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Recent

Recent Questions

Question added Dec 25, 2018 Income Tax By Rahul , CA

answers

343 views

Q. Applicability of TDS on reimbursement of annual member ship fees of the ICAI from the employer - Can any one tell me whether reimbursement of annual membership fees of the ICAI from the employer is taxable in the hands of emplyee and wether employer can deduct HER on the same??
Please also give any circular regarding the same of the income tax act with proper section.

Anwered By : AKANKSHA

Question added Dec 25, 2018 Income Tax By saurabh , East Delhi

answers

320 views

Q. Income Tax Capital Gain - My Self Saurabh Gupta I Purchased a Land in the name of my father and after 6 years i sale this land and sale money deposited in my bank account before selling the land i got power of attorney to sale the land from my father .
kindly told me capital gain is taxable in my hand or my father and what is the consequences of this transaction.

Anwered By : AKANKSHA

Question added Dec 19, 2018 Income Tax By CA Rajesh Mandwariya , CA , Mandsaur

answers

406 views

Q. Presumptive income u/s 44AE - Under section 44AE for Assessment year 2019-20 it is mentioned that in case of heavy goods vehicle, net income of Rs. 1000/- per ton per month on gross vehicle weight or unladen weight to be offered for Income tax purpose. I have a Heavy goods vehicle gross weight of which is 42000 kg. and unladen weight is 12000 kg. Please confirm whether income shall be Rs. 42000/- p.m. or 12000/- per month.

Question added Dec 11, 2018 Income Tax By sandeep Kaushik , Bhiwani

answers

327 views

Q. TDS - Hi all,

I want to know whether it is required to deduct tds on payment made to Foreign embassy/High commissions in India regarding Sponsorship services. payment is to be made by Indian company. please reply with the reference of relevant section or circular/notification.

Many thanks in advance.

Question added Nov 17, 2018 Income Tax By manoj jain , CA , faridabad

answers

327 views

Q. income tax - I hv one query that one prop. Is having two firms A & B , A firm having Rs.30lakhs creditors of firm B and in firm B having same debtors Rs.30Lakhs in the name of A. In firm B there is no operation since last 4-5years. But firm A is having running business till date. Now prop has decided to write off sundry creditor firm B through capital account in firm A. Can it be done, if yes then, is it taxable or not , pls explain with any case ref...thanx in advance for valuable suggestion..

Question added Sep 27, 2018 Income Tax By ankush , CA , Indore

answers

1197 views

Q. Sec 43CA - Mr. A have a agreement to buy a flat at Rs. 100000/-as on 1.04.2012 from "B", he transfer this to Mr. C and registry made with Rs. 100000/- with the name of Mr.C but guide line value is Rs. 150000. Whether Sec. 43CA will be applicable on "B" and sale value will be increased by Rs. 50000/-?

Question added Aug 08, 2018 Income Tax By mamta baheti , CA

answers

2916 views

Q. tds on salary - salary receive in foreign currency for service provide in india salary convert currency exchange rate monthly or yearly.
exchange rate apply increase or decrease tax liability affect them employees make the taxable person in salary head so whats the treatment in this case.

Question added Aug 06, 2018 Income Tax By PRATITI , CA , Jaipur

answers

2927 views

Q. 17(2)(b) - Can any one laid down the procedure for application to be submitted with Chief Commissioner of income tax for granting approval to a Private Medical(Hospital) under sub clause (b) of clause (ii) of the proviso of sub clause (2) of section 17 of the income tax Act 1961. This is for claiming "Nil" perquisite by an salaried employee for availing treatment & reimbursement to be made by employer.

Is there any specific Format of the application. If yes then please provide the same.

What other documents to be submit with the application.

With Thanks & Regards.

CA Pratiti Jain
+91+9214980935

Question added Jul 16, 2018 Income Tax By Naincy Goel , CA , Hapur

answers

3930 views

Q. Deduction US 54EC - Hi,

How can an assessee claim deduction under section 54 EC for himself as well as for his minor child? How will he present the same because the software is taking only 50 lakh deduction of both?

Question added Jul 16, 2018 Income Tax By CA Nagam Devi Kumar , CA , Kakinada

answers

3693 views

Q. Interest on PF at the time of retirement - Please clarify with regard to Interest Income on PF deposit,whether interest on PF of a Central govt employee is taxable or not when he has an option to deposit retirement benefits with the PF dept. for 3yrs Period after retirement.

Question added Jul 16, 2018 Income Tax By Naincy Goel , CA , Hapur

answers

2998 views

Q. JDA - Hi,

I have a query regarding the Joint Development Agreement. One of our clients purchased a house on 1.7.2002 for Rs 2,70,000.00.
He entered in an agreement on 10.6.2014 to convert this house in a multi-storied building and agreed to have 50% of the constructed structure which worked out to three flats out of 6 to be constructed with 3 car parking in the basement.
The possession letter dt 29.6.2017 was issued by the builder.
An amount of Rs. 5,85,000 was paid by owners to the builder for depositing Service Tax which was deposited on 29.6.2017. Also, an amount of Rs 8,00,000 was paid to the builder on various dates for woodwork, modular kitchen and other interior works.

Please tell me the tax treatment, amount of FVOC, treatment of car parking space provided and also about the treatment of the amount paid to the builder?

