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Query Posted : 511
Query Replied : 443
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  • Tax Audit
    by RAGHAVAN on Friday, February 28, 2020  at 05:23 PM

    If a club registered as AOP and which is exempt from income tax under the concept of mutuality, whether they comes under tax audit if Turnover Exceeds One Crore per Annum? and whether they have to maintain books of accounts? Kindly Resolve the issue.

  • Taxation of Dividend - as per budget announced on 1st Feb 2020
    by Ajay on Monday, February 03, 2020  at 02:06 PM

    Subsidiary company in India wants to declare dividend to its 100% holding company in UK. in August 2020, after taking into account the provisions of Budget 2020 announced on 1st Feb 2020 wherein DDT is removed. Are there any withholding taxes applicable as per India UK Treaty. What are the overall tax implications for Holding & Subsidiary company

  • Sec 153 A , Explanation 1 , whether applicable of 10 years
    by Manish on Friday, October 11, 2019  at 05:10 PM

    Query - In reference to the contents of Explanation 1. Of Sec 153 A (1) inserted by Finance Act 2017, w.e.f 01.04.2017, I would like to know whether there are Case laws after the enactment of these provisions /explanation deciding upon Whether they are prospective in nature for assessment w.e.f AY 2017-18 onwards or retrospective. Please provide Articles, commentary or citations regarding the applicability of these provisions. Whether the A.O can reopen upto 10 years from 1.4.2017.

  • Requirement of Tax Audit?
    by Avinash on Wednesday, July 31, 2019  at 06:56 PM

    Hey Guys, I have a query Let Suppose I invested Rs. 5,00,000/- in Future & Options and I received Loss of Rs. 50,000/- And I have other Interest Income of Rs, 6,80,000/-. Can you please suggest me whether Tax Audit is applicable on me or not?

  • Expenditure on Patent
    by Pragnesh on Monday, August 20, 2018  at 03:26 PM

    Kindly reply on following. Brief facts are as below. Assessee is registered as Startup by Government of India. Assessee applied for obtaining patent in India in 2015 and got it registered during FY 2017-18. Expenditure incurred till that date has been capitalized. After obtaining patent in India, assessee has incurred expenditure on lawyer fees and filing fees for registering its patent in other countries. Whether the same has to be capitalized or it has to be treated as revenue expendi

  • Rental Income of Charitable Trust
    by Rajneesh on Wednesday, December 20, 2017  at 05:45 PM

    Should the rental income of a Charitable Trust be reflected under "Income from House Property" or should it be included in "Other Income eligible for exemption under section 11 & 12 in ITR 7

  • Whether tax audit is required in case of a loss business
    by ATHUL on Friday, September 15, 2017  at 11:49 AM

    Is it necessary to conduct Tax audit in case where turnover is less than 1 crore,in case of a newly started Nidhi public company making net loss from business Rs 7 lacs but 2 lacs from other sources?

  • AMT credit quantum in the year when AMT not applicable
    by SURESH on Friday, August 25, 2017  at 01:13 PM

    Brought forward AMT CREDIT 5 lakh. AY2017-18 income 20 lakh from regular sources. Tax payable 6 lakh. No AMT attracted. No deductions claimed. The query: Whether full credit of 5 lakh of AMT against regular Tax of 6 lakh and Net Tax payable 1 lakh OR Though No liability of AMT, whether to calculate AMT notionally and adjust AMT credit 2.40 lakh and land up paying TAX of Rs 3.60 lakh equal to AMT.

  • Additional Depreciation u/s 32(1)(iia) of Income Tax Act, 1961
    by Ms. Lalitha on Tuesday, February 14, 2017  at 03:27 PM

    Dear Sir/ Madam, Please refer us any direct case law on additional depreciation u/s 32(1)(iia) on Plant & Machinery installed by the assessee company engaged in providing Diagnostic, Pathological and Laboratory Services. May we request an early revert on the matter. Thanking You

  • Borrowing from subsidiary Company considered as Deemed Dividend
    by Rahul on Wednesday, August 24, 2016  at 04:55 PM

    Company A and Company B are wholly owned subsidiaries of Company C. Company A & Company B both are Indian Companies. Company C is registered out of India, though it has PAN in India. Company A has surplus cash available whereas Company B is short of fund for working capital. Company B proposes to borrow fund from Company A for its working capital needs. Ques: If Co. A lends money to Co. B, whether it would tantamount to "deemed dividend" u/s 2 (22)(e).

