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Recent Questions

Question added May 01, 2023 Income Tax By Abhishek Srivastav , CA , Lucknow

answers

1958 views

Q. Date of Filing of Form 10B - Date of Filing of Form 10B by CA is 07-10-2022
Date of Acceptance by Client is 12-10-2022
What will be the Date of Filing of Form 10B.
Also is it mandatory to keep gap of 1 month between ITR Filing and Audit Report Filing.

Question added Apr 17, 2023 Income Tax By CA KAMAL JAIN , CA , Bathinda

answers

1988 views

Q. Income Tax - one of my client booked a plot in Improvement Trust and paid the entire sales consideration in prescribed installments. After payment of all installments a plot was allotted to him vide allotment letter but Trust failed to give possession to my client even after 5 years of allotment. My client filed suit against trust and court ordered refund of full amount with interest. full Amount along with Interest @ 12% for 7 years is refunded in Financial Year 2022-23. whether it will be taxed under Income from other sources and Can any relief be taken against interest income? whether it can be taxed as compensation and deduction be claimed against it of 50%.

Question added Apr 14, 2023 Income Tax By GURMUKH KOTWANI , CA , New Delhi

answers

2019 views

Q. Income Tax Assessment - I have a question regarding an assessment made under section 147 read with section 144 of the Income Tax Act. Can an assessment be made for the income of Rs. 26 lakh in March 2023 for the assessment year 2015-16, based on a notice and order issued under sections 148A(b) and 148A(d) in March 2022, which had information about a cash deposit of Rs. 26 lakh from AIR-001 and CIB-410?

The assessing officer, while issuing the notice and passing the order under sections 148A(b) and 148A(d), considered the amount as Rs. 52 lakh and deemed it as a case of escaped income chargeable to tax for the year under consideration, warranting the issuance of a notice under section 148.

Question added Mar 25, 2023 Income Tax By Kollipara sundaraiah

answers

2064 views

Q. Gift transactions difference amount tax applicable - It person estimated profit declared f.y.22-23 rs:7 lacs .but assessee cash gift to brother rs:15 lacs through on bank online mode pay f.y.22-23.Doubt:assessee gift -profit difference amount rs:8 lacs amount tax applicable in f.y. 22-23

Question added Feb 20, 2023 Income Tax By Kollipara sundaraiah

answers

1540 views

Q. GIFT QUERY limit one finicial year from family members - It person maximum limit amount gift from family members(father,mother,brother,sister) one finicial year in it act.

Question added Feb 18, 2023 Income Tax By PRATHIBA , Chennai

answers

1496 views

Q. Tax received in bank account for paying tax of client in bank account-is treated as a deemed income. - How to confess the income tax officer for the amount received in Tax professionals bank account on behalf of the client for paying their tax? Please reply. Thanks in advance.

Question added Feb 16, 2023 Income Tax By Kollipara sundaraiah

answers

1531 views

Q. Taxation applicable on Goldbees or Gold ETF - Assessee buying of Goldbees or any gold etf from exchange and selling after 5 days. Doubt:how the tax applicable on goldbees or gold etf in it act.

Question added Jun 26, 2022 Income Tax By Prasad Balakrishnan , CA , Kochi

answers

1895 views

Q. Income Tax - An NRI maintained FCNR deposit and NRE deposit after his retun to India. These deposits are yet to mature and hence not yet converted to INR deposits.Since he is an Resident for the AY22-23 the interest on FCNR and NRE deposit will it have to be shown, if it should be shown then under what head, At what INR rate for FCNR interest has to be computed or will it all be exempt income till these deposits mature and close.

