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Recent Questions

Question added Jun 26, 2022 Income Tax By Prasad Balakrishnan , CA , Kochi

answers

2237 views

Q. Income Tax - An NRI maintained FCNR deposit and NRE deposit after his retun to India. These deposits are yet to mature and hence not yet converted to INR deposits.Since he is an Resident for the AY22-23 the interest on FCNR and NRE deposit will it have to be shown, if it should be shown then under what head, At what INR rate for FCNR interest has to be computed or will it all be exempt income till these deposits mature and close.

Question added Jun 26, 2022 Income Tax By Prasad Balakrishnan , CA , Kochi

answers

1939 views

Q. Incometax - Treatment of FCNR and NRE interest by an Resident

Question added Apr 21, 2022 Income Tax By S KALYANARAMAN , CA , Chennai

answers

3845 views

Q. Income-tax - Sirs
I propose to demolish the existing building and construct a flat G+3. I want to sell one flat and the entire proceeds will be utilized for construction of the remaining flats which are going to be for my use.
Kindly advise us whether any of the above transactions will attract capital gains tax and if so how to plan the transactions, so that the provisions of capital gains are not attracted.
Thank you
S.Kalyanaraman

Question added Feb 02, 2022 Income Tax By Ranjan Garg , CA , East Delhi

answers

4234 views

Q. Income tax sec.54 - I sold a property & avail the exemption u/s 54. Now Want to sell this propert y and want to purchase another one . Three year already passed. Can I take the 54 Exemption again

Question added Dec 08, 2021 Income Tax By JOGESH , CA , South Delhi

answers

4055 views

Q. Share transfer of Section 8 Company - What are the tax implication on share transfer of a section 8 company from one individual to another individual at higher price? Is it allowed to sale shares of Section 8 company at premium? Can anyone share related judgement for share transfer of section 8 company?

Question added Aug 31, 2021 Income Tax By SUBRATA BANERJEE , CA , Bidhannagar

answers

4771 views

Q. Income Tax - Whether Farmer Producer company incorporated under Companies Act,2013
are exempted from Income Tax liability

Question added Aug 10, 2021 Income Tax By Sonia Gupta , New Delhi

answers

5172 views

Q. Deduction u/s 80C - Home loan repayment - Hi everyone...

Can we claim deduction under section 80C and 24 for principal and interest amount of home loan if repayment is made from another home Loan taken by the assessee?

Pls answer if anyone knows.

Question added Jul 08, 2021 Income Tax By sandeep Kaushik , Bhiwani

answers

2757 views

Q. Tax implications on transfer of shares of Indian company by Foreign company - Dear All,

Shares of Indian company held by a foreign company are getting transferred from foreign company to another Indian Company at FMV. What tax implication would be on this transaction? Does Indian company who is acquiring the shares need to deduct tds while making payment to foreign company. Please advice.
Thank a lot in advance.

Question added Jun 16, 2021 Income Tax By sanjay kathuria , CA , Central Delhi

answers

2195 views

Q. Technical issue at IT Portal - Dear All
I have been trying to file an appeal to CIT(A) by filing Form 35 from past 6 days but neither I am able to save the form nor I am getting the OTP to e-verify it. Moreover, I have to fill the form every time if I am trying to get the OTP through the modes mentioned over there. Kindly guide me if anyone is facing the same problem.

Question added Jun 04, 2021 Income Tax By S GOYAL & ASSOCIATES , CA , NEW DELHI

answers

2369 views

Q. Penalty U/s 270A - Dear Sir,

I was listening to penalty u/s 270A by Dr. Rakesh Gutpa and Somil Aggarwal organized by you on Youtube. It is mentioned that query may be sent directly to you. I am sending the following query and want opinion on the same.

