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Recent Questions

Question added Mar 14, 2014 Income Tax By deepak joshi , CA , Ghaziabad

answers

131 views

Q. DTAA - SIR,
PLEASE EXPLAIN THE MEANING OF INCOME ACCRUE & ARISE IN INDIA ALSO DEFINE THE IMPACT ON THE FOLLOWING CASE-
WE PURCHASE GOODS FROM A PARTY OUTSIDE THE COUNTRY AND HENCE WE DEDUCT NO TDS SINCE THE PARTY DOES NOT HAVE ANY PERMANENT ESTABLISHMENT IN INDIA.

ALSO GIVE A CASE IN WHICH TDS WOULD BE DEDUCTED??

Question added Mar 14, 2014 Income Tax By Abhinav Garg , CA , Gurgaon

answers

154 views

Q. Exemption u/s 54F - 1. My client has sold one commercial property for 2,70,00,000 in Jan 2014. Indexed cost of acquisition was 30,00,000. So LTCG comes to Rs. 2,40,00,000. He has taken ready to move in residential property of Rs. 2,20,00,000 in Jan 2014. At the time of sale of said commercial property he was not having any residential property in his name but he has invested in two or three residential flats of some builder in construction link plan (Till date possession has not been received).

-My question:- Is new property purchased by client for Rs. 2,20,00,000 is eligible for exemption under section 54F?

2. In Feb 2014 he sold another commercial property for Rs. 46,00,000. Indexed cost of acquisition was Rs. 16,00,000. So LTCG comes to Rs. 30,00,000. He has booked 2 residential flats and make the payment of Rs. 25,00,000 for each in Feb 2014 and also made payment of Rs. 30,00,000 for the flats booked prior to above said property sale. Till now he has only one residential property in possession.

-My question:-
1. Can he claim exemption of 54F again for second property sold?
2. Advise how he can save his LTCG of both the cases to the maximum amount.

Question added Mar 14, 2014 Income Tax By Abhinav Garg , CA , Gurgaon

answers

119 views

Q. Exemption u/s 54F - Exemption u/s 54F

Question added Mar 14, 2014 Income Tax By ANIL , CA , Noida

answers

89 views

Q. INCOME TAX ON EDUCATIONAL /HOUSING SOCITY INTEREST INCOME - Dear sir , If the society registered under the section of 12A and also register under society act than my question is -?
-When the Educational society receive interest of Rs. 5 lac on Fixed Deposit and also Excess of Expenditure over income 2lac (Loss) in Assessment Year 2013-14 .What will be Icome tax calculations.
-When the Housing society receive interest of Rs. 5 lac on Fixed Deposit and also Excess of Expenditure over income 2lac (Loss) in Assessment Year 2013-14 .What will be Icome tax calculations.

Question added Mar 13, 2014 Income Tax By PUNIT GUPTA , CA , Gurgaon

answers

183 views

Q. TAX AUDIT - IS THERE ANY PROVISION U/S 44AB OF INCOME TAX ACT THAT A C.A. CAN NOT DO TAX AUDIT OF HIS RELATIVES,IF YES, THEN WHAT IS THE DEFINITION OF RELATIVES???

Question added Mar 10, 2014 Income Tax By shreyans kothari , CA , Raj Nandgaon

answers

259 views

Q. Definition of Plant & Machinery - What does plant and machinery constitute for a Builders & Construction company? Can their land be treated as their plant & machinery? If yes, why, if no why..

Question added Mar 05, 2014 Income Tax By CA Rajnish , CA , gorakhpur

answers

127 views

Q. Tax Credit 2000.00 - Pls tell me when its credit u/s 87A will apply i.e.EC & SHEC will charge first then credit may taken or before chrging cess?

Question added Mar 03, 2014 Income Tax By Nikit Ajit Shah , CA , Mumbai

answers

816 views

Q. Rectification against Intimation received u/s 143(1) - • The Assessee has filed physical return for AY 2008-09 on 29-Mar-2010 with Total Income of Rs. 77,420 claiming a refund of TDS of Rs. 43,863. • The ITO has issued an intimation u/s 143(1) dated 07-Mar-2011 with assessed income of Rs. 77,415. However, he has levied interest u/s 234B of Rs 47,380 and therefore has calculated the net amount payable as Rs. 3,517. • My major worry is that we have received the physical copy of the intimation u/s 143(1) hand delivered at our address without an envelope on 25-Feb-2014. Whereas the backpage of the intimation states that we need to file rectification application within 30 days. • The minimum exemption limit for YA 2008-09 was Rs. 1,45,000. Hence, the AO has wrongly levied interest u/s 234B since there is no tax liability at all. • All the IT returns from AY 2009-10 and onwards have been e-filed. The AO has adjusted this tax demand against the refund payable for AY 09-10 & AY 10-11. • My questions are as under: 1. In my view, the AO has wrongly levied the tax . How should I proceed to recover my TDS of Rs. 43,863 alongwith interest for all these years since the AO has made a gross mistake in assessment and has wrongly levied the tax? 2. I do not have any proof of date of communication of the letter since it was hand delivered without an envelope (usually IT dept sends via post in an envelope). How can I prove the date of receipt of intimation? 3. Would my application for rectification be time-barred? Please help and prove a suitable format for letter to be submitted to the AO for claiming the refund. Thanks in advance.

