The LLP in there agreement obligated to contribute 20 lakhs each by four partners. On 15th dec 2022. However till 31st March 23 nil contribution made by the partner. My query is can we show 80 lakhs as capital contribution and corresponding 80lakhs as receivable from partners in current assets as on 31st 2023 balance sheet. Thk in adv.

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Brother paid 5 lakhs out of 20 lakh directly to dealer of properties on behalf of property purchased by his sister and balance paid by sister herself. Will 5 lakh paid by brother is termed as “Gift” under Income Tax Act?

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Assessee is an individual and regular in filling his return of income. Assessee has received the Notice U/Sec.153C for A.Y. 2019-20 and preceding 6 years on the basis of noting on the seized papers found during the course of search with the Developer from whom assessee has purchased the flat and statement given by the CFO of the developer U/SEc.132(4) of the Act that noting on seized paper is cash component in the transaction of purchase of flat  and assessee has also accepted that  said amount as on Money in the application made before the settlement commission and therefore the AO of the assessee has drawn the inference that that there is undisclosed income in the hands of the assessee and accordingly the satisfaction U/Sec. 153C has been recorded for initiating the proceedings for A.Y. 2019-20 and 6 years prior to A.Y. 2019-20. The seized paper do not give any date or reference of project where flat purchase by the assessee or any signature of the assessee,  even the name mentioned on the seized paper is not the full name of the assessee. Issues : 1.whether action of the AO for issuance of Notice U/Sec.153C for A.Y. 2019-20 and 6 years prior to A.Y. 2019-20 is valid? 2. The ground taken by the AO about acceptance of CFO in statement U/SEc. 132(4) and acceptance of on money as per noting by the assessee before Settlement Commission is sacrosanct and  drawing the inference about the assessee must have paid on Money is correct? 3. what is remedy available to the assessee? pl guide

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whether RTGS payments/repayments for the years prior to amendments of 269SS/269T is allowed  as it is retrospective ?

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The NEW SURCHARGE scheme provides for levy of SC on income-tax on total income in the range between Rs 50,00,000 to one crore (first slab), and above. For the said first slab the prescribed rate of SC is 10%. The computarised System in place (CPC), however, auto calculates SC , instead of @the respective slab rate depending on the ‘income range’,-  on the rate applicable to over the outer limit of the slab.  For examle , if total income in a given case exceeds the threshold limit for the next higher slab- one crore (to two crores), the rate applied is 15%, subject of course to certain ‘marginal relief’. So much so, in such auto calculation, though clearly exempt, SC on income-tax on the sum of Rs. 50,00,000 (the threshold limit for the first slab) also gets charged. Aside: Does this not imply that  there is a fundamental deficiency in theSYSTEM ?! As per information gathered from limited known circles, it appears that, the surcharge so auto calculated has not at all been challenged but accepted. Solicit EXPERT’s opinion whether or not the auto calculation of SC in such manner as aforesaid is in contravention / violation of the NEW SURCHARGE scheme-if critically studied and mindfully analysed?

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When a Society building containing various is demolished due to a Development Agreement ( typical in Mumbai ), does it not amount to “Relinquishment of asset” u/s 2(47)(i) – The asset is physically not there now and a new asset (new house may be bigger) will be given.

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Hello, I have been staying in my pagdi flat since 50 yrs which is currently going for redevelopment. Total flats are 8. 2 flats of landlord, 1 of me, 4 flats in one name which are commercial and 1 flat also commercial. Total 8 flats occupied by 4 owners. My area is 750sq ft. What should be the majority for it to go for redevelopment considering 4 flats is of 1 owner? How much additional area will i get? Thanks

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Regularly, I follow your website’s “Questions & Answers” blog and benefitted a lot which is knowledge-enhancing.  I am a salaried person.  If I do also freelance work in Animation & Graphic Designing for 2-3 months only during a FY not as a “Professional” but as an Amateur and earn around 1,00,000/-. If my client also deducts TDS from my Fees payments u/s. 194J and remitted to the IT deptt. Kindly clarify the following points :- Whether my receipts from freelancing comes under “Specified Professions” u/s. 44AA ? Which ITR form should I file, ITR-3 or ITR-4 ? What will be the current Business or Profession Code for ITR Filing as per IT Act ?

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Sir/Madam, whether there is any difference between fixed and fluctuating capital contribution. And for audit purpose under Section 34 read with Rule 24 whether both have to be added.

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With regard to valuation of unlisted shares, while considering the immovable property as per Rule 11ua at Stamp Duty Value the resulting share price is in negative number. Because the Guideline value is less than its Book Value. So, can we consider Book Value or Guideline Value whichever is higher for immovable property in valuation of unlisted shares as Rule 11ua provides only for Stamp Duty value w.r.t immovable property.

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