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Recent Questions

Question added Jun 23, 2014 Income Tax By RAJAT DAGA , Delhi

answers

219 views

Q. TDS - Can a specified section TDS challan adjusted with another Specified Section TDS Liability.
Exmample. can 194(c) TDS Challan adjusted with 194(J) liability

Question added Jun 20, 2014 Income Tax By harsha tripathi , CA , Jodhpur

answers

270 views

Q. pan card - whil processing the pan application it was discovered that photo was not proper than what is the remedy..... wehter there is requirement of filling new application for pan card

Question added Jun 19, 2014 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

479 views

Q. clarification on gudience note issued by ICAI on revenue reocgnisation in caseof builder - Query :
The assessee is builder having various project and the following the Guidance note issued by ICAI for revenue Recognition.
However as per the guidance Note Following is the wording _
“ Further to the conditions in paragraph 5.2 there is a rebuttable presumption that the outcome of a real estate project can be estimated reliably and that revenue should be recognised under the percentage completion method only when the events in (a) to (d) below are completed.
(a) …..
(b) …..
(c) …...
(d) Atleast 10 % of the total revenue as per the agreements of sale or any other legally enforceable documents are realised at the reporting date in respect of each of the contracts and it is reasonable to expect that the parties to such contracts will comply with the payment terms as defined in the contracts. To illustrate – If there are 10 Agreements of sale and 10 % of gross amount is realised in case of 8 agreements, revenue can be recognised with respect to these 8 agreements.
From the above wording point (d) says that agreement of sale need to executed or any other legally enforceable document are realized at the reporting date.
1. Can allotment letter issued to the customer can be said legally enforceable document?
2. If above is yes, then we need to recognize the revenue on the advances received (more then 10%) cases of which sale agreement is not executed?
3. What is market trend used by the builder for the aforesaid cases?

Question added Jun 16, 2014 Income Tax By Ritesh , CA , Faridabad

answers

257 views

Q. TDS on immovable property - Dear Experts

One assessee paid lumpsum amount (95 lakhs) to seller of immovable property from his own account and also deposit the amount of TDS on it on his own pan number.

However registry of land was done in name of his spouse,

kindly suggest that validity of transaction.

Regards

Ritesh khurana

Question added Jun 16, 2014 Income Tax By sonam kapoor , CA , Meerut

answers

211 views

Q. TDS on Lecture Income - I am imparting lectures of CPT and i want to know under which section TDS to be deducted on such income

Question added Jun 11, 2014 Income Tax By R.D KUMAWAT , CA , Jaipur

answers

174 views

Q. Taxation - when is required to file ITR for a govt. employee. He is tax payer. and what is penalties and provision under income tax if he failure to file ITR

Question added Jun 11, 2014 Income Tax By CA Vikas Kapoor , CA , Lucknow

answers

139 views

Q. long term capital gain taxability - 1) Assessee has claimed exemption u/s 54F in one a.y. in respect of capital gain on long term capital assest by purchasing a new house.

2) In the next a.y. he has sold his residential house other than the new house purchased for 54F exemption.

3) Can he now claim exemtion u/s 54 by purchasing/constructing new house?

4) If so than what happens to proviso to section 54F, which says assessee can not purchase/construct new house other than the one already puchased/constructed for exemtion u/s 54F.

--
Thanks & Regards

Vikas

Question added Jun 11, 2014 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

225 views

Q. Conversion of business asset to capital asset - A building was used for business till 1986. Thereafter, no business activities were carried out absolutely. Also, no Balance Sheet, Income Tax returns were filed since then for last 27 years.

Whether it can be considered as capital asset since 1986 or it still needs to be considered as business asset and depreciation has to be claimed thereon?

- Meera

Question added Jun 04, 2014 Income Tax By CA Jaswant Rohilla , CA , NAJAFGARH

answers

209 views

Q. TDS - I file TDS return for 2009-10 Q2 where PAN of One Dedutee not Available, Now I received a notice for Interest on TDS late DEposit, for filing Correction Whehter I require to quote PAN of the Deductee not avaialble at the time of Filing original return available at the time , if the PAN still not avaialble whats the penalty.

Question added Jun 03, 2014 Income Tax By RK Gupta , CA , East Delhi

answers

177 views

Q. TDS-CPC -

I am at the moment overseas and need your kind help to know whether the TDS-CPC website for Form 26AS is not working?

Thanks
Regards
CA Rakesh Kumar

Question added Jun 02, 2014 Income Tax By bipin hirpara , CA

answers

230 views

Q. HRA & Sec.24 deduction - I have vacant house at city A, for which I am paying EMI, At city B where I am working I am paying rent. Can I claim HRA(City-B)& Interest U/s.24 & Principal u/s 80C (City-A)simultaniously

Anwered By : shankygarg

Question added Jun 02, 2014 Income Tax By RK Gupta , CA , East Delhi

answers

75 views

Q. ITR 4 - I am at the moment overseas and was for some time in CA practice in 2014-15 and also have capital gain income.