Question added Jun 26, 2022 Income Tax By Prasad Balakrishnan , CA , Kochi

answers

1687 views

Q. Incometax - Treatment of FCNR and NRE interest by an Resident

Question added Apr 21, 2022 Income Tax By S KALYANARAMAN , CA , Chennai

answers

3601 views

Q. Income-tax - Sirs
I propose to demolish the existing building and construct a flat G+3. I want to sell one flat and the entire proceeds will be utilized for construction of the remaining flats which are going to be for my use.
Kindly advise us whether any of the above transactions will attract capital gains tax and if so how to plan the transactions, so that the provisions of capital gains are not attracted.
Thank you
S.Kalyanaraman

Question added Feb 02, 2022 Income Tax By Ranjan Garg , CA , East Delhi

answers

3991 views

Q. Income tax sec.54 - I sold a property & avail the exemption u/s 54. Now Want to sell this propert y and want to purchase another one . Three year already passed. Can I take the 54 Exemption again

Question added Dec 08, 2021 Income Tax By JOGESH , CA , South Delhi

answers

3772 views

Q. Share transfer of Section 8 Company - What are the tax implication on share transfer of a section 8 company from one individual to another individual at higher price? Is it allowed to sale shares of Section 8 company at premium? Can anyone share related judgement for share transfer of section 8 company?

Question added Aug 31, 2021 Income Tax By SUBRATA BANERJEE , CA , Bidhannagar

answers

4494 views

Q. Income Tax - Whether Farmer Producer company incorporated under Companies Act,2013
are exempted from Income Tax liability

Question added Aug 10, 2021 Income Tax By Sonia Gupta , New Delhi

answers

4703 views

Q. Deduction u/s 80C - Home loan repayment - Hi everyone...

Can we claim deduction under section 80C and 24 for principal and interest amount of home loan if repayment is made from another home Loan taken by the assessee?

Pls answer if anyone knows.

Question added Jul 08, 2021 Income Tax By sandeep Kaushik , Bhiwani

answers

2428 views

Q. Tax implications on transfer of shares of Indian company by Foreign company - Dear All,

Shares of Indian company held by a foreign company are getting transferred from foreign company to another Indian Company at FMV. What tax implication would be on this transaction? Does Indian company who is acquiring the shares need to deduct tds while making payment to foreign company. Please advice.
Thank a lot in advance.

Question added Jun 16, 2021 Income Tax By sanjay kathuria , CA , Central Delhi

answers

1818 views

Q. Technical issue at IT Portal - Dear All
I have been trying to file an appeal to CIT(A) by filing Form 35 from past 6 days but neither I am able to save the form nor I am getting the OTP to e-verify it. Moreover, I have to fill the form every time if I am trying to get the OTP through the modes mentioned over there. Kindly guide me if anyone is facing the same problem.

Question added Jun 04, 2021 Income Tax By S GOYAL & ASSOCIATES , CA , NEW DELHI

answers

2078 views

Q. Penalty U/s 270A - Dear Sir,

I was listening to penalty u/s 270A by Dr. Rakesh Gutpa and Somil Aggarwal organized by you on Youtube. It is mentioned that query may be sent directly to you. I am sending the following query and want opinion on the same.

Sir, assessee is a proprietor and claimed expenses as labour charges amounting to Rs. 2,50,000/-. In the assessment order, it is mentioned vide notice u/s 142(1) dated 20.09.2019, the assessee was again asked to furnish complete details of expenses. In response to notice, the assessee furnish reply dated 05.10.2019 stating therein that labour charges are paid in cash to the paid labour / hire basis available at the time of shipment as the assessee was an exporter for A.Y. 2017-18. The assessee filed copy of the ledger account of labour charges. The Assessing Officer in the assessment order observed as under:

The assessee has not furnished the names all the persons to whom the labour charges were paid. Not complete evidence with regards to payment made by him. Explanation furnished by the assessee has been considered and not found satisfactory. In the absence of any satisfactory reply / justification of expenses claimed by the assessee, it will be fair to make a disallowance of Rs. 70,000/- out of expenses claimed by the assessee. Accordingly, addition of Rs. 70,000/- is made to the returned income of the assessee, penalty proceedings u/s 270A are also initiated for mis-reporting of income. In the assessment order, it is also mentioned initiate penalty u/s 270A for mis-reporting of income.

Now, the assessee has received show cause penalty notice u/s 270A through NEAC Centre on portal. Now the assessee wants to have your views and how to file the reply of show cause notice of the penalty.

