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Recent

Recent Questions

Question added Feb 11, 2017 Income Tax By Ratan Kumar Banka , CA , KolkataM.C.

answers

210 views

Q. Budget - Construction of Flat at Municipal area 30 sq. mts,. conditions and application of this act

Question added Feb 06, 2017 Income Tax By surender verma , Gurgaon

answers

209 views

Q. regarding incometax return file on MCA PORTAL - Dear Sir
i havea pvt ltd company having turnover less then 10 lacs ,need to file profit and loss ,balance sheet etc on MCA portal for 2014-15 ,should we need any CA/CS to file that or our accountant can do it ,plz update me

Question added Feb 04, 2017 Income Tax By Rohit Baweja , CA , Ludhiana

answers

403 views

Q. 12A and 80G related query - sir i have following queries
1. public trust has been created on sep 2016 , should we have to wait to close the f/y 2016-17 to apply for 12A and 80G or it can be apply before closing of f/y 2016-17
2. can we apply 12a and 80g simuntanously?
3 is it necessary to receive donation and their usage before applyng for 80g and 12a?

regards

Question added Jan 17, 2017 Income Tax By CA KIRAN LONDHE , CA , Mumbai

answers

349 views

Q. Cow milk income taxable as agri income - Is cow milk income taxable ?? Farmer having 30 cows . He supplies milk to dairy society without processing . Is it agri income ?

Question added Jan 17, 2017 Income Tax By DHIRAJ SAHAJWANI , CA , Panipat

answers

317 views

Q. ITR Filing of AY 2016-17 - Can ITR of NIL Income Tax of AY 2016-17 be filed in April,2017

Question added Jan 13, 2017 Income Tax By axay , CA , Surat

answers

228 views

Q. liability to pay advance tax - assessee is 66 year old, having income from long term capital gain from sale of property rs. 12 lacs, and share from firm (nil profit, nil salary, & nil interest from partnership firm.
whether he is liable to pay advance tax.

Question added Jan 07, 2017 Income Tax By SABREZ ALAM , Saharanpur

answers

289 views

Q. Income taz - Whether immovble property can be purchase in the name of a proprietry firm (M/s abc & associate) Then section 56 (2)vii) will be applied as a deemd sale.

Question added Jan 05, 2017 Income Tax By Krishnan G Sarma , CA , Thiruvananthapuram

answers

257 views

Q. TDS / TCS - Is any Edu Cess / SHEC applicable on the TDS / TCS in case of a gift to a person selected through lots out of customers over a certain period?

Question added Jan 05, 2017 Income Tax By GAURAV JAIN , CA , LUDHIANA

answers

323 views

Q. SECTION 115QA & 46A - As per Section 115QA, Income tax is payable on distributed income by the company on buy back of shares.

For e.g the company has issued share @ Rs.100/- to Mr.X. Mr. X sold such shares to Mr.Y for Rs.50 only. After five years, the company bought back such share at Rs.200/- per share from Mr. Y. Under section 115QA, the company is liable to pay tax on Rs.100/- only (Rs.200-Rs.100). That income of Rs.100/- is exempt income in the hand of Shareholder under section 10(34A). Now, as per section 46A, whether present Shareholders is liable to pay capital gain tax on differential amount of Rs.100 and Rs.50 or not.

Please give your opinion.

Question added Dec 31, 2016 Income Tax By Ritesh Chhabra , CA , Chandigarh

answers

281 views

Q. Section 195 - A company is engaged in to providing health fitness services (Gym, physical activities for improvement of health) to individuals. The company is affiliated to a US institute who provides manuals as well as certification to the individuals on the basis of online exams. The institute charges money for issuing exam voucher from the company which is paid through wire.

Now the question is whether TDS is deductible on this payment? The institute is tax exempted and non-profit organisation in US.

Whether payment is covered anywhere in the exempted list under rule 37BB.

Thanks in Advance.
Any related questions are more than welcome.

Ritesh Chhabra

Question added Dec 29, 2016 Income Tax By Krishnan G Sarma , CA , Thiruvananthapuram

answers

293 views

Q. Income Tax Return - Please give the method for e-confirmation of ITR uploaded in lieu of sending ITR-V to Bangalore

Question added Dec 28, 2016 Income Tax By kk ghei , CA , Delhi

answers

299 views

Q. Due date of filing the returns of a partner - What is the due date of filing the return on income of a partner of a firm which is required to submit a report U/S92E of the Income Tax Act 1961 with due date 30th November

Question added Dec 24, 2016 Income Tax By harish kumar vashishtha

answers

197 views

Q. direct tax - in case of assessment of income ITO asked reason behind increased turnover but decrease direct expenses . guide us how can we convince ITO

Question added Dec 23, 2016 Income Tax By gyanendra kumar mishra , CA , East Delhi

answers

213 views

Q. Assessment U/s 143(2) - Assessment u/s 143(2) done but order note issued due to technical problem in income tax department can it"s possible to again reassessment possible same section by other Ward/circles.

