt of query: | That in the AY 2016-17, the assessee ‘A’ transferred its one undertaking to ‘B’ in lieu of shares of company ‘B’ and claimed that the trasfer is covered by slump exchange and not slump sale. However, in the various next year i.e. AY 2017-18, the assessee ‘A’ sold the entire share acquired on account of slump exchange to ‘B’ for sale consideration of a price in terms of money. From the above, it seems as if the assessee ‘A’ had gone for slump exchange to avoid tax on LTCG. At the end, the assessee received money in next AY as sale consideration for the transfer of that undertaking. Please advise on the issue and indicate tax implication for both the years. What shall be the cost of acquisition of shares acquired on account of slump exchange, if we consider capital gain on such shares in AY 2017-18. Please elaborate. Thanks |
| TDS on internet lease line from telecom service provider | |
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| Excerpt of query: | The company takes various services from telecom service providers like the Intenet lease line and Session Initiation Protocol. Please let me know if TDS will be applicable to any of the above-mentioned services. If yes, under which section/rate? |
| Property Purchased in the name of wife but all payment are made by Husband | |
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| Excerpt of query: | Property Purchased in the name of wife but all payment are made by Husband and housing Loan is also in the name of Husband, Now case is open u/s 148. What should be the course of action for proof of source of payment for wife ? |
| Assessment U/Sec. 153C | |
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| Excerpt of query: | Assessee is an individual and purchase flat with Builder in FY 2017-18 On the basis of search conducted at Builder on 2018-19 and loose papers found with him as well as his acceptance in settlement Commission about receipt of ON money, assessee has received Notice U/sec 153C . Noting on Loose papers seized is Surname of Assessee and some calculation of amount and interest . It does not have any date or signature or the place. Can assessee raise the objection on issuance of Notice U/sec 153 C on following grounds: 1. It is dumb paper 2. There could be 1000 people similar to surname of assessee. 3. Only assesee has purchase flat with Builder does not mean the noting on seized paper belongs to or pertains to assessee. 4. Presumption can be drawn against assessee on the ground Builder has accepted in settlement Commission about acceptance of on money . Pl guide and legal judicial support on above grounds. |
| condonation of delay in filing form 10IE and return after due date | |
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| Excerpt of query: | any remedy for condonation of delay in filing form 10IE and return after due date ? |
| capital gain | |
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| Excerpt of query: | Assessee is an individual . he has purchase the plot in the year 2002 for Rs. 6 lakhs in the name of the wife and sold the same on 5.04.2017 for Rs. 66 lakh . The sale proceeds were kept in the capital gain account scheme in the name of wife . Assessee due to bad heath is expired on 17.10.2022 when he was of 71 years of age . The widow and three married daughters the of the assessee had no knowledge of this bank account and they came to know this in the month of July 2023. when they approach the bank , bank officer is asking the Noc from Income tax officer. what is the legal remedy to the assessee in this situation . pl guide |
| SEC 10(23C) and income of Educational trust | |
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| Excerpt of query: | Assessee is trust having registration u//Sec 12 A as well as recognition u/sec 80G. The trust is wholly for educational purpose and running school. There is no Govt grant to school. The school is also having income from Hostel fees from the students of school which are staying in hostel. Interest on Fixed deposit invested out of surplus . Whether trust should continue claiming exemption u/Sec. 11 as it has valid registration u/Sec 12 A or trust should apply for registration U/sec. 10(23C) Whether latest supreme court decision in case of New Noble education society will have impact on trust computation. Pl guide |
| income tax 149 time limit reassesment | |
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| Excerpt of query: | Amendment of 149 in finance act 2022 As per finance act 2022, the income escaping assessment should be represented in the form of— an asset, an entry or entries or expenditure in a single transaction or transactions and expenditure…. For AY-2018-2019, the limit of 3 year get expired on 31 march 2022….now the amendment of finance bill 2022 be effective from april 1, 2022. so non asset based representation will also expire on 31 march 2022 for ay 2018-2019, if income escaping assessment is-more-than-50-lakh…is it right………………………………………..my questions is the following…. Questions : Can Income escaping assessment more than 50 lakh amended by finance act 2022 represented in the form of asset, expenditure or entries in the books of account will be applicable for AY-2018-2019, if assessing officer wants to open the case on 5 A pril 2022. As per my understanding its no Reasoning— Asset based- Fine, Assessing officer can open Income escaping assessment more than 50 lakh amended by finance act 2022 represented in the form of asset Expenditure based- Time barred, Assessing officer can not open Income escaping assessment more than 50 lakh amended by finance act 2022 represented in the form of expenditure (as for ay 2018-2019, normal 3 years got expired on 31 march 2022 so it can not be amended by finance act 2022) single transaction or transactions- Again Time barred (as for ay 2018-2019, normal 3 years got expired on 31 march 2022 and new finance act comes into affect on 1 April 2022 , so it can not be amended as its already expired) |
| Is TDS deductible on Mortgage NOC Charges levied by CIDCO Ltd, Maharashtra | |
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| Excerpt of query: | Kindly advise whether TDS is to be deducted on payment of Charges levied by CIDCO Ltd, Maharashtra for issue of NOC for mortgage of property in Navi Mumbai. Thanks |