Assessee is partnership having 4 partner engaged in the business of construction of housing project. Two partners express their desire to retire from partnership.  As a consideration on retirement they are going to received constructed area in the housing project with in next 4 years which includes residential as well as commercial units. What is tax implication under GST act of this transcation . Who is liable to.pay gst and when.

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Facts of the case: 1. Assessee is carrying on business of manufacturing paper bags and ROI is filed u/s 44AD till AY 20-21. 2. For AY 21-22 alongwith manufacturing activity he has also done Futures and Options transactions the summary is as below: Manufacturing Activity- Turnover Rs. 9.91 lk and Profit Rs. 1.59 lk F&O – Turnover Rs. 2.24 crore and Loss Rs. 3.12 lk Assessee has prepared separate P&L for both business and common balance sheet. Query: 1. Can assessee take the benefit of Proviso to Section 44AB(a) (As nothing in Cash for F&O business- criteria met. For manufacturing business this criteria of cash transaction is not met)- Show F&O loss under normal business without doing audit and continue the Manufacturing business under section 44AD. 2. Also If assessee need to claim the loss and get it carried forward than Audit will be required? (As time limit to file regular return is ended) Pl guide

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Let’s say one of the share holder, A (Non- resident), of ABC Pvt has renounced his right to subscribe to right issue to D (Non- resident). Would D attract provisions of sec 56(2)(x)? Also what would be the tax implication on A?

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Search warrant is issued in the name of Mrs X and her son Y. Mrs X owns Flat no 1 in first floor and her son Mr Y owns Flat no 20 in 3rd floor. Only Flat no 1 is mentioned in the search warrant containing the names of Mrs X and Mr Y. This issue was not contested at the time of search Mr Y was not in the premises at the time of search, summons were issued only to Mrs X and not Mr Y. Now, 153A notices are issued to Mr Y also seeking him to file returns for the last 6 years. Can we contest that search did not take place in the address mentioned in IT returns/Pan Data/Income tax online profile of Mr Y. Mr Y doesn’t reside in Flat no 1 but in Flat no 20, since there was no search in Flat no 20, there is no basis for 153A. If yes, is it better to wait for the assessment to conclude and then raise objection, so that the assessing officer is not antagonized. Can we raise this issue in the appeal stage, if needed

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The assessee is a private limited company engaged in the business of manufacturing of machinery required for construction activity. The intrinsic value of its shares is Rs. 150/- (Face value Rs. 10/-). The FMV of the shares is Rs. 200/-. The company is issuing right shares to the existing shareholders at par i.e Rs. 10/- per share. What are the tax implications of this transaction under Income Tax Act as well as Companies Act? Please Guide

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Finance Act 2021 has introduced new provision of taxation on transfer of capital asset or stock in trade on dissolution or reconstitution of Partnership Firm and AOP vide new section 9B and amended section 45(4), A conversion of a Partnership firm under Chapter XXI of the Companies  Act 2013 may not result into reconstitution of Firm or AOP. Hence above provisions may not attract ? This would mean that if self generated Gooldwill is bought into firms book by crediting partners capital acount and there after converting this firm into PVT LTD may not attract any tax ? Section 56(2)(10) will be applicable in the hands partners ?

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Assessee is individual and filling return regularly by offering income U/sec. 44AD . During the  course of assessment proceedings assesee submitted the summary of cash account and bank account deposits in bank account is less than the Turnover also submitted statement of affairs .Assessing Officer has added entire turnover as unexplained receipts u/sec. 69A of the Act on the ground that assessee has not given the evidence of items traded and proof of sales . Is  the action of AO is correct , he has not given any show cause Notice in this context.  Pl guide

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Dear Sir, A portion of my land which is non agricultural was acquired by the Govt.of Kerela for construction of a bridge in 2017. During this time they had verbally mentioned that this was tax free.  They gave me the compensation for the land acquired, but now I am being told that I have pay capital gain tax for this. Can i just ignore this and avoid paying tax for this compulsory acquisition of non agricultural land? This is really unfair that the govt. takes land forcefully from people and then we are forced to pay tax on compensation given by the govt. due to the loss incurred for us. Please advise on this.

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Dear Experts I have filed VSVS 2020 scheme for AY 2017-18 and paid all dues, form-4 issued to me, now department ask 25 % surcharge on unexplained money since while preparing the computation of income the surcharge @ 25% not levied  and the agriculture income was not considered for rate purpose in computing the tax. A order under section 154/147/142(1) issued to me and demand under section 156 for tax with interest and penalty. I ask to experts that what remedy remain for me, can I challenge this order before Commissioner Appeal or since I have adopted VSVS 2020 then I have not option to pay surcharge without interest and penalty because interest and penalty not considered in VSVS scheme.

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Assessee is an Individual engaged in the retail business and disclosing his income u/SEc. 44AD of the Income tax. Assessee has made the booking of flat with builder. On the basis of some noting on the loose paper found during the course of search with the builder and on the basis of his statement U/Sec. 132(4) about acceptance of On Money from flat holders, Notice U/Sec. 153C was served. Assessee filed returns for 6 A.Y. and asked for the copies of seized papers, statement of builder and opportunity of cross examination. However the opportunity of cross examination the builder does not turn up and A.O. provided the declaration given by builder stating that what ever he has said in the statement U/Sec. 132(4) and accepted by him is truth. The Assessing officer made the addition on the basis of noting on the seized paper on account of On Money and also made addition on the ground that assessee has not explained the nature of business, type of products traded and copies of sales bills etc. in support of its income U/Sec. 44AD and therefore the claim of turnover cannot be characterized as business receipts to qualify for presumptive tax scheme and made the addition of entire turnover disclosed by assessee as unexplained receipts u/s 69A of the Act and taxed the same u/s 115BBE for the 6 years. Whether assessing officer can make addition in the assessment completed u/s 153C r.w.s 143(3) without having any incrementing material about his business the income for which is offered u/s 44AD ? Whether action of assessing officer adding the entire gross receipts u/s 69A on the ground that assessee has not explained the nature of business, type of products traded and copies of sales bills etc. in support of its income U/Sec. 44AD. Whether addition made on the basis of noting and the statement of builder about acceptance of on money is justified? Whether denial of opportunity to cross examine the builder on the ground of his declaration about whatever stated by him in the statement u/s 132(4) is true, is justified and legally correct ?

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