The assessee has not mis-reported any income. The assessee filed copy of the ledger account of labour charges. The addition has been made on estimated basis. The penalty has been initiated for mis-reporting of income. The assessee has not mis-reported any income and it is not covered in section 270A(9). Clause (a) mentioned as mis-representation or suppression of facts. The assessee did not file any appeal against the addition as the amount of addition was very small and deposit the tax within a month of the order. Also filed form no.68 for claiming immunity u/s 270AA but that does not cover mis-reporting of income. As per my knowledge, it covers only under-reporting of income.

Sir, I seek your opinion on the above query. Mostly, while passing the assessment order, the assessing officer made lump sum addition on estimated basis. If such addition are treated as mis-reporting then the assessee will have to pay 200% of the penalty. It is a general query and may be facing most of our colleagues. Please guide us and take opinion from Dr. Rakesh Gupta.

Thanking You,

With Regards,

CA S.K. Goyal

Question added May 19, 2021 Income Tax By CA. Lokesh Kumar Dewangan , CA , Secunderabad

answers

873 views

Q. Income Tax JSON File - I am coming across this error: Error in importing. Please upload proper JSON file.

Question added May 19, 2021 Income Tax By AJAY JAJODIYA , Sikar

answers

748 views

Q. TDS - Dear Sir,

if salary given by imps or neft or cheque,
than tds liability arise after 250000
but my question is gross total income upto 250000 or salary credited in bank account is 250000

250000 salary celling is before standard deduction of 50000 or after standard deduction u/s 16

Thanks
Dr. Ajay Jajodia

Question added Apr 10, 2021 Income Tax By Vishal Goel , CA , Karnal

answers

1200 views

Q. CAPITAL ADVANCE RECOVERY - A person has given advance of Rs 20 Lakhs in year 2010 against purchase of immovable property but due to some reasons, sale deed were not executed. The party filed the recovery suit. Now court order with cost in favour to buyer. Consequently he will be receiving Rs 50 lakhs. Whether excess recovery of Rs 30 Lakhs (50 Lakhs minus 20 Lakhs) will be taxable ? or Will be consider as capital receipt not taxable income.
Request to pls also share some case laws.

Question added Apr 06, 2021 Income Tax By RAJESH KUMAR

answers

1291 views

Q. 12A Registration - whether drug licencing authority is eligible to take registration under 12A

Question added Jan 29, 2021 Income Tax By NAGARAJAN. N , CA , Thanjavur

answers

2526 views

Q. ETDS RETURN - While Q1 and Q2 due date is 31.03.2021 for FY 2020-21, Q3 due date is 31.01.2021. Is it logical since we have to fill up earlier quarter return filing ack. number

Question added Jan 29, 2021 Income Tax By Kollipara sundaraiah

answers

1853 views

Q. gift transactions - one of a female i.t. assess gift transactions mentioned below in f.y.20-21
1. DT:20-05-20 cash gift from mother Rs:1,50,000/- through on cash mode.
2.Dt:21-06-20 cash gift from sister Rs:1,30,000/- through on cash mode.
3. Dt:24-07-20 cash gift from brother Rs:1,40,000/- through on cash mode.
4.Dt:27-10-20 cash gift from brother in law(husbands brother) Rs:1,20,000/- through on cash mode.
question:
assess all gift received cash mode taxable or exempted and allowed in i.t.act
2.Sec 68 applicable in i.t.act

Question added Dec 21, 2020 Income Tax By SACHITKUMAR SHAH , CA , Jaipur

answers

1593 views

Q. ESOPS ALLOTTED IN USA - An individual resident in India received 62 ESOPS in USA in FY 2018-19. At the time allotment 20 ESOPS were deducted as TDS by the company. Now in FY 2019-20 these shares allotted were sold in USA and earned profit of around 80000.00 Rs. Other Income of the assessee is around 45 Lac Rs. What will be the tax treatment of the shares sold in USA for FY 2019-20. Is there any specific DTAA provision, through which tax benefit can be claimed?

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