Anonymous
10 July 2011 at 20:57
Dear Sir,
On 25.06.2011, I have recived two notice u/s 142(1) and 143(2) of Income Tax along with questionare seeking all the details for the financial year 2008-09 (Assessment year 2009-2010). I had filed my income tax return for the said year on 29.07.2009. Now my question are below :
1) Aren't the notices time barred?
2) If I go and take the plea of time barred, can they issue me notice u/s 147 and 148 of Income Tax?
3) What should I do? If I go and co-operate, notice will be presumed valid u/s Section 292BB of Income Tax. If I take the said plea, they will issue notice u/s 147 and 148.
Kindly guide me as what needs to be done in these circumstances.
Mohammed Vaid
10 July 2011 at 20:03
I am having my company's equity shares and it is not listed yet. I want to sell them and have a ready buyer, and i am in profit. Would like to know that what will be the rate of income tax i have to pay? Do i need to pay STT on sell consideration?
antara singh
10 July 2011 at 17:14
Assessee had taken a loan from HDFC regarding purchase of PLOT of LAND, during the FY 10-11. On that loan he had repaid principal and interest to HDFC. Plz advice whether the amount paid as principal qualifies for deduction u/s 80C and the amount paid as interest qualifies for deduction u/s 24(b). Plz state case law, if any.
CS. Antra Singh
Anonymous
09 July 2011 at 17:40
i am a jr. advocate having office cum residence in hyderabad a.p.india, i want to whether an Advocate's office comes under commercial establishment and i require case citations/case laws to submit before the municipal authorities
mukesh solanki
08 July 2011 at 19:19
my friend has received intimation u/s. 143(1) and at that time i have rectified the error as like this - his legal consultant has filled income tax return as profit rs. 128894/- + other income as commission income rs. 45530/- total income rs. 174424/- cpc bangalore has taken as rs. 174424+45530=219954 and demand tax liability of rs. 4688/-
the above rectification done by legal consultant but advertently cpc banglore has sent rectification oredr under section 154. for rs. 219954+45530=265484 and demand tax rs. 9377/- means cpc has calculated commission income twicely what should my friend do because in first case he has filed rectification erron on dtd. 23.02.2011 and in second case he has received u/s. 154 oredr dtd. 28.4.2011. please guide me and my friend as early as possible so we can make correction and get relaxed.
pratik
08 July 2011 at 15:38
Income Tax Query:
1) What do u mean by machinery provision?
2) What do u mean by charging section?
3) Section 14A of the Income Tax Act, 1961 was inserted in the year 2001 with the retrospective effect from April 1st , 1962 Right . But sir If my assessment are over for Eg: A.Y. 1998 – 1999 & I have received the assessment order than again the assessment will be done?
4) Sir is there any difference between A.O. & I.T.O?
5) Sir if we want to appeal than order is ITO ___ CIT (Appeal) ___ ITAT ___ HC _____ & the last SC. Right Sir.
But sir than what is the use of ASCIT ____ CCIT ____CIT ____ JCIT? What re the powers they have which case they can handle.
6) Chronological Order of ITO, A.O., CIT, CIT (Appeal), CCIT, ASCIT, JCIT & many more if.
7) Sir we know that if ITO does not behave properly don’t do the work in a proper manner we can complaint to A.O. But sir if the CIT or CIT (Appeal) does do work properly they we can complaint to whom.
8) If the ASCIT ____ CCIT ____CIT ____ JCIT does not work properly than whom to complaint. In short if CIT (appeal) doesn’t work properly than whom to complaint, If CCIT does not work properly than whom to complaint. If JCIT does not work properly than whom to complaint.
9) Asstt. CIT is proper or ASCIT is proper Abbreviation.
10) I was reading the case law CIT v. Walfort Share & Stock Brokers (P.) Ltd. [2010] 192 Taxman 211 (SC). But sir whom it is mentioned CIT v. They should mentioned HC v. Walfort Share & Stock Brokers (P.) Ltd. [2010] 192 Taxman 211 (SC). Because after the HC judgment the aggrieved party can appeal to SC Right. If the party is aggrieved by the CIT order than he will appeal to ITAT not directed to the SC. So why the case law says CIT v. Walfort Share & Stock Brokers (P.) Ltd. [2010] 192 Taxman 211 (SC)
11) Restoration petition & Miscellaneous petition is also filed under ITAT so what is the meaning of it?
12) Grounds Of Appeal & Memorandum Of Appeal. Also this 2 things we have to file in SC also & HC also or till CIT (appeal) & Tribunal Only.
13) Sir under ITAT Rules there is no clarification about the Bench which we see in practical. Sir why some Bench are named as A,B,C,D,E & so on till K. What is the benefit or difference in the bench named.
14) Also how to know that which bench
will decide the case or in which bench a,b,c,d, so on it will go is there any rule sir.
As the above mentioned query answer are not there under the Act Or Rules so i am there to put this question. Requesting to the LD members to answer the question Pls.
Also any case law which will help me to understand more will be welcomed along with the opininon if any.
Thanks
visu
06 July 2011 at 21:22
What are the consequence of not filing wealth tax returns and not remitting the wealth tax..!!
Is there any criminal prosecution ... for the default.!!
Anonymous
05 July 2011 at 23:12
Respected Sir, I am planning to buy a flat in Bangalore from a person who is staying in US for last 5 years. Following is my query:
1.The seller says that he is non-NRI. How can i get his NRI or other status?
2.As per seller, The money will be transferred to his Local Indian bank account(non-nri/nro/nre).Will there be any issue over TDS deduction as per Section 195 Income Tax act.
3.What precautions should be taken while dealing with an NRI.
Anonymous
05 July 2011 at 17:57
Dear Sir/Madam,
I was workded april 2010 to dec 2010 in a one company, in jauary 2011 i joined new comapny.
I got form 16 from both companies as under:
1] Salary income: 112881/-
tax on employement 1600/-
income chargalbe under salary head- 111281.
Deduction 80C-5863/-
total income 105418/-
2] Salary income: 50560/-
tax on employement 700/-
income chargalbe under salary head- 34052/-.
Deduction 80C-2288/-
total income 31764/-
I want to file income tax return with SAHAJ ITR-1, please can u guide me how to fill form manually and online return. Sir/Madam Please help me in this regards. This is my first time return. if any one want fees for that i will pay by cheque after successfully file return. please provide me xml file with above details.
Regards,
Sameer Sayyad
Mumbai
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inv. in kisan vikash patra
is investment in kisan vikash patra allowable for tax benefit u/s 80c??? and what about interest on k.v.p.?? is it taxable???