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Recent Questions

Question added Jul 25, 2016 Income Tax By godachappa i angadi , CA , Gadag

answers

301 views

Q. long term Capital gain - MR Nagaraj had purchase open plot on 2.6.2005 for Rs.60000/-, the same is sold on 2.7.2015, what is the capotal gain tax on such transfer of plot

Question added Jul 24, 2016 Income Tax By Devadass , CA , Bangalore

answers

313 views

Q. Double Tax Avoidance - Client is a subsidiary of a Korean company. Parent company( Korean co) is sold to another korean company. What is the capital gain tax procedures to be followed in India for the transfer of the shares between two korean companies- Kindly clarify

Question added Jul 23, 2016 Income Tax By S GOYAL & ASSOCIATES , CA , NEW DELHI

answers

335 views

Q. Buy back of own shares covered u/s 56(2)(viia) or not - Assessee a Company purchase / buyback its own shares at a price at which it was issued. The buyback price is lower than book value. Please let us know whether the difference between the book value and buyback price is taxable u/s 56(2)(viia). The company after buyback cancelled the said shares i.e. number of shares stands reduced. Further, some says that share is not covered in the definition of property. Please give your views as no direct case law is available on this.

Question added Jul 22, 2016 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

171 views

Q. Performance Linked Fees - A Individual has been charged a huge amount as Performance Link Fees by HDFC REP (Real Estate Portfolio ) . Fees pertains to 7 years which was tenure of Fund. As per SEBI guidelines they couldnt charge fees on yearly basis and where allowed to charge it only at the time of maturity .Which is leading to huge expense in this year. Please let me know if I can claim the same as Cost while calculating Capital Gains from the fund ? Or is there any other way to claim deduction ?

Question added Jul 22, 2016 Income Tax By godachappa i angadi , CA , Gadag

answers

174 views

Q. Refund of Income Tax - I K R Melvanki Prof.I have Received my Form 16 for Assessment year 2016-17 salary Rs.215000/-that is inclusive of arrears of salry Rs.265000/-salary not bifircurcated as regular salary & Arrears by the college.On that base with out applying relef u/s 89 I have filed my Return on 13.06.2016.Later on it came to my notice that for arrears there is a relief u/s 89, hence I calculate & claimed Relief U/s 89 & filed Return on 15-07-2016.By that time I have received a Refund cheque for return filed on 13.06.2016 Rs.29560/.Now what can I do to get refund on Revised Return filed on 15.07.2016 relief thereon is Rs.52600

Question added Jul 22, 2016 Income Tax By godachappa i angadi , CA , Gadag

answers

167 views

Question added Jul 22, 2016 Income Tax By godachappa i angadi , CA , Gadag

answers

143 views

Q. Income tax on refund case - I have filed my Return on 13.06.2016 without claiming arrears of salary, but revised Return filed on15.07.16, by this time Income Tax Refund order passed & sent an order on original ITR filed base .What can I do now

Question added Jul 20, 2016 Income Tax By Manish Behl , CA , Delhi

answers

243 views

Q. TDS - Hi,

My client, who is in the business of manpower recruitment, has paid subscription charges to a online job portal for posting potential candidate profiles and accessing database. Kindly let me know if he is required to deduct TDS on the payment to online job portal. If yes, under which section 194J or 194C.

Thanks

Manish

Question added Jul 17, 2016 Income Tax By PUNEET BHATIA , CA , Ludhiana

answers

212 views

Q. income tax - Sir Kindly reply on my query

One of our company issued fresh equity shares in FY 2013-14
No. of shares 125500 shares
Face value - Rs 10/-
Premium on share - 90/-
Total amount 12550000/-

Rs one crore amount converted from unsecured loans (already in B. Sheet as on 31.03.13) to share capital + premium

Rs 2550000/- amount fresh brought by one of the shareholders (gift received from mother also accepted by ITO) and 25500 shares issued to him at premium.

Net worth of the company as on 31.03.2013 is
Share Capital - 2323200 (232320 shares of rs 10 each)
Securities premium - 4642000
Reserves & Surplus - 9240874
DTL - 435622
Total - 16641696

Market Value - Rs 71.63/-

Now The ITO wants to add Rs 30.00 Lacs approx to income of company u/s 56(2)(viib)being excess amount received from market value. Whether there is any wayout to avoid tax or any cse law decided in said case.

Question added Jul 12, 2016 Income Tax By Amarjeet Kumar Roshan , Patna

answers

248 views

Q. TDS Filling - Is it necessary to file tds return of 24Q & 26Q if there is no party TDS has been deducted in particular quarter. If yes then what would be the process.

