If a private limited Indian company had invested in 100% foreign subsidiary in Vietnam
This being the first transaction to acquire shares in foreign entity ODI was done

Query 1: whether transfer pricing will apply on this transaction where the equity shares are acquired at face value in foreign subsidiary? Or this be considered as capital transaction and is outside the preview of TP

Query 2: If TP is applicable then what would be the method of valuation used for comparison?

Query 3: Is form 3CD also mandatory to be filed if transfer pricing is applicable to an entity even if the turnover is below 10cr?

I made a partnership deed and included both these terms:
Is there a requirement for specidic wordings or would what I've included suffice?

1.That interest on capital shall be payable on the amounts standing to the credit of the Partners’ accounts at the rate of 12% p.a. Such interest shall be considered as an expenditure of the firm and shall be debited to the Profit & Loss Account of the firm before arriving at the divisible profit or loss.

2. The salary shall be paid to working partners as mutually agreed by them. The remuneration payable to the said working partners shall be computed in the manner laid down or deduction under section 40(b)(v), read with Explanation 3 of the Income-tax Act, 1961 or any other applicable provision as may be in force in the income-tax assessment of the partnership firm for the relevant accounting year.

Whether a partnership firm (newly formed during FY 2023-24), can declare his income U/S.44AD , if total turnover is less than 2.00 crore (Entire bank transactions) ?
If yes, Whether Interest and remuneration paid to partners may be deducted further from the declared income ?

Individual having turnover of Rs. 6 crore in very first year than it is compulsory to deduct TDS in first year also at applicable rate on various payment related to TDS


he has paid rent above 50000 DURING THIS YEAR THAN SECTION 194I applicable OR 194IB, As in section 194IB it is mentioned that in case of individual and HUF covered under audit than provision of 194IB will not become applicable.

Dear experts,

Individual is selling a residential property in Sep 2024. This is bought in the year 2006.

Now as per recent amendment, option is available to seller :

- 20% on capital gains with indexation

OR

- 12.5% on capital gains without indexation

which ever is beneficial to the seller

Is the above interpretaion correct?

Also different exemptions available after further investestment in assests exists? irrespective of option undertaken?

Pls advice

Regards,

Please elaborate with example regarding the exchange of immovable property between two parties (not related to each other) without consideration. How the capital gain is calculated for each party and role of Section 56(2)(x). Please enlighten

Respected Sir,
My son, NRI has booked a flat in Hyderabad with a reputed builder. In the next 3 months, builder may offer possession. However, there is a provision in the agreement that if any one who booked flat wishes to re-assign, transfer his booking to other person before registration, he can do so by paying certain fee.
Point is that: while booking, more equity is invested apart from a portion of loan from a Public Sector Bank. For example-50 lakhs is equity, 40 lakhs is loan. Now, the offer from a prospective buyer is for 180 lakhs. Out of which 40 lakhs will go towards bank loan. Balance will be paid the existing flat holder either thru cheque or RTGS or so.. I would like to know, how the difference amount of 90 lakhs will be treated as per the ITax and Capital gains tax guidelines. Please guide. In this case, it is transferring the booked flat in the books of the builder prior to registration and hence, no transfer of capital asset.

Hi Team,

I have one of my clients who had written wrong TAN Number while claiming TDS for the AY 2020-21 of Rs 43000. Now the Form 26AS shows the same amount of TDS but with another TAN Number. The Client was issued Demand Notice of Rs 56000 for which we responded that the same is due to error back in 2022 but the same was never closed by IT Department.It might be due to the fact that no rectification / revised return was filed for the same.

Now every year when his refund is due, IT Department tells us that it will be adjusting the same against the outstanding demand which is not correct.

Please advise us what we can do in such a case as in my opinion Due Date for filing revised return is also finished for the said year.

With Regards,
Manik

for example I am dealer of Manufacturer and at the end of month or year I have sold wastage of raw material as an sale of scarp should I collect the TCS on the sale of scrap of Raw material or sale of scrap of finished goods?

if I pay to DHL 1,20,000/- including GST of 35,000/- should I deduct TDS though taxable amount didn't exceed the 1lakh limit?