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| 194R vs 194H | |
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| Excerpt of query: | incentives linked to deposits of sub-brokers, is it covered u/s 194/A/R/H ? |
| 50% deduction under section 57(iv) | |
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| Excerpt of query: | The dispute of extra area work was finally settled throu arbitration award pertaning to pre GST period ( Finacial year 2016-17) . Some Compensation and interest is recived now. On the above interest, income tax is payable on 50% income as per section57(iv) of Income Tax Act ? |
| TDS ON IMPORT AND EXPORT OCEAN FREIGHT | |
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| Excerpt of query: | What will be the TDS liability in case of : 1. IMPORT FREIGHT PAID TO INDIAN SHIPPING COMPANY 2. IMPORT FREIGHT PAID TO FOREIGN SHIPPING COMPANY 3. EXPORT FREIGHT PAID TO INDIAN SHIPPING COMPANY 4. EXPORT FREIGHT PAID TO FOREIGN SHIPPING COMPANY 5. ON WHAT AMOUNT TDS WILL BE APPLICABLE. INVOICE INCLUDES FREIGHT CHARGES, PORT CHARGES, MATERIAL HANDLING CHARGES ETC |
| GST , firm , partner , stock in trade , capital asset | |
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| Excerpt of query: | What are the implications under GST if a partner of a firm receives stock in trade/raw material/ finished goods/ work in progress from the firm? Similarly, what are the implications under GST if a partner of a firm receives Capital Assets from the Firm? |
| Addition U/SEc. 68 in the hands of NBFC for accepting amount from borrower in demonetization period | |
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| Excerpt of query: | Assessee is NBFC registered under Co Act as well as RBI. During the period of demonetization assessee co accepts cash in old currency amounting to Rs 1410000/- from the borrowers up to 14.11.2016 and from 15.11.2016 till 31.12.2016 amounting to Rs. 2010000/-. AO has made addition U/sec. 68 on the ground that NBFC are not permitted to accept currency in Old Notes from any one and therefore the amount is unexplained cash credit to be added U/sec. 68, eventhough assessee co has given complete details of the persons from whom amount is received towards repayment of loan taken from NBFC. Whether action of AO is justified ? Pl guide . |
| compensation -taxation | |
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| Excerpt of query: | The dispute of extra area work was finally setteled throu arbitration award pertaning to pre GST period , now. Some compensation and interest was awarded by Arbitrator. On this GST is payable or VAT/ Service Tax/ excise is payable under old regim. ? It seems that this amount received is not covered by section 142(2)(a) as price of good or services are not revised upward . But dispute of extra area work is now settled. If VAT /service tax/ Excise is payabe, how to pay same as Return of those period cannot be filed now On above Interst income tax is payable on 50% income as per section 57(iv) of Income tax act ? |
| order u/s 148A[d] dropping escapement | |
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| Excerpt of query: | this is passed with approval of PCIT, is this final and free from from any other action ? |
| Penalty u/s 271(1)(c) | |
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| Excerpt of query: | Assessee is a partnership firm engaged in the business of manufacturing and job work of engineering goods. Search u/s 132 of the Act was carried out in the month of January,2018. While filing return of income in response to notice u/s 153A, assessee firm discloses additional income on account of unaccounted scrap sale. This scrap sale has been worked out by estimating burning loss at the rate of 20% and the assessee firm declared income as unaccounted scrap sale. Penalty proceedings u/s 271(1)(c) are initiated for concealing the inaccurate particulars of income in the assessment order. Notice u/s 274 r.w.s 271(1)(c), it is mentioned by the AO that, “It appears to me you have concealed the particulars of income.” In the penalty order, it is mentioned that, “The assessee has committed default within the meaning of section 271(1)(c) of the Act, without any reasonable cause, and therefore levy penalty for concealment of income.” Whether the levy of penalty is justified in law? Whether assessee can take a stand that there is no difference in the return filed in response to notice u/s 153A of the Act and assessed income? When the income is offered by estimating the burning loss in the manufacturing process and the penalty levied on such income is to be considered as penalty on estimated income ? |
| Carry forward of losses section 79 | |
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| Excerpt of query: | Background As on 01 April 2022, Company ‘B’ Private Ltd (‘Co. B’) is a wholly owned subsidiary of Company ‘A’ Ltd (‘Co. A’), which is a listed Company. On sale of shares of Co. B by Co. A, owing to application of Section 79 of the Act what will be the fate of brought forward losses amounting to INR 100. Scenarios Co. B sell its entire shareholding in Co. A to a Listed Company Co. B sell its entire shareholding in Co. A to a private limited Company which is a wholly owned subsidiary of the listed Company Co. B sell its entire shareholding in Co. A to a private limited Company |
| legal heirs vs aop | |
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| Excerpt of query: | 1] c0-legal heirs offered rent income as AOP for years 2] can LTCG be later taxed in individual hands of legal heirs since buyer reuses to buy property from AOP? |