Question added Dec 07, 2016 Income Tax By Ashutosh Saxena , CA , South Delhi

answers

290 views

Q. CAPITAL GAIN - In a case, assessee purchased an immovable property in year 2005 from RFC (Rajasthan Finance Corporation) which was duly registered with name of the assessee and possession obtained but RFC allowed payment of consideration over next 5 years i.e. 2010 alongwith interest thereon.
The assessing officer wants to take date of acquisition 2010 i.e. when the last installment was paid not 2005 on which property was purchased.
Pl. comment on the above i.e. is the assessing officer correct? And also quote relevant case studies.

Question added Dec 03, 2016 Income Tax By vijay

answers

308 views

Q. Depreciation - Dear experts,
A Machinery has been gifted by father to his son, whether son can claim depreciation on machinery even the RC is not on his name (SON)

Question added Dec 01, 2016 Income Tax By Vivek Agarwal , CA , Gorakhpur

answers

278 views

Q. Income Tax Refund for foreign company - In case of foreign company who TDS has been deducted by Indian Company has file ITR-6 for refund of TDS.
Now the problem is refund of TDS by IT dept. as foreign company is not having Indian bank account or address. So how will this be refunded. Kindly quide.

Question added Nov 28, 2016 Income Tax By kunal sharma , CA , Sirsa

answers

384 views

Q. Tds refund - I have filled a belated return in which i have not claimed my tds return wht is the remedy now

Question added Nov 17, 2016 Income Tax By Nirav , CA , Vadodara

answers

319 views

Q. TAXATION - Original returns filed u/s 139. Consequent on search and seizure operation Income Tax authorities have asked to filed return u/s 153A. Can a return u/s 44AD be filed u/s 153 A notice for the past 7 years ? Please give relevant judgements, material

Question added Nov 15, 2016 Income Tax By Krishna Chandra Santi ,B. Com, PCC , Chennai

answers

363 views

Q. Tax liability on LIP - I have taken few Life Insurance policies few years before. However i have never claimed the premium paid amount u/s 80C. I have taken loans against those insurance policies. I did not pay back the loans and interest thereon. The insurance policies have not been matured yet. The Insurance company has deducted TDS u/s 194DA @ 2% and forfeited the Maturity proceeds to the extent of loan and interest and refunded the balance. Now in the year of receipt of balance amount how the income to be calculated?

Question added Nov 14, 2016 Income Tax By Abhimanyu kumar shahi , East Delhi

answers

686 views

Question added Nov 07, 2016 Income Tax By ASHOK JOSHI ,CA- FINAL AND CMA/ICWA- FINAL , Bikaner

answers

244 views

Q. Income Practitioner u/s 288 (2)(vi) - I applied for ITP under above section but ITO as issue a notice/letter for producing the detail of â€œ Appearing in 3 cases alongwith address before the Authorityâ€.
which I donâ€™t have.
then my query is that
there is "mandatory" to furnishing the detail as above.
OR there is any case law or substitute of the same.

Question added Nov 07, 2016 Income Tax By Surender Kumar , CA , North Delhi

answers

228 views

Q. Deduction us 54 if already has 2 other house properties - A plot is purchased in FY 2008-09. After that 25 % construction is completed on that plot as per HUDA laws in FY 2011-12. Now this house is sold in current FY. We have two more flats/residential property since FY 2008-09, which are given on rent and rent income is shown under the head Income from house property. Whether we can claim deduction us 54, if we invest the sale proceed/capital gains arise from above property in purhase of new residential property.

Question added Nov 07, 2016 Income Tax By Surender Kumar , CA , North Delhi

answers

278 views

Experts Panelist

Rambabu Senkarasetti

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

Answers Posted : 409

CA Satuti Mahajan

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 291

Vikash Kumar Jha

Accounts, Audit, Banking, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 270

Rishabh Upadhyay

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 257

Ashish Karundia

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, Income Tax, Service Tax, Students, VAT

Answers Posted : 257

Mrattunjay

Accounts, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 220

PRIYANKA

Accounts, Audit, Corporate Law, Excise, Finance, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 136

CA. SURESH Kr. AGARWAL

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 131

Vaneet Gupta

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 120

Ketan Samdani

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

Answers Posted : 117

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