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| TDS credit appearing in Form 26 AS of next year | |
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| Excerpt of query: | As per section 199 read with sub-rule (3) of rule 37BA, credit for tax deducted at source and paid is given for the assessment year for which such income is assessable. Accordingly, TDS needs to be claimed in the ITR based on income offered to tax in a financial year irrespective of the fact credit is appearing in future years in Form 26AS. The query is how TDS credit will be given if the same is not appearing in 26AS, for example the income was offered in FY 22-23 but the TDS credit is appearing in 26AS for FY 23-24. Suggestions are welcome. Thanks |
| 194IA | |
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| Excerpt of query: | limit of 50 L whether it is qua property or payer ? |
| withdrawal of a flat by partner | |
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| Excerpt of query: | On 8-11-2016 at 7 p m , a partner withdrew a flat out of stock in trade of that firm at cost [mkt value was 10 times] The same was regd later in his name with a proper stamp duty on mkt value[10 times cost] is it liable to any tax under the Income Tax Act? Is it covered by PMLA ? |
| Sec. 56(2)(viib) | |
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| Excerpt of query: | Whether provisions of Sec. Sec. 56(2)(vii) (b) are applicable for Registered Agreement to sale between the land owner and developer. Since the word used in section are ” property means the following capital asset of the assessee namely :- immovable property being land or building or both……… Can assessee context the issue on the ground that by executing agreement to sale , assessee has got the rights in property but not the immovable property by drawing the inference from various decisions in the context of 50C, where in it is held that the provisions of Sec. 50C are not applicable for rights in land or building . pl guide |
| Third party evidence for making reassessment | |
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| Excerpt of query: | Third-party evidence for making a reassessment of whether valid |
| Time limit U/S 16(4) of GST | |
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| Excerpt of query: | Section 16(4) of CGST Act Prescribes time limit for claiming the ITC. Many matters have gone to High court challenging the constitutional validity of this sub section.Bombay High have also admited such matters. Few of them are – DN wind System (I) pvt Ltd WPST /27887/2022 and Meta Tiles Pvt Ltd and otheres WPT 12338(original) 2021. The Business Audit for the period 2017-18 and 2018-2019 has been taken up by depatment wherein they propose to disallow the above crdit. As matter is pending in various courts, can assessee reqest for keeping the proceedding in abyance till matter is decided? Please up date on the court matter in the above connection. |
| proceeds of Sale of shares of unquoted private limited company | |
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| Excerpt of query: | ITO added back the entire sale proceeds of the equity shares of unlisted shares of a private limited company. Transaction made during FY 2013-14. Those shares were purchased at almost the same time of sale. A nominal gain arises and added in to other income. |
| retiring partner | |
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| Excerpt of query: | If a retiring partner accepts a sum lesser than [capital -accmulated losses] what is tax impact on firm/LLP and partner post amended 45[4] etc ? |
| long lease vs sale | |
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| Excerpt of query: | Can a long lease be treated as a sale after abolition of section 269UA? |
| lease deposit | |
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| Excerpt of query: | can a trustee take huge interest free security refundable deposit for use of his land by is charitable trust ? |