Dear Sir one of our client has sold the plot on 29/04/2019 and after that he has deposited the sale proceed in capital gain account on 09/09/2020 he purchased a plot of land but could not construct a house on it due to covid restrictions. our total Three years expire on 28/04/2022. My Query is can he take the benefit of Supreme Court judgment on MISCELLANEOUS APPLICATION NO. 21 OF 2022. As per the judgment will the period of 15/03/2020 to 28/02/2022 be excluded from the period of Three year or we will not be covered with this judgment. Or do we have any other remedy. Is there any department circular dealing with this limitation period

SIR

WE REQUIRE URGENLY BRIEF NOTE ON ANY CHARITABLE TRUST ACTIVITY OF LAST THREE YEARS FOR APPLYING 80G EXEMPTION.

THANKING YOU

KAPIL BHATIA

Against belated return filed by the assesee for the assessment year 2020-21 on 31/10/2021, assessment order was passed on 31/10/2022.

Whether assessment order is time barred ?

Please let me know the Tuition fees maximum limit under section 80C deduction for salaied person eg. if the Tuition fees is 2440/- per month and Term Fees 2440/- per Term . what will be the deduction.

The company provide insurance coverage for an employee. It covers following
- Death benefit
- Permanent disability
- Critical Illness

This insurance is in addition to health insurance where the insurance amount paid is as per actual spend

As per my understanding Death benefit received by nominee is tax free under section 10(10d).
But I am not very clear how is treatment for lump sum insurance amount received for Permanent disability or critical illness such as cancer.

Hi,

I filled my ITR for AY 2022-23 on July 2, 2022. I received Defective notice u/s 139(9) on Sept 2, 2022. I filed a Revised ITR on Sept 3, 2022. I received a Demand notice for Interest u/s 234A + Fee u/s 234F on Nov 25th, 2022.

Do I need to pay the penalty/fee amount?

Please advise.

sale of high end cars above Rs10 lacs attract 1% TCS, sale of any goods and recv more than Rs2lacs in cash attract tcs @1% , so what will be the tcs is it 1% or 1+1 = 2% tcs

I invested Rs.15.00 lakhs in Bank Fixed Deposits in 2019. Now the Bank term deposit Interest rates have been revised upwards. If I ask the Bank to preclose my deposits and open new fixed deposits for the same amount of Rs 15.00 lakhs to avail higher rate of interest, will the same be reflected under STF in Form 26AS? My doubt is because I am not making any fresh Fixed deposits.

Hi all,

My client is not allowed to claim set-off, in A.Y. 2021-22, of capital losses(u/s 111A & 112A) incurred in A.Y. 2020-21. ITR of both the Assessment Years are filed on or before due date u/s 139(1). No reason for denial of set-off is available. Rectification request u/s 154 for mistake apparent from record in the intimation received u/s 143(1) has not worked out.

Kindly share your experience with the same matter.

What is the effective rate of interest for valuation of perquisite in respect of interest free loan for financial year 2022-23??