Sir, assessee is a proprietor and claimed expenses as labour charges amounting to Rs. 2,50,000/-. In the assessment order, it is mentioned vide notice u/s 142(1) dated 20.09.2019, the assessee was again asked to furnish complete details of expenses. In response to notice, the assessee furnish reply dated 05.10.2019 stating therein that labour charges are paid in cash to the paid labour / hire basis available at the time of shipment as the assessee was an exporter for A.Y. 2017-18. The assessee filed copy of the ledger account of labour charges. The Assessing Officer in the assessment order observed as under:

The assessee has not furnished the names all the persons to whom the labour charges were paid. Not complete evidence with regards to payment made by him. Explanation furnished by the assessee has been considered and not found satisfactory. In the absence of any satisfactory reply / justification of expenses claimed by the assessee, it will be fair to make a disallowance of Rs. 70,000/- out of expenses claimed by the assessee. Accordingly, addition of Rs. 70,000/- is made to the returned income of the assessee, penalty proceedings u/s 270A are also initiated for mis-reporting of income. In the assessment order, it is also mentioned initiate penalty u/s 270A for mis-reporting of income.

Now, the assessee has received show cause penalty notice u/s 270A through NEAC Centre on portal. Now the assessee wants to have your views and how to file the reply of show cause notice of the penalty.

The assessee has not mis-reported any income. The assessee filed copy of the ledger account of labour charges. The addition has been made on estimated basis. The penalty has been initiated for mis-reporting of income. The assessee has not mis-reported any income and it is not covered in section 270A(9). Clause (a) mentioned as mis-representation or suppression of facts. The assessee did not file any appeal against the addition as the amount of addition was very small and deposit the tax within a month of the order. Also filed form no.68 for claiming immunity u/s 270AA but that does not cover mis-reporting of income. As per my knowledge, it covers only under-reporting of income.

Sir, I seek your opinion on the above query. Mostly, while passing the assessment order, the assessing officer made lump sum addition on estimated basis. If such addition are treated as mis-reporting then the assessee will have to pay 200% of the penalty. It is a general query and may be facing most of our colleagues. Please guide us and take opinion from Dr. Rakesh Gupta.

Thanking You,

With Regards,

CA S.K. Goyal

Question added May 19, 2021 Income Tax By CA. Lokesh Kumar Dewangan , CA , Secunderabad

answers

1160 views

Q. Income Tax JSON File - I am coming across this error: Error in importing. Please upload proper JSON file.

Question added May 19, 2021 Income Tax By AJAY JAJODIYA , Sikar

answers

1330 views

Q. TDS - Dear Sir,

if salary given by imps or neft or cheque,
than tds liability arise after 250000
but my question is gross total income upto 250000 or salary credited in bank account is 250000

250000 salary celling is before standard deduction of 50000 or after standard deduction u/s 16

Thanks
Dr. Ajay Jajodia

Question added Apr 10, 2021 Income Tax By Vishal Goel , CA , Karnal

answers

1453 views

Q. CAPITAL ADVANCE RECOVERY - A person has given advance of Rs 20 Lakhs in year 2010 against purchase of immovable property but due to some reasons, sale deed were not executed. The party filed the recovery suit. Now court order with cost in favour to buyer. Consequently he will be receiving Rs 50 lakhs. Whether excess recovery of Rs 30 Lakhs (50 Lakhs minus 20 Lakhs) will be taxable ? or Will be consider as capital receipt not taxable income.
Request to pls also share some case laws.