  • Treatment of Forex Fluctuation covered in Para 46A of AS-11
    by Gopal on Wednesday, August 24, 2016  at 03:37 PM

    Relevant years: A.Y. 2013-14 to 2016-17 A company has obtained a loan from foreign country to obtain an asset in India. Loss/income on foreign fluctuation is capitalized/decreased in/from value of asset purchased as per Parahraph 46A of AS-11. The asset purchased is in India, Hence I don't think if Sec. 43A will be applicable. What will be treatment for such foreign fluctuation in Income tax Act (both Unrealised and realised)? Regards and Thanks.

  • Sale of Gold by Female (Istri Dhan)
    by Taruna on Monday, July 18, 2016  at 05:55 PM

    One of my client has sold Jewellery. whether capital gain tax is chargeable on such sale of jewellery as istri dhan or not.

  • Whether TDS should be deducted or not?
    by Taruna on Thursday, May 05, 2016  at 01:35 PM

    Machinery purchased from outside India and Installation services are given in india price is inclusive of that services charges. TDS should be deducted or not?

  • GIFT OF PLOT TO MANDIR SAMITI
    by Abhishek on Saturday, February 27, 2016  at 03:21 PM

    WHAT ARE THE INCOME TAX IMPLICATIONS IF AN ASSESSEE GIFTS HIS PLOT TO AN UNREGISTERED MANDIR SAMITI FOR CONSTRUCTION OF TEMPLE? HOW THE TRANSACTION WILL BE EFFECTED?

  • Income tax procedure in case of Amalagamation
    by Avdhesh on Thursday, February 25, 2016  at 11:04 AM

    Dear Sir, Please inform me the procedure to be complied by companies and income tax authorities from income tax point of view in case of Amalgamation. Thanks in Anticipation.

  • TDS on ESOPs by holding company
    by Shreekumar on Monday, January 04, 2016  at 02:17 PM

    If a holding company issues ESOPs to employee's of its 100% subsidiary company, whether at the time of exercise of option by such employees, there will be any liability to deduct TDS either by Holding Co. or subsidiary Co.? If yes, under which section?

  • Assessed income is 4 times to returned income , Article 226
    by Manoj on Monday, December 07, 2015  at 06:05 PM

    Assessed income is 4 times in compare to returned income. AO raised huge demand & initiated recovery proceedings. Appeals filed against assessment order before ITAT. Appeals not yet disposed.Hearing dates in March-16. AO already rejected stay application. Stay petition not filled with ITAT (under the fear that ITAT will not give 100% stay) , Can we file WRIT before HC under Article 226 for stay on recovery proceedings

  • TDS on Sales commission paid to Non Residents
    by Manoj on Monday, December 07, 2015  at 06:00 PM

    We do business thorugh channels, like we billed to Distributors, distri bills to partner & partner to customer. We have distributors & partners out of country. We charged 100% to distris & they pays 100% to us. Later on we pay 30% as Sales commission to Distri & partners (sharing), out of india. Such distris & partners performs services for procuring orders, provide sale support & marketing services. Whether TDS is applicable u/s 195 or this sales commission can be deemed as FTS, please advise

  • WHEN YOU WILL REPLY ?
    by PRAKASH on Sunday, December 06, 2015  at 09:01 PM

    RES. SIR, THERE ARE PENDING REPLIES FROM MORE THAN 10 DAYS. LET ME KNOE WHEN YOU WILL REPLY ?

  • TDS on Year End provision
    by ankit on Thursday, December 03, 2015  at 03:26 PM

    Respected Sir Do we need to deduct TDS on year end provision. There may be two cases : Case 1 : Parties are certain Case 2 : Parties are not certain. Then in case no. 2 even if we deduct TDS then practical problem will arise that on which PAN this TDS will report under TDS return. Thanks Ankit Jaiswal

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