Question added Jul 03, 2016 Income Tax By gyanendra kumar mishra , CA , East Delhi

answers

248 views

Q. Equalisation Levy - under the which head paid in challan no. 280 or 281.

Question added Jul 02, 2016 Income Tax By RAVI DAYMA

answers

263 views

Q. income tax - sir i want file AOP return so what effect on member & how much tax rate applicable For Ay 2016-17 on both mamber & aop

Question added Jun 30, 2016 Income Tax By M/ Tarun Gupta & Associates , CA , Panchkula Urban Estate

answers

256 views

Q. Long Term Capital Gain - If the amount of capital gain of financial year 2014-15 is less than the cost of the new house purchased in financial year 2014-15, Can exemption be availed against the same house for capital gain arise in financial year 2015-16. I mean can exemption be claimed in respect of second transaction.

Question added Jun 29, 2016 Income Tax By ESWARA RAO , CA , Vijayawada

answers

280 views

Q. Capital Gain issue - Dear sir,
My client has purchased Ac shed for an amount of Rs 2.51 lacs in the year 95-96. In the year 97-98 he has demolished the Ac Shed and constructs a two floor building with an amount of Rs 6.17 lacs. During the Financial year 2013-14 the Assessee has sold the above said property and we arrive Long term Capital Gain Rs 24.56 lacs on the above said transaction and we deposit an amount of Rs 26 lacs in Capital gain scheme within the Due date . The assessee has failed to utilize the said capital gain for purchase and construction of new house and he also paid advance Tax on capital gain deposit amount in the month of June 2016 for the first quarter. Subsequently the case is selected for scrutiny and the income tax officer wants to make additions for an amount of Rs 1.50 lacs in capital gain and to pay tax amount of Rs 40,000/- . We replied that since we deposit excess amount in Capital gain and the same (i.e Rs 26 lacs) is offered to tax in the financial year 2016-17 and we also pay advance tax on such capital gain. Please suggest me or provide any case law on non levy of income tax on the additions made in the scrutiny assessment because we deposit excess amount in capital gain scheme .

Question added Jun 28, 2016 Income Tax By BINOD KUMAR RUNGTA , CA , KolkataM.C.

answers

164 views

Q. article in news section - There was a mention of a case of penny stock in your news dated 22/06/2016. Could you please provide the entire case law

Question added Jun 28, 2016 Income Tax By Amarjeet Kumar Roshan , Patna

answers

178 views

Q. TDS Filling - I have filled tds return(24Q) for salaried employees of an organisation for fourth quarter. But forget to feed the details of deductions under Chapter VI.
Will i have to revise the return ?
Is is compulsory to feed these details ?

Thanks in Advance

Question added Jun 27, 2016 Income Tax By CA Chintan Shah , CA , Ahmedabad

answers

153 views

Q. Body Of Individual Deed - Is there any deed available for Body of Individual?

Question added Jun 22, 2016 Income Tax By SUBHASH KUMAR JHA , CA , Darbhanga

answers

242 views

Q. Income Tax - is there any eligibility criteria of any person to appear before income tax authority to represent client ?

Question added Jun 21, 2016 Income Tax By pragnesh jagasheth , CA , Surat

answers

269 views

Q. Accounting treatment as well as Tax effect - What is effect of Impact fees paid on property. Is it capital or Revenue Expenditure. What is effect on tax either the assesse can claim depreciation or it can be claimed as revenue expenditure in Profit and loss accounts?

Question added Jun 21, 2016 Income Tax By Krishnan G Sarma , CA , Thiruvananthapuram

answers

136 views

Q. Capital Gains Tax Exemption - Any particular scheme notified u/s 54EE?

Question added Jun 18, 2016 Income Tax By Vinay sharma , CA , Gurgaon

answers

259 views

Q. Cash received against sale of Land - Our Company is sold Land and cash received against sale of Land. it is mentioned in Registry that Amount Paid through cheque as well as cash at the time of Registry.

My question is that whether Section 269SS is attract or not.
in my view this is not applicable because we have not received any advance in cash for sale of property.

Thanks

CA VInay Sharma
MOb 9990407498

Question added Jun 16, 2016 Income Tax By kiranapal simgh , East Delhi

answers

131 views

Q. TDS - ARE DOMESTIC CAGRO AGENTS LIABLE FOR TDS DEDUCTION OR NOT IF CARGO AGENTS GOOD TRANSPORTS BY RAIL...........PLS OUR COMPANY DEDUCT TDS TO CARGO AGENTS????

Question added Jun 13, 2016 Income Tax By CA Joravar Singh , CA , S.A.S. Nagar

answers

207 views

Q. Taxability of UpWork receipts - Dear sirs, I have a client who is working through UP-WORK portel and earning in dollers. He will be taxable under Business and profession. Is there any requirement for getting foreign receipts certificates from the bank and to report to any Govt. department?

Question added Jun 09, 2016 Income Tax By SUNIL AGRAWAL , CA , Raigarh

answers

168 views

Q. INCOME TAX - One of my client having partnership firm want to purchase one immovable property in the name of firm. The market value/stamp duty value is Rs. 150.00 Lacs. But the actual purchase value is Rs. 35.00 lacs. I want to know that the difference amount is taxable as gift in the name of firm or not. Pls clarify.

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