sewa ram jain
06 August 2013 at 12:19
IF FATHER GIVES GIFT TO HIS SON'S HUF EITHER BY GIFT ITSELF OR UNDER WILL BEING LIVE IS TAXABLE IN THE HAND OF SON'S HUF.
S.R.JAIN/MEERUT/6-8-2013
PanesarKDS
05 August 2013 at 19:05
Hello Gurus,
Please help in resolving a query that I have got into. I had deposited 10 lakhs (in 2 times & 5 lakhs each time) in my joint account with my wife. We had received an amount of 23 lakhs (9 lakhs via cheque & rest in cash). I had to deposit all this money in my account as there was no way of keeping this money at home. Now, my CA is telling me that he cannot show any source of income for this 10 lakhs & other smaller deposits made in my account & we have to pay the tax at around 30%.
Please suggest any ways for getting this sorted out correctly, as I have never been involved in these kind of things & may have made some mistakes regarding the cash handling.
Santanu Bhaumik
05 August 2013 at 19:02
Dear Sir(s),
My deceased father who had expired about a year back, left some cash with my mother for me which I am not sure whether he had subjected to tax. Now if my mother gives me the amount with a declaration that she had received it from my late father and giving it to me, what kind of taxation will be applicable for that?
VARUN SHARMA
05 August 2013 at 17:34
OFFENCE UNDER SECTION 181 OF INDIAN PENAL CODE WHETHER CAN BE COMPOUNDED UNDER SECTION 279(2) OF THE INCOME TAX ACT, 1961
VARUN SHARMA
05 August 2013 at 17:28
OFFENCE UNDER SECTION 181 OF INDIAN PENAL CODE WHETHER CAN BE COMPOUNDED UNDER SECTION 279(2) OF THE INCOME TAX ACT, 1961
venish ladva
05 August 2013 at 14:23
IF AN INDIVIDUAL HAVING TOTAL TURNOVER OF RS. 36 LAKH AND NET PROFIT HAVING RS. 51000 THEN..... IF DEALER IS TRADING IN ALLUMINIUM SCRAPS.. AND ASSESSEE HAS STARTED HIS BUSINESS FROM CURRENT YEAR.. 1. WHETHER AUDIT U/S 44 AB REQUIRED ? 2. WHAT IS DUE DATE TO FILE ROI ?
Read more at: http://www.caclubindia.com/experts/ask_query.asp
P Garg
05 August 2013 at 14:10
I have received an IT Notice dated 30.07.2013 Under Section 142(1) of the Income Tax Act 1961 for the assessment year 2011-12.
Is the IT Notice valid ? Please advise what steps I can take ?
Kind regards / P Garg
JAGDISH GUPTA
05 August 2013 at 03:54
W.E.F. FY 2012-13 onwards, computer software is included in the term Royalty and hence TDS applicable on purchase of even bundled software.
In my opinion, this is not practically feasible as a walk-in customer going to purchase some box-packed ready to use software over the counter for use of his firm, how the seller store-owner allow him to deduct the TDS of seller store-owner company and how shall the seller believe buyer that he will deposit his TDS correctly to the credit of his account.
It could be made applicable only to customised software development contracts where the customer company builds up certain relationship with the developer-service provider company.
Kindly 1. Confirm that actually it has been so made compulsory to deduct TDS of seller company by buying person on purchase of bundled / packaged software;
2. How shall it be practically achieved;
3. Are there any protests / appeals / Stay Order etc against this recent amendment due to its uneasiness and impracticability;
4. Does it legally hold any ground and how to effectively challenge such rubbish enactments.
Dinesh RAthod
04 August 2013 at 22:09
A friend had submitted late filing of returns for AY 2008 and 2009 in Jan this year. Even though the taxes had been submitted by the MNC that he worked for, the filing was done late. When he went to check on the refund status, he was told by the AO that the system is showing a notice under sec 153A and sec 153C which he himself does not know and will check. Can you advise what is this and can he get his refunds even though he has filed the returns late? As per the CA who filed his return, he feels that friend is eligible for refund but no interest on late filing however the AO was of the opinion that this cannot be claimed now. pls advise?
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Company not giving form16, pending salary & pf
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