Mother has gifted equity shares as gift in FY 18-19 to her 2 daughters, now she wishes to get a part of those gifts back. Is it legal to gift back the shares to their mother again in FY 20-21?

Act no where has a restriction? But does it raises a concern on intent of the transaction?
Has there ever been a case law supporting/rejecting such transaction?

Look forward to your responses.

Thanks
CA Sakshi

Respected Experts,

Liability to deduct tax at source by employer arises at the time of actual payment of salary and not at the time of accrual.

If any employee has left the job in the month of Nov-2019 and payment of his Full and Final Settlement is pending from employer up to financial year end i.e. 31.03.2020. However, employer has made provision for outstanding payments on year end.
Actual settlement of Full and Final dues happened in June-2020.

In this case please guide me, whether employer should have deduct TDS also on F&F amount and generate Form 16 accordingly for FY 2019-20.
Or
Employer should deduct TDS on F&F in FY 2020-21 i.e. on actual payment in June-2020 and accordingly issue Form-16 to its employee.

Please revert with your valuable opinion.

Hi,

I am currently working in a private company with CTC of 5.24 Lakh per annum . I joined the company on 9th October, 2019. In FY 2019-20 my Short term capital loss from share trading was Rs 65,790. It did only delivery based trading . Should I file income tax return for this loss amount so that it can be set off against any capital gains in the future. How do I file income tax return for this loss amount so that I can carry it forward for set off in the future .

Kindly Guide me on this. Any help will be greatly appreciated

Dear Sir, If any one deposit amount above rs 2 lakh in saving account cash gift recieved in own marriage given by father and recieve an income tax notice under 271da.if proof of marrige cash gift is provided then this would be justifiable to income tax for waive of penalty.

Please suggest...
One llp doing Real Estate business having land in its own name they appoint one contractor made flats and then sell to buyers now question is can GST liability arise to LLP when sell ..
1. Entire consideration of sell recd after receiving completion certificate.
2. This income we take in PL as revenue from operation (net of expenses like contractor expenses ) is it right...

Dear Sir/Madam,
actually we have made the tds payments regarding the month of march 2020 but we forget to download the challans till now... Now to file Q4 TDS Returns We don't have the challans regarding march month i have searched in net banking also but they are not available what should i do now is there any option available please suggest me

Hi, can i claim Tax free LTA claim in FY 2019-20 by using bills of my unclaimed travel done in january 2018?

A business man is making late payment of EPF contribution of workers every month. As the auditor insisting on reporting the same in 3CD the party is arguing that there are some case law in favour of the party that the contribution of workers can be deposited before filing the return and it need not be reported.Auditor is not accepting the same saying that since 3CD is having the query to report the same, the Income tax department is not accepting / following /convinced with the case law.If the IT dept is convinced with the case law they would have dropped the query in 3CD. Please advise how we have to act in this situation as the amount is added back to profit for tax purpose

As a deductor of Tax, if PAN of any deductee is appearing as Deactivated or Deleted, would we be able to upload the quarterly TDS Return with such PAN and if yes, further, will the deductee get credit of the TDS and will a TDS certficate get generated?

Looking forward to a reply.

Thanks
Natasha Hombal

A business man is booking huge amount of wages paid in cash. He is not able to produce any proof such as name of the payee, identification, designation etc to convince the auditor even though the amount is paid in cash and it is more than Rs.10000 per person.Whether the auditor has to report the same in Tax Audit report as it attracts Sec 40(A) (3) or accept the argument of the party that it is a general practice to pay wages in cash.Is there any method to verify such payments.Auditor is advising the party to deposit the wages in their bank accounts and make arrangement to collect cheques from the workers and draw the amount to pay them in cash as the workers are insisting on cash payment only.Total workers are nearly 100.Whether the ITO accepts this argument of the party.What kind of remarks the auditor has to make in 3CD in this situation.Please advice and suggest suitable method for reporting