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| Treatment of conversion cost where agriculture land converted in to stock | |
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| Excerpt of query: | What should be the Treatment of conversion cost where agriculture land converted in to stock. The conversion expenses like development of land and government fee for conversion paid first and later the land was converted for non-agriculture purpose. The land is treated as stock after conversion into non-agriculture. While calculating Long Term Capital Gains, the conversion cost and indexed cost of acquisition both be considered? or Only cost of acquisition is considered and cost of conversion will be considered as business expenditure? |
| Business Loss or Capital Loss | |
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| Excerpt of query: | There is only one Block Of Assets in case of a assessee. This block consists of only one car ,the WDV of the same is Rs. 5,00,ooo as on 1-4-2021.The said car is lost by way of theft on 5-9-2021. The said car is not insured at all. The above said amount of Rs. 5,00,000 will be considered as Business Loss or Short Term Capital Loss. |
| Applicability of TDS under Income tax Act. | |
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| Excerpt of query: | *Facts:* 1. Assessee is running a Proprietorship Business of Vendor Payment Services and Gift Cards Processing. FY 2020-21 Turnover was Rs. 96.60 lk. Current year FY 21-22 Turnover is Rs. 13.50 crores. 2. Considering the turnover of previous year – No TDS applicability for Current FY 2021-22 for Section 194C/ 194H and 194J. However, it exceeded Rs. 50 lacs transactions with single parties and hence is covered under Section 194M. 3. Total two parties where the Turnover exceed Rs. 50 Lacs. a. First Party- Availed Gateway Services for vendor payment. This party has its registered domain and known for its gateway. b. Second Party- Availed Gateway Services for vendor payment and also Gift card processing. This party uses the gateway of others, basically it works as sub-Gateway provider. This party is a *related Party*. Assessee is Director in this company. *Concern:* a. First Party: No TDS deducted. However, Judicial pronouncement regarding Non applicability for TDS on gateway charges there. 1. ACIT Vs. Head Infotech India Pvt. Ltd., Hyderabad 2. Dcit 9(3)(2), Mumbai vs Futura Value Retail Ltd, Mumbai, 3. MakeMy Trip (India) Pvt. Ltd., Vs DCIT,Circle-6(1), New Delhi *Doubt:* 1. Whether the view in case of First Party is right? 2. What will be the view for Second Party w.r.t Gift card processing- TDS applicability? 3. What will be the view for Second Party w.r.t Sub gateway used and Related Party? |
| Taxability of salary of NRI in India for services rendered outside India | |
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| Excerpt of query: | Where a remittance is made to a person by way of salary on monthly basis(for services being rendered outside India) to a NRI employed for overseas branch of a firm resident in India. Whether the same is chargeable to tax under the Head Salary in case of such employee in India or in the country where the employee is based. |
| Applicability of GST | |
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| Excerpt of query: | Assessed is advisor at Max Life Insurance and during the financial year 2021-22 assessee received gross commission from Max on the business carried out by assessee was Rd. 21.25 lakhs? What are requirements under GST Act. Pl. Guide |
| Advance to Builder against construction is refund back with interest | |
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| Excerpt of query: | Facts: – 1) I have contributed Rs 1.80 cr as advance to Builder on sep 2014 and booked a flat. 2) July 2016, another payment of Rs 27.50 lacs was paid 3) July 2018, Building was completed but i didn’t get the possession of premises and dispute filed in court. 4) Court decide in favour of assessee and in dec 2021 settle their dispute a sum of Rs 3.5 cr. (Rs 2.075 own contribution plus interest) Query: – Weather the amount of Rs 1,42,50,000 which is received over and above of own contribution would be consider as “Capital Gain” or ‘Interest’? 2. Payment is received is without deduction of TDS. Is there TDS provision is applicable? |
| tds on videography or photography services | |
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| Excerpt of query: | I want to know the TDS section for tds on videography or photography services on the basis of case laws. |
| Applicability of GST | |
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| Excerpt of query: | Assessee is a partnership firm having Diagnostic services under his brand. Now for the purpose of growth and expansion of business, has decided to invite investors and has formulated the proposal. As per the proposal, the new diagnostic center with the brand will be open in various part of city, state and other state. Entire set up of diagnostics center as well as running the said center will be responsibility of assessee firm. Investor will be paid 15% pa. of their Investment or 10% of Gross receipts of the diagnostics center in which he has invested, which is higher. Is there any implication under GST Act on this model. Can we say that it is Revenue sharing agreement and therefore, no GST applicable. Guide. |
| Is rectification order is valid after issuance of Form 5 of VSVS | |
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| Excerpt of query: | My assessee received Form No.5 of VSVS and afterwards in the Income Tax Department Internal Audit or AG Audit came and raised an objection regarding incorrect calculation of interest although completed through ITBA portal. Subsequently the AO issued notice u/s154 and passed order u/s154 raising the tax liability. Is this stand of the department is correct or challengeable in appeal or petition u/s264 may be filed or writ in HC may be filed.. Please suggest.. |
| 24[4] of benami prop act | |
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| Excerpt of query: | IF ex parte order is passed u/s 24[4] as above said, Is it possible to get it recalled ? |