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Recent Questions

Question added Dec 21, 2017 Income Tax By sapna , CA , Delhi

answers

404 views

Q. CBDT Notification, rules amended to restrict depreciation rate @40% - [Notification No. 103/2016/ F.No.370142/29/2016 -TPL]

S.O. 3399(E).â€”In exercise of the powers conferred by section 32, section 115BA and section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to amend the Income-tax Rules, 1962, namely:-
(1) These rules may be called the Income-tax (29th Amendment) Rules, 2016.
(2) In the Income-tax Rules, 1962 ( here after referred to as the principal rules),-
(a) in rule 5, after sub-rule (1), the following proviso shall be inserted with effect from 1st day of April, 2016, namely:-
â€œProvided that in case of a domestic company which has exercised option under sub-section (4) of section 115BA, the allowance under clause (ii) of sub-section (1) of section 32 in respect of depreciation of any block of assets entitled to more than forty per cent. shall be restricted to forty per cent. on the written down value of such block of assets.â€
(b) in the New Appendix I, in the Table, in the second column, for the figures â€œ â€˜50â€™, â€˜60â€™, â€˜80â€™, â€˜100â€™ â€, wherever they occur, the figure â€œ40â€ shall be substituted with effect from the 1st day of April, 2017.

If we study above notification clause a will be found totally separate from clause b. Claus a will be applicable for companies who exercise option u/s 115BA but when we read clause b , it is not linked to clause a and it suggests that maximum limit of depreciation allowed will be 40% from 01.04.2017.

Kindly clarify what is the upper limit of allowable depreciation for the financial year 2017-18 and the categories of applicable assets.

Note: i also attached KPMG articles on above which suggest that upper limit will be 40%.

Question added Dec 15, 2017 Income Tax By MOHAN SAMPATH & JANARDHANA , CA , Cuddapah

answers

433 views

Q. Whether Re-imbursement of Training Expenses by the employer is Taxable to the employee - Re-imbursement of Training expenses by the employer is taxable to the employee.

Question added Oct 06, 2017 Income Tax By Ashutosh Kumar Tripathi , CMA , Bilaspur

answers

922 views

Q. Agricultural Income - If a person is engaged in the production of vegetables, herbs, grains etc. and also purchases the same from others and sales it finally to wholesalers. Whether aggregate income from these both of activities will be treated as agricultural income? or income from first activity will be treated as agri income and income from second source will be treated as income from business?

Anwered By : shankygarg

Question added Sep 28, 2017 Income Tax By Kulbhushan Annadate , CMA , Pune

answers

582 views

Q. Non Filing of Return of Income tax for AY 16-17 - My Father Is retaired Perosn which was received the notice from Income tax Reg. Non Filing of Return of Income tax for AY 16-17 His Income Was Less than 1.00 Lakhs Hence He not filed IT Return in FY 15-17

Question added Sep 25, 2017 Income Tax By Praveen Dounderiya , CA , Gwalior

answers

467 views

Q. TDS LIABILITY - Praveen Dounderiya:
Tds liability on thyro sevice provider(TSP)

Any body tell me that payment received by thyro service provider from various client under the service provided for collection of blood sample.

Thyro service provider just only collect the sample of behalf of Thyro care

They(TSP) collect the sample and forward to Thyro care for testing

Question added Sep 15, 2017 Income Tax By vandna , CA , Chandigarh

answers

427 views

Q. Regarding trust - espected Sir/Madam, Trust is registered Under Society Registration Act 1860(Haryana) IT is registered under income tax as AOP(trust) but it is not registered in 12AA Whether donation received exempt under any section. Whether trust is exempt u/s 10(23)(c)(iv). IF not U/s which section it can be claimed. And Which return is filed ITR V or ITR VII. What will be Date of filing of return

Question added Sep 13, 2017 Income Tax By Ashutosh Kumar Tripathi , CMA , Bilaspur

answers

388 views

Q. e Nivaran - Grievance lodged in e-nivaran but same is pending since last so many days. please suggest the way out to get it resolved.

Question added Sep 01, 2017 Income Tax By CA Vikas Kapoor , CA , Lucknow

answers

423 views

Q. Capital Gain Exemption - Whether investment in Flat (Allottment in 2012, Registry and possession in 2017, major portion of purchase price payment in 2013) will qualify for claiming exemption in respect of long term capital gain on sale of Plot in Sept,2017. Secondly will it make any difference if the outstanding amount of Home loan taken for purchase of flat is paid from sale consideration of plot.

Question added Aug 26, 2017 Income Tax By divya sharma , CA , Delhi

answers

395 views

Q. Direct tax - if in 2013-14 there is tds deducted u/S 194J OF 50000 I.E.RECEIPTS 500000, WHETHER while filing reurn the balance sheet and profit and loss account has to be upload??

Question added Aug 22, 2017 Income Tax By SUNIL AGRAWAL , CA , Raigarh

answers

334 views

Q. INCOME TAX - One of my client received Notice from income tax department for limited scrutiny on ground of cash deposited in bank. The assessee submitted response that he was a partner in firm and cash withdraw from firm and deposited in his personal bank account. The ITO want to produced all books of account of partnership firm and impugned the books of accounts. I want to know that can ito do this.