Question added Jul 04, 2018 Income Tax By BANWARI LAL AGGARWAL , CA , South Delhi

answers

1290 views

Q. INCOME TAX - how to show partners income from partnership firm in the Income tax return of partner for A.Y. 2018-19

Question added Jun 07, 2018 Income Tax By ARUN , CA , KANPUR

answers

408 views

Q. INCOME TAX - GRATUTITY OF 18 LACS RECEIVED BY BANK EMPLOYEE IN SEPTEMBER 2017 WHAT WILL BE THE EXEMPTION LIMIT FOR AY 18-19

Question added May 25, 2018 Income Tax By kiran , Raipur

answers

5777 views

Q. tds on internet charges - whether tds has to be deducted if 51000 paid to bsnl by company as internet charges

Question added May 17, 2018 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

362 views

Q. Tax on Buy back of shares by unlisted company -
I have a query regarding the payment of tax under section 115QA (levied on buy back of shares made by unlisted company).
Which challan number and the type of payment to be selected.

Question added May 12, 2018 Income Tax By abhishek srivastava , Dhanbad

answers

405 views

Q. Not file itr return for ay 17-18 - Dear sir,
If i could not file my income tax return for ay 2017-18 but my bank statement show heavy cash transaction during ay 17-18.so what should i do now

Question added May 02, 2018 Income Tax By Apra Agarwal , CA , Noida

answers

326 views

Q. income tax refund - Return originally filed under income tax got rejected and it is revised on 04.11.2017 but return is not processed till now...it is around 6 months...how much time will it take to process and if i want to know the status of return....does i need to go to income tax department manually?

Question added Apr 26, 2018 Income Tax By Ashutosh Kumar Tripathi , CMA , Bilaspur

answers

261 views

Q. LTCG calculator for A.Y. 2018-19 - Hi Professional Colleagues,
Can anyone provide me LTCG calculator for Immovable property for the A.Y. 2018-19. Thanks in advance.

Question added Apr 15, 2018 Income Tax By Sumit Mittal , CA , Gurgaon

answers

313 views

Q. ITR Form 1 - As per new ITR Form 1, person who is having income from one house property is eligible to form itr in form 1. If a person is having two house property and one is self occupied and another rent out. Will he be eligible to submit ITR Form 1

Question added Mar 17, 2018 Income Tax By CA. NIRANJAN PURANDARE , CA , Indore

answers

470 views

Q. TDS ON PROVIDENT FUND - W.e.f. 01/06/2015 the Trust / administration of Recognised provident fund is required to deduct TDS @10% on the payment proceeds of PF balance to the employees u/s 192A if that employee has not served continuously for the period of 5 years as provided in the Schedule IV Part A read with Rule 8 of the I.T. Act, 1961 in that regard.
However there is a provision in favor of such employees who have not put in more than 5 years of service provided the termination of employment is on account of:
1. Ill health of the employee.
2. Contraction or Discontinuance of the employerâ€™s business.
3. Other cause beyond the control of the employee.
I want to understand that what are the circumstances which can be termed as â€œbeyond the control of the employeeâ€ which would satisfy the A.O.â€™ s requirement and allowing such proceeds to be exempt income in the hands of the assessee.
Are any case law in favor of employee on this issue with citations?

Question added Feb 23, 2018 Income Tax By KAUSHAL MITTAL , Siliguri

answers

447 views

Q. Defective Return - A group of person formed a Trust for Religious purpose during the Previous year 2016-17. The trust is not registered under 12AA of Income Tax Act. They Simply made a trust deed and applied for PAN. During the previous year they, as a trustee, deposited donation amount in the bank account of trust and invested it as Fixed Deposits. TDS was duely deducted by bank on FD interest and same has been reflected in 26AS.

Now, on the basis of the above ITR-7 was filed. After processing of the return by CPC, it was found to be defective with error description as "Assessee has filed ITR-7, and has not claimed any deduction/ exemptions U/s 11 or clauses of Sec. 10 or Sec. 13A or Sec. 13B in schedule Part B-TI of the return".

The communication Letter also provides with the probable solution as "if eligible for exem. / deductions under the above mentioned section, the same needs to be claimed. Incase the assessee is not an institution req. to file return U/s 139 (4A) or (4B) or (4C) or (4D) or 139(4E) or 139(4F) the return should be filed in prescribed ITR 1 to 6, as applicable"

My query is whether the assessee is wrong in filing ITR-7, if yes, then which form should be filed.

Kindly help with the solution.

Thanking you in anticipation.

Regards.

Question added Feb 22, 2018 Income Tax By anirudh , CA , KARNAL

answers

508 views

Q. INCOME TAX - WHETHER MANDATORY DEDUCTION OF NPS FROM GOVT EMPLOYEES ELGIBLE FOR DEDUCTION U/S 80CCD(1b)

Question added Feb 20, 2018 Income Tax By zofor poyam , East Delhi

answers

372 views

Q. How to claim refund in ITR under section 10(26) Income Tax A - I m a salaried EE n TDS was deducted by ER but m exempted form income tax as per section 10(26) of Income Tax Act, Der is no such option in ITR 1 form for claiming exemption. I asked many no 1 kwns how to claim refund in dt case plz help me out

Question added Feb 20, 2018 Income Tax By divya , CA , Delhi

answers

334 views

Q. TDS - Anyone have any idea about TDS return revision time period??

Is it possible to revise the return for the FY 2009-10 now??

Experts Panelist

Rambabu Senkarasetti

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