Hi..

As per the current provision as amended by Finance Act 2008, notice u/s 143(3) can be served with in 6 months from the end of the financial year.

Prior to amendment, the time limit was 12 months from the end of the month in which return was filled.

An assessee has filed return in July 2007. Accordingly Finance Act 2007, the provision of 143(3) was 12 months limit. Post Budget 2008, the revised limit is 6 months from the end of the FY.

The question is;
Can AO issue notice after 31.07.2008 for AY 07-08?? Or the limit to issue notice AY 07-08 will also be 30.09.2008 (i.e. 6 months from the end of FY)

if I transfer the money to my parents bank account , would that fall under the section 56 of the Income tax act, as a gift and not taxable in the hands of the parents?

Hi Expert,

Need your Notion on below Issue:

Whether Loss of SEZ units can be setoff from profits of non eligible units? if no then excess expenditure of SEZ units needs to be disallowed in ITR return?

Regards
Gaurav

Sir,
If inadvertently a purchase of fixed asset is treated as purchases and return filed claiming full deduction then , what would be its tax consequences . ( Return Filed Within Time )

I AM GIVING SALARY TO MY ACCOUNTANT @ Rs 15,000/- PER MONTH & I HAVE NOT YET DEDUCTED TDS.
TELL ME WHAT AMOUNT OF TDS I HAVE TO DEDUCT ON HIS MARCH PAYMENT.
ALSO TELL ME THE DEPOSIT DATE OF TDS.

Where a firm is succeeded by a company in the business carried on by it as a result of which the firm sells or otherwise transfers any capital asset or intangible asset to the company will not be transfer :

Provided that -(b) All the partners of the firm immediately before the succession become the shareholders of the company in the same proportion in which their capital accounts stood in the books of the firm on the date of succession; and

(d) The aggregate of the shareholding in the company of the partners of the firm is not less than fifty per cent of the total voting power in the company and their share holding continues to be as such for a period of five years from the date of the succession;

Here firm is converted in company as chapter IX co.There should be minimum 7 subscribers to form co. under chapter IX.

As per income tax, one condition is all the partners of the firm become the shareholders of Co. on the date of succession. and other is partners who become shareholder must hold at least 50% till the expiry of 5 years .

My question is that whether it is compulsory that all 7 shareholders should hold the shares till five years. if any shareholder wants to transfer his share to exising shareholder or to new person he can do so or not provided due care should be taken that original partners should hold at least 50% voting rights.

If i invest in ELSS scheme in my name, can my spouse claim the 80 C benefit in case i have not claimed it from my end?

An AOP was formed on 01.04.2005 by virtue of a un terminatable lease deed for 25 years . It contained two
individuals father and son, Father died.

The lease deed contain a clause that it cannot be terminated by any means.

It means that now surviving son will be the leassor.

But son wants to continue the AOP taking his son in place of his father

My question are :

What will be the Fate of that AOP do we have to surrender the PAN No. alloted previously and apply the new Pan No.

or there will be only rectification of PAN

If i applied for job and because of gender discrimination, the company denied me to give a job for some particular post and if i claim against that company. and if result come in favor of me then company have to pay compensation for not having a job. it is capital receipt but question is that there is not employer -employee relation between us. so how it can be treated as profit in lieu of salary under section 17(3)

TDS OF F.Y.05-06 CLAIMED IN F.Y.06-07 AND INCOME ON WHICH TDS DEDUCTED SHOWN IN F.Y.05-06 BECAUSE FORM 16A ISSUED BY THE DEDUCTOR IN F.Y.06-07 . ASSESING OFFICER REFUSED THE TDS CLAIM.PLEASE ADVICE