Question added Aug 22, 2017 Income Tax By Robin Jalan , CMA

answers

280 views

Q. Capital Gain - I have Purchased Flat in Feb 2000 and take possession on the basis of contract but have not done registry of my flat at that time now in April 2016 I have registered my flat and in April 2017 i have sold that flat and in Mar 2016 and I have also purchased new Residential flat , Please guide me the tax implication how I can save my TAx

Question added Aug 21, 2017 Income Tax By Mahesh kumar kumawat , Sikar

answers

508 views

Q. TCS on deducted on which Amount - TCS deducted on Which Amount Material Vale + GST amount or Only Material Value

Question added Aug 18, 2017 Income Tax By SUNNY NARANG , CA , Gurgaon

answers

244 views

Q. i need some clarification whether Blogging Activity/income from adsence is business or profession - i need some clarification whether Blogging Activity/income from adsence is business or profession ? what will be tax audit limit- 50 L or 1 Cr.

Question added Aug 15, 2017 Income Tax By P K AGRAWAL , CA

answers

399 views

Q. IMPACT OF ICDS ON TAXABLE INCOME - X AN ASSESEE DECLARED INCOME OF RS 1.00 LACS FROM BUSINESS & PROFESSION (COVERED U/S 44AB). THERE IS IMPACT OF RS 0.50 IN CHANGE IN VALUE OF INVENTORY AS PER ICDS II, BUT WHILE FILLING IN ITR TAX IS CALUCLATED ON 1.00 ONLY, IGNORING 0.50 LACS CHANGE IN ICDS, WHILE WE SEE THE PHYSICAL FORMATE OF ITR WE FIND THE 0.50 AMOUNT DUE TO CHANGE IN IMPACT OF ICDS IS CORRECTLY SHOWN IN OTHER INFORMATION COLUMN.
MY QUERY IS WHETHER IMPACT OF ICDS IS ONLY FOR DISCLOSURES PURPOSE OR TAX IS CALCULATED ON TAKING INTO ACCOUNT OF THE ICDS IMPACT. AND WHERE TO FILL THE AMOUNT OF CHANGE IN IMPACT OF ICDS IN ITR.

Question added Aug 07, 2017 Income Tax By Awdhesh , CA , Gonda

answers

469 views

Q. ICDS - For a simple agency business how icds will apply to them

Question added Jul 25, 2017 Income Tax By aprajita , CA , Kanpur

answers

529 views

Q. tax saving - If an individual having salaried income gift some money to his parents (suppose give rs 1 lakh to his parent). Now can he claim tax exemption of rs 1 lkh in his ITR.?

Question added Jul 24, 2017 Income Tax By Ratan Kumar Banka , CA , KolkataM.C.

answers

486 views

Q. Return File for A.Y 2017-2018 - one of my client having profession income rent income and short term capital can total below 50 lacs he is not maintaing books ofacoounts which form is applical under section 44ADA of income tax act on the form no there is no col for short term profit please advice

Question added Jul 01, 2017 Income Tax By sanjay , CA , ludhiana

answers

360 views

Q. ITR-3 A.Y 2017-18 Problem - In ITR-3 while uploading message flag that audit information is not complete audit 92e flag is expected.
We filed information of auditor u/s44AB but not found 92E audit information etc

Question added Jun 24, 2017 Income Tax By Preetam Singh Shekhawat , CA

answers

397 views

Q. Section 44 AD - Dear Sir, A person is carrying the business of Bakery. His Total Sales is 60,00,000/- in the FY 2015-16. He is showing the income less than 8 % and maintaining the books of accounts and his total income is exceeds the maximum amount which is not chargeable to tax. Whether he is liable to get his accounts audited u/s 44 AB? He is not opted for section 44 AD presumptive basis.

Question added Jun 19, 2017 Income Tax By AVNEESH KUMAR ,CA - FINAL , Modinagar

answers

334 views

Q. Capital Gain - What should be relevent Purchase date for a plot bought by assessee whoose token money was deposited in 1985 but draw was conducted by government in 2012 and letter of allotmnt was issed in 2014.

I have many judgements that Puchase date would be date of allotment Letter. but in all judgement flat is discussed.
Please suggest any case for Plot.
Thanks

Question added Jun 14, 2017 Income Tax By CA Shraddha Vora , CA , Mumbai

answers

429 views

Q. Partition of HUF - Can Minor child relinquish his/her right from Great Grandfathers HUF ? If yes, how?

Question added Jun 08, 2017 Income Tax By Gaurav Jain , CA , Jaipur

answers

397 views

Q. TDS provision for payment to non Resident. - Payment of the foreign company (Dubai) under EPC Contract (supply and service), liable to deduct TDS u/s 195 or not?
A. If contract is single(Supply and service )
B. If supply contract and service contract separated.

Question added Jun 03, 2017 Income Tax By Bharti

answers

349 views

Q. taxation - what is the taxablity of cahritable trust having an educational institute?

Question added May 29, 2017 Income Tax By Saurabh , CA , Jaipur

answers

427 views

Q. Capital gain exemption Sec54 - i have sold back side portion of my self occupied house and out of sale proceeds i have contructed First floor on the same house.
Whether exemption u/s 54 will be allowed or not.

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