The assessee could not file his income tax return due to various reasons. Case selected for scrutiny under faceless assessment and he did not respond. Exparte assessment orders passed. The assessee now wants to file appeal before CIT A. can the experts provide model appeal grounds in such a case.

Section 43B(h) provides for disallowance of the sum payable to SME if not paid within the prescribed time. My queries are as follows:

1. Will the supplier be an SME as defined under the MSME Act but not having Udyog Aadhaar will be covered by section 43B(h)?

2. If an SME supplier asks the buyer to inform if it is registered under the MSME Act and the supplier although registered replies that he is not registered as MSME. Will payments to such suppliers would be out of the purview of the provision?

3. If any part of the due is retained by the recipient of supply in terms of the contract as retention money or security deposit would that amount be out of the purview of section 43B(h). Whether there would be any restriction in deducting the security deposit or retention money?

4. Can the payment to SME be converted into a loan with the express consent of the supplier to come out of the purview of s. 43B(h ).

Please guide. hanks

i need someone to share a Body of individual deed draft.

Good Day.
When a company buyback the unlisted shares, is it required to deduct any tds from the amount payable ?
I understand company has to pay tds for buyback but not clear if company is required to deduct any tds while paying to shareholders of such unlisted shares .
Please help with the correct position in this regard.
Thanks

Sir please advise if accrued interest on Home loan can be claimed for deduction. The intrest is accrued during moratorium and actually not paid.

Respected Sir,
My client is a senior citizen as per income tax act. He has received the amount form PNB on maturity of policy named PNB Met life policy.
So I want to know that the amount received by him will be taxable or not.
He chose new tax regime

Dear Experts,

I need your advice on the following tax matter on capital gains on joint property

I bought a flat in 2009, which was registered jointly in my name and my wife's name. However, the entire value was fully financed only by me, a small component from my savings and around 90% from the housing loan. The payments for the housing loan were also made by me out of my salary, including the early settlement amount made to foreclose the loan. The joint registration was done only to facilitate hassle-free transfer in an unlikely event. No amount was paid by my wife for this house property.

Further, I had mentioned 100% ownership of this property in all my income tax returns and declared the income from rentals fully under my name. In 2014 I sold this property and full consideration was received in my bank account after TDS which was deducted under my PAN only. I had declared the full capital gains in my return. Since I had reinvested the amount in a new house property (registered only in my name) there was no capital gains tax.

IT department has initiated a show cause notice in my wife's name seeking clarification as to why the department should not consider 50% of the sale proceeds as capital gains under her name. When I checked with few friends who are CAs, they said if a joint owner has not funded for the house property, the taxability lies in the hands of the other joint owner(s) only. I am looking for solid grounds to defend my case. Are there any provisions in the law, or circulars, clarifications, court cases for me to do so.

Appreciate receiving a reply.

Thanking you all in advance,

Regards,

Although my original and revised returns always processed within 10 days always. But I filed updated return in January still more than one month but not processed. Kindly tell when can I expect processing and why it is taking more time in case of updated return

WHETHER THERE IS ANY TIME LIMIT FOR FILING RECTIFICATION U/S 154 FROM THE DATE OF FILING ORIGINAL RETURN?

Hi Sir/Madam,

My Company purchased a fixed asset for Rs. 51500. Out of 50000,Rs.1500 is for transportation charges. Whether TDS applicable on Transportation charges of Rs. 1500?