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Recent Questions

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

answers

303 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

368 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

339 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

429 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

341 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

376 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

487 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

249 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

292 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

381 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

406 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

378 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

472 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

375 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

439 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

766 views

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

answers

324 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

334 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

360 views

Question added Nov 02, 2016 Income Tax By Mohini , CA , Kota

answers

429 views

Q. OPENING INVESTMENT BUSINESS - RESPECTED SIR,
ONE OF MY FRIEND WANT TO START TO A BUSINESS IN WHICH HE WILL POOL MONEY FROM VARIOUS PEOPLE AND RELATIVES AND INVEST IT IN REAL ESTATE OR THE LIKE AND DISTRIBUTE THE PROFITS ACCORDINGLY. MY QUERIES ARE AS FOLLOWS: 1. WHAT IS THE PROCEDURE TO START IT.
2. WHAT ARE THE RULES & REGULATIONS TO FOLLOW
3. IS IT NECESSARY TO INCORPORATE THIS TYPE OF BUSINESS AS A COMPANY ONLY? BY JUST ENTERING INTO A PARTNERSHIP AGREEMENT ONLY ONE CANT DO IT? AND IF YES THEN WHICH WILL BE BEST PARTNERSHIP FIRM OR A COMPANY. PLEASE GUIDE ME AND THANKS IN ADVANCE.

Question added Nov 01, 2016 Income Tax By PIYUSH SINGLA , CA

answers

370 views

Q. INCOME TAX-AIR - IF EXCESS CASH IN HAND IS THERE ON 31ST MARCH, 2016 IN BOOKS. WHAT ACTION INCOME TAX DEPT CAN TAKE AGAINST ASSESSEE FOR EXCESS CASH IN HAND, HOWEVERE, THE ASSESSEE DOES NOT HAVE ANY BANK LIABILITY TO PAY.

Question added Oct 24, 2016 Income Tax By Niraj Kumar sinha

answers

352 views

Q. Tds - Assessment year 16/17 when TDs refund processed.there are some problem.

Question added Oct 22, 2016 Income Tax By ravi

answers

400 views

Q. TDS - payment regarding online advertisment to foreign company. is tds is to be deducted or not.

Question added Oct 20, 2016 Income Tax By Anand Jain , CA , Gobindgarh

answers

334 views

Q. income tax and service tax - if income under head professional income is less than 9 lakhs but if income from other sources is included then it is more than 9 lakhs then whether registration under service tax is required?

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