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srinivas   17 August 2021 at 17:30

Income tax

my self and my wife have investments in many mutual funds . as both of us are in 30% tax bracket ,can we give some of the funds as gift by making gift deed/deeds to our daughter who is still in the lowest tax bracket . will it invite any legal issues and taxation issues for us. since some folios are in single names and some are in joint names ,do we have to make separate giftdeeds as per our mutual fund folios . is yes what will be the charges per gift deed in maharashtra

Anonymous   11 August 2021 at 13:59

income tax exemption - sez

we're moving existing offer and Assembly plant from rented preemies to newly constructed SEZ unit.
the investment is 100% more then existing Asset. existing we have only employee, laptop and machine (which is "zero value")

Whether we're eligible for income tax exemption under Section 10AA, since the act says "SEZ unit is not formed by any splitting up, or the reconstruction of the business that is already in existence;"

Anonymous   03 August 2021 at 10:46

Query regarding itr form and ltcg

Dear sir,
My salary income is 18 Lacs and having 12000 LTCG on shares.can I fill ITR form 1 as my LTCG is below 1 lacs


Anonymous   30 July 2021 at 19:12

Can a cto call for a case in vat after gst implementation

Dear sir/Madsm
Is it possible for a CTO to call and ask for clarifications in a case pertaining to VAT after GST implementation?
Does the power of verification of papers relating to the VAT case lie with the same CTO officer or someone else?

Thank you.

Vaibhav Barve   13 July 2021 at 22:30

Property value to be filled in 4 tds forms

Me & my wife have purchase flat as joint owner. Current owner of flat is also on joint name (husband & wife) need guidance on TDS payment. my 3 queries are as under :

Property price is 1.20 CR, what value should we update in "Total Value of Consideration (Property Value)*

How many transaction i need to do. (2 buyer & 2 seller).. pl share example and value breakup. (TDS and Property value to be udpated in each form)

KHS   24 June 2021 at 16:10

Goods service tax


Ours is a small scale testing laboratory set up by unemployed graduate Brothers in Visakhapatnam District. Recently, we were awarded Annual Maintenance Contract work by Central Govt. Institute.

That as per NIT Document, the Price Bid Format wherein it was indicated " DO NOT QUOTE THE RATES HERE TO BE QUOTED ONLINE IN CPP PORTAL " . In the Technical Bid Schedule it was mentioned as follows:

Sl. Item description Quantity Units Rate inclusive Total Amt.inlcusive of Total Amount
of all taxes all taxes in words

As per Item Rate BOQ it was mentioned as:

Sl. Item description Quantity Units Estimated Basic Rate in Total Amt. Total Amount in
Rate in Rs. figures to be entered without words,
by bidder. taxes. Rs.

The learned Counsel may kindly be noted that on the basis of BOQ we have quoted most competitive price through e-procurement portal. On evaluation, we were awarded the AMC Contract and executed Service Agreement. Now, against submission of First Quarterly Bill receivable from the Employer, referring the "Specimen Schedule of Technical Bid" wherein we were agreed to Rate Quoted was "inclusive of Taxes" and directed submission of Revised Invoice by deleting the GST component from the Invoice submitted for.

In conclusion, it is humbly requested that ours being an unemployed Graduate brothers established Small Micro Laboratory (MSME) running on shoe-string budget and pulling the cart with great effort to stay in the market, Learned Counsel may kindly be help us with suitable guidelines to come across during this pandemic situation.

Optimistically looking forward direction to face ongoing scenario.

Thanking you Sir,

Sincerely, yours,


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pratiksha wahi   23 June 2021 at 16:34

Taxability of foreign pension recieved by rnor

I have a doubt. Suppose Mr.X , a resident but non ordinary resident, receives his superannuation pension income from Australia after deduction of tax by Australian govt. at the rate 35% . The pension income is deposited by the govt. directly in Mr. X's A/C in a Bank say IDBI Bank in India and it is not deposited in any bank account in Australia. The pension income accrues and arises from Australia.My doubt is that whether the pension income credited to Mr.X's bank account in India is taxable in India as income of RNOR received or deemed to be received in India???? Also please give relevant IT sections and case laws if possible...Since the RNOR is not having any bank account in australia, it is deposited in his account in India. So can any relief be claimed for the same?????? One more Kind request...Pls give me the applicable sections and case laws too if possible to justify ur answer..It will help me to an great extent

Anonymous   20 June 2021 at 21:52

Late filing fee u/s 234e

I purchased a property in Mumbai on 31 December 2020 with an agreement value of 1.7cr. In all I paid approximately 43.75 lakhs till February 2021. TDS @0.75% was approximately 33000. There was a delay in payment of the TDS amount. I got a notification from the Income Tax department u/s 200A for interest on late payment and late filing fee u/s 234E which is approximately 10,000. My Question:

1. Is there a way I can get a waiver of the late fee?
2. Was TDS applicable to me in the first place in FY 2020-2021 (as I understand that TDS is applicable u/s 194-IA only if payment exceeds 50 lakhs in a financial year?
3. What are my options to reverse the late filing fee

Anonymous   12 June 2021 at 13:58

Tax on nominee

I am the nominee in mutual fund account and properties, where I have will also, executed by my deceased uncle.
My question is:
will this be taxable at my hand or exempted. ( I am salaried working in India)

sakshi garg   10 June 2021 at 20:37


i have a mining firm in name of my sister. She is doctor by proffesion and serving in government hospital under compulsory bond of 1 year only on Stipend basis. Is there any provision in Income tax under which i have to withdraw her name from firm?

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