So accordingly I should be using ITR4 like in earlier years. But I don’t see the required form on incometax.gov.in http://incometaxindia.gov.in/download_all.asp

Could you kindly help.

Thanks
Regards
CA RKumar

Question added May 27, 2014 Income Tax By AMAR , CA , Surat

answers

170 views

Q. capital gain - 5yera old lan (value 200000) and construction of bunglow on it 1yera old (value 300000) and now sale for rs 700000 ..so what is capital gain...whether land portion gain called long term and bunglow portion gain called short term? if yes then how to calculate the land gain meand cost and sale value????

Question added May 22, 2014 Income Tax By Ajeet Yadav , Gurgaon

answers

215 views

Q. tds deduct on intrest recived to compulsory acquisition of agriculture land - tds deduct on intrest recived to compulsory acquisition of agriculture land. any latest punjab and haryana high court case ,court said that tds not deduct from interest received on compulsory acquisition of agricultural land

Question added May 21, 2014 Income Tax By CA Gaurav Narang , CA , Karnal

answers

113 views

Q. tds on trade mark registration - sir,
we paid fees for trade mark registration 78000.00 out of these registration fees is 42000 & rest is agent fees.So,I just want to confirm whether we have to deduct TDS on it. & if yes then under which sec & please provide any reference.

Question added May 20, 2014 Income Tax By JITENDRA KUMAR AGARWAL , CA , Sikar

answers

106 views

Q. PAN CARD - A ILLITERATE LADY DONT HAVE ANY DOCUMENT FOR DOB.SHE WANT MAKE HIS PAN CARD.BIRTH CERTIFICATE AND AFFIDAVIT IS NOT MADE BY COURT

Question added May 19, 2014 Income Tax By Aaradhna Chauhan , Delhi

answers

111 views

Q. notice u/s 245 - i have received a notice under sec. 245 due to mismatch of tds deductor

Anwered By : shankygarg

Question added May 16, 2014 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

152 views

Q. Tax implication in redevelopment cases - I, along with my 4 partners(living in the same building) are entering into a redevelopment agreement with a builder. vide this agreement, the builder is contructing and giving us a little more than the area which we hand over (FSI accrued on existing area not calculated in existing area handed over) and some amount towards corpus fund. What will be the tax implication under this situation. Kindly provide appropriate case laws to support your opinions.

Question added May 15, 2014 Income Tax By JITENDRA KUMAR AGARWAL , CA , Sikar

answers

123 views

Question added May 14, 2014 Income Tax By Vishal Purohit , CA , Ludhiana

answers

196 views

Q. TDS - Deductor mistakenly filled the challan for Non-Co. deductee whereas actually the deductee was Company assesse. Will deductee face any problem while claiming the amt of TDS, what is the possible remedy?
Thank you

Question added May 09, 2014 Income Tax By K George Philip , CA , Thiruvananthapuram

answers

103 views

Q. Capital Gains - What is cost inflation index for FY 2014-15

Anwered By : CA Satuti Mahajan shankygarg

Question added May 06, 2014 Income Tax By MANGILAL TAWARI , CA , Jaisalmer

answers

71 views

Q. Short Deduction - One Govt. dept. has short deducted TDS of one employee. The employee deposited short income-tax on his PAN No. Now the TDS return not take the income tax deposit on PAN No. and not generated the TDS Return. Please give the advice how to submit TDS return.

Anwered By : CA Satuti Mahajan

Question added May 06, 2014 Income Tax By Neeraj Dhikoliya , Chennai

answers

158 views

Q. TDS Short Deduction - Our one of the govt dept client deposited TDS of one employee as short deduction of income tax but later Govt dept deposited the balance tax on his Pan No and now we are not able to generate the TDS return .Please give the advice for above solution .

Question added May 05, 2014 Income Tax By Laxmikant Lahoti , CA , Jalgaon

answers

162 views

Q. TDS - Can excess TDS paid be refunded or adjusted in subsequent returns? Plz quote reference with appropriate circular or notification

Anwered By : CA Satuti Mahajan

Experts Panelist

Rambabu Senkarasetti

Accounts, Audit, Corporate Law, Finance, Income Tax, Service Tax, Students, VAT

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Answers Posted : 291

Vikash Kumar Jha

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Rishabh Upadhyay

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Mrattunjay

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PRIYANKA

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CA. SURESH Kr. AGARWAL

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Vaneet Gupta

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Ketan Samdani

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