Question added Apr 06, 2021 Income Tax By RAJESH KUMAR

answers

1552 views

Q. 12A Registration - whether drug licencing authority is eligible to take registration under 12A

Question added Jan 29, 2021 Income Tax By NAGARAJAN. N , CA , Thanjavur

answers

2788 views

Q. ETDS RETURN - While Q1 and Q2 due date is 31.03.2021 for FY 2020-21, Q3 due date is 31.01.2021. Is it logical since we have to fill up earlier quarter return filing ack. number

Question added Jan 29, 2021 Income Tax By Kollipara sundaraiah

answers

2211 views

Q. gift transactions - one of a female i.t. assess gift transactions mentioned below in f.y.20-21
1. DT:20-05-20 cash gift from mother Rs:1,50,000/- through on cash mode.
2.Dt:21-06-20 cash gift from sister Rs:1,30,000/- through on cash mode.
3. Dt:24-07-20 cash gift from brother Rs:1,40,000/- through on cash mode.
4.Dt:27-10-20 cash gift from brother in law(husbands brother) Rs:1,20,000/- through on cash mode.
question:
assess all gift received cash mode taxable or exempted and allowed in i.t.act
2.Sec 68 applicable in i.t.act

Question added Dec 21, 2020 Income Tax By SACHITKUMAR SHAH , CA , Jaipur

answers

1881 views

Q. ESOPS ALLOTTED IN USA - An individual resident in India received 62 ESOPS in USA in FY 2018-19. At the time allotment 20 ESOPS were deducted as TDS by the company. Now in FY 2019-20 these shares allotted were sold in USA and earned profit of around 80000.00 Rs. Other Income of the assessee is around 45 Lac Rs. What will be the tax treatment of the shares sold in USA for FY 2019-20. Is there any specific DTAA provision, through which tax benefit can be claimed?

Question added Dec 13, 2020 Income Tax By Jasmine Kaur , noida

answers

1745 views

Q. Medical expenditure deduction under 80D - Can I claim dental charges paid for my father as deduction under 80D as medical expenditure on senior citizen upto an amount of Rs. 50000 for the FY 2019-20 paid through e-wallet?

Question added Dec 04, 2020 Income Tax By AMRIT PAL SINGH , CA , Ludhiana

answers

1733 views

Q. INCOME TAX - CAN A DIRECTOR( PVT LTD CO) APPOINTED IN JULY 2020 SIGNED BALANCE SHEET AND FILED INCOME TAX RETURN FOR 31.03.2020

Question added Nov 10, 2020 Income Tax By sapna gupta , CA , Noida

answers

2157 views

Q. LTC CASH VOUCHER SCHEME - Can someone explian ltc cash voucher scheme?

Question added Nov 05, 2020 Income Tax By Vikas Goyal , CA

answers

1933 views

Q. Income Tax - Please clarify whether the surcharge has to be paid under Vivad Se Vishwas Scheme. The Scheme says only pay 30% Tax on the disputed income. If the surcharge is paid, it becomes more than 30%. Please clarify.

Question added Oct 04, 2020 Income Tax By Kunal Bhutada , CA , Nagpur

answers

853 views

Q. INCOME TAX DTAA SINGAPORE - Query - One of my client who is engineer has gone to Singapore for Job on 15th oct 2019,Employer is singapore based only (Employer is resident of singapore).

Now In FY 2019-20 he has earned income till sept 2019 in india & from 15th oct he earned income in Singapore.

As for calender year 2020 ie Jan 2020 to Dec 2020 he is resident of singapore.
for 3 months ie Jan,Feb & March 2020 he is resident of both the country.

Query is - Income earned in Singapore (15th oct to 31st March) is taxable in india or in singapore as per article 15 of DTAA with singapore & sec 90 of income tax act ?

Can we offer income earned till Dec 2020 in india & Jan to March 2020 in Singapore ?

Question added Aug 29, 2020 Income Tax By CA Ashit N Desai , CA , Vadodara

answers

1590 views

Q. Income of a Minor - A minor gets investment income. Such Investment was made by his gurdian, From the money received from the Insurance COmpany due to accidental death of his father. Such income needs to club with the income of such gurdian?

Question added Aug 28, 2020 Income Tax By CA Mahesh Kumar

answers

1533 views

Q. Educational society Registration in AP - Sir, can someone provide me a detailed procedue for registering society in AP and whether to register under Incometax Act to avail benefits

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