Question added Feb 27, 2014 Income Tax By sunil agrawal , CA , Jaipur

answers

253 views

Q. TDS Return - A state govt. secondary school have to file a TDS return. DDO have no knowledge about PAN of School. whether PAN mandatory. If yes how can we get PAN of School

Anwered By : AKHIL MAHESHWARI AKHIL MAHESHWARI

Question added Feb 26, 2014 Income Tax By sunil agrawal , CA , Jaipur

answers

221 views

Q. House Property - i am a main borrower of housing loan & instalment is paid by ECS throuh my account. House is registered in the name of mother. I & my Mother& 2 elder brother are co applicant. who can take the benefit of Interest & principal repayment in income tax

Anwered By : AKHIL MAHESHWARI AKHIL MAHESHWARI

Question added Feb 26, 2014 Income Tax By Nilam Italiya , CA , Surat

answers

192 views

Q. Late Payment of Interest on TDS - If I File Return of AY-2013-14, and then after I pay the interest on TDS for The Notice u/s 200A of AY-2012-13 then Should be file revise return for Ay-2013-14 or not....?

Anwered By : AKHIL MAHESHWARI

Question added Feb 21, 2014 Income Tax By Goutam Sabyasachi , CA , East Delhi

answers

179 views

Q. Deemed Owner of House Property - Mr. X is a salaried person. He has taken home loan and Home is registered in the name of his wife. Loan and Interest is payable by Mr. X through his saving account out of Salary income. Home is rented out.

My Queries are:

1) In whose hand Income or Loss from House property will be taxed.

2.)if Mr. X is liable for tax (As a deemed owner) on HP income Could the loss from House property be set off against salary income of Mr.

Question added Feb 20, 2014 Income Tax By CA. Krishnakant Agrawal , CA

answers

298 views

Q. HRA Exemption - one of employee has paid rent to joint owners of the house in which he lives. Rent is paid separately to each joint owner (90000/- each) i.e. total 1.80 lac
both joint owner are not providing their PAN as rent is paid below 1 Lac. how will employee get the benefit of HRA?

Question added Feb 20, 2014 Income Tax By Ch.satyanarayana , CA , Hyderabad

answers

167 views

Q. TDS on foreign payments - my client is an reaserch institute formed by central govt.They are inviting experts from various institutes to give lectures or for technical suggestions. they are paying honorarium to the institutions who sponsored the members and reimbursing the travelling expenses. whether theses amounts amounts are subject to TDS. Pl clarify.

Question added Feb 19, 2014 Income Tax By MOHSIN , East Delhi

answers

338 views

Q. Surrender of Additional Pan card - A person who have two pan card but he want to surrender one pan card.what is the procedure for a surrender additonal pan card

Question added Feb 19, 2014 Income Tax By PINKY AGARWAL , CA , Ghaziabad

answers

152 views

Q. Direct Tax related - Whether Penalty under sec. 271(1)(c)of the Income Tax Act 1961 can be levied upon and recovered from the Representative Assessee in view of the prov. of Sec.161(1) of the Act which speaks about Taxonly and as per Sec.2(43)of the Act, Taxdoes not include Penalty. Please provide Case Laws.

Question added Feb 19, 2014 Income Tax By himani , Delhi

answers

87 views

Q. regarding incometax - Dear please anyone tell me is there any section where incometax interest can be waived off

Question added Feb 17, 2014 Income Tax By CA Rajnish , CA , gorakhpur

answers

100 views

Q. Tax Credit 2000.00 - Hi all,please tell which section will apply for new provision of Tax Credit Rs.2000/- for A.Y.2014-15

Anwered By : May I Help You. May I Help You. May I Help You.

Question added Feb 15, 2014 Income Tax By himani , Delhi

answers

117 views

Q. regarding tds amount - I am working in a company. My comapny made a payment to a party after deduct tds but company forgot to deposit tds till date by mistake due to misplace of bill , bill date 27/10/2012 and tds amount is 562, company also inform party for deduction of tds , i want to know what to do at this situation and if tds is deposit then how much tds amt is to be deposited . Kindly resolve my querry as soon as possible

Question added Jan 23, 2014 Income Tax By Karthikeyan , CA , Coimbatore

answers

148 views

Q. Service fee payment to Non resident in Germany - Is there is relief available for tds u/s 195 of income tax act by producing Form 10F and no PE declation to non resident in Germany for service fee payment from India

Question added Jan 21, 2014 Income Tax By Satpal Yadav , CA , Bhiwani

answers

75 views

Q. Authoraization - i am an accountant.can i authoraised for income tax scrutnity u/s 143(2)case

Question added Jan 21, 2014 Income Tax By Hemal , CA , Junagadh

answers

282 views

Q. INCOME TAX RETURN VERIFICATION - HOW CAN WE VERIFY THE AMOUNT OF INCOME TAX RETURN FILE ONLINE FOR ANY ASSESSE? AS OUR FIRM IS APPOINTED FOR SUCH WORK, HOW CAN IT IS POSSIBLE WITH OUR HAVING PASSWORD OF THE ASSESSEE?

Question added Jan 21, 2014 Income Tax By Ashwani Mittal , CA , Panchkula Urban Estate

answers

202 views

Q. Interest on late payment of TDS - We have deducted TDS on Salary on 30.04.2013 and deposited the TDS on 09.05.2013. For what period the Interest will be charged for late payment of TDS. TDS CPC is asking for 2 months interest. How to contest?

Question added Jan 18, 2014 Income Tax By VIKAS CHAUHAN , CA , DELHI

answers

2935 views

Q. Undertaking format u/s 2(15) - Please provide undertaking format u/s 2(15) for 12A Regn.

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Rambabu Senkarasetti

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