Assessee is an individual and Hindu . He got married with another women in the life time of first wife. He had two children from first wife and a daughter from second wife.  First wife expired and thereafter almost 25 years assessee and his second wife are living together as husband and wife and also accepted by all family and society. Assessee was also assessed to tax in the capacity of HUF also. The family members consisting of the children of  first wife and the second wife and her daughter has decided to settle their disputes about the property of the individual and HUF of the assessee by way of family arrangement and full partition of HUF. Accordingly, executed the memorandum of family arrangement. As per said arrangement, the second wife and her daughter have received certain properties. Whether these amounts are taxable in the hands of second wife and her daughter under Income Tax Act? Whether provisions of section 56(2)(x) are applicable to the properties received as per family arrangement and partition of HUF ?

read more

What are the consequences of 271(1)C ? also how to prove and how to solve 271 1c ?

read more

I got Summon notice From income tax department under section 131(1A) by india post but i search income tax website but notice not showing Genuine

read more

Assessee is an individual and Hindu . He got married with another women in the life time of first wife. He had two children from first wife and a daughter from second wife.  First wife expired and thereafter almost 25 years assessee and his second wife are living together as husband and wife and also accepted by all family and society. he had his HuF . He died with out having any will. what are rights in property of second wife and their daughter . whether they have any rights in properties of his HUF . pl guide .

read more

If any partner withdraws an item of stock in trade of a builder firm [say 1 flat] at cost, what are tax implication on firm and partner both ? 43CA/56[2]x are applicable ?

read more

What is the remedy for assessee if appeal effect order is not given correctly by AO on ITAT orders and the same resulted in lower refunds and interest thereon.

read more

The assessee had issues that had gone to ITAT for ASST YEAR 2006-07 and thereafter AO gave appeal effect order.THEREAFTER the AO compared normal income and 115JB calculations .However in 115JB calculations the AO ignored 88E which per settled law is allowable from tax on 115JB income(PER KARNATAKA HC AND DELDI HC).The AO granted LOWER refunds on basis of 115JB calculations as it is higher on TAXABILITY as rebate was denied of section 88E from tax on 115JB.BEFORE CIT(A) AND ITAT 88E AND 115JB THINGS WERE CONSEQUENTIAL ISSUE AS STT AND NON STT INCOME CALULATIONS WERE MAIN ISSUES. QUESTIONS 1.WHAT IS ASSESSEE REMEDY. 2.WHETHER APPEAL LIES TO CIT(A) AGAINST INCORRECT APPEAL EFFECT ORDER. 3.WHETHER ASSESSEE MOVES RECTIFICATION. 4.WHAT WAS BOMBAY HC JUDGEMENT ON 88E READ WITH 115JB for ITA 1622 OF 2013.TILL 2019/2020 IT APPEARS FEW CASES WERE CLUBBED WITH ITA 1633 OF 2013 BUT FINAL IS NOT KNOWN FROM GOOGLE. 5.WHETHER ANY SC RULING HAS COME OR PENDING.

read more

Company “A” has assigned the loan (a fully written-off loan account) to the NBFC in the year 2021 at a discounted value (lower value as compared to the original debt obligation). The loan was taken over by NBFC because NBFC is hope full of that it will recover the higher amount in the future. The Borrower against the loan (original debt) has allotted redeemable preference shares (RPS) of Rs 100/- each at par to the NBFC. The Borrower’s net worth pre-allotment of RPS is negative. The query is  What will be the tax impact on NBFC when the loan is converted into Redeemable preference shares. Whether the difference between the discounted amount of loan (assigned value) and shares allotted at par by converting original debt will be considered as taxable income.

read more

A COMPANY HAD DEDUCTED TDS OF RS. 50 LACS WHICH WAS PAID LATE BY 7 MONTHS DUE TO COVID 19 AND FINANCIAL CRISIS. THE SAID TDS WAS PAID LATE WITH APPLICABLE INTEREST AND LATE FEES. ALSO THE TAX WITH INTEREST AND RETURN WITH LATE FEES WAS FILED VOLUNTARILY BEFORE RECEIVING ANY NOTICE. NOW AFTER 2 YEARS, THE DIRECTOR HAS RECEIVED NOTICE FOR INIATIATING PROSECUTION AS THE COMPANY HAD COMMITTED DEFAULT AND IS A PERSON IN DEFAULT. WHAT REPLY SHOULD BE FILED TO AVOID PROSECUTION?

read more

Respected Sir, Can you share the judgement, wherein it has been held that – if the seller of immovable property is NRI, the buyer can deduct tax (TDS) on NET CAPITAL GAIN if the seller furnishes CA CERTIFICATE WITH CAPITAL GAIN WORKING.

read more