CASE FOR OPINION
Where 85% of income of the trust/ institution is not applied to charitable/religious purposes the trust/ institution may accumulate or set apart either in whole or part of its income for future application for charitable/ religious purposes in India. For this purpose Notice u/s 11(2) of the Income Tax Act, 1961 is to be electronically filed to the assessing officer on or before the due date of filing Income Tax Return u/s 139 of the Income Tax Act, 1961. Notice is to be given in Form No. 10 / 9A . In case if the Form no. 10/9A is not electronically filed before this date the benefit of accumulation will not be available and the such income will be taxable at applicable rate.
Hon.’ble Commissioner of Income Tax is empowered to condone the delay vide circular no. 273 dt. 03.06. 1980 issued by CBDT u/s 119 of the Income Tax Act, 1961.
The assessee has filed application to Commissioner Income Tax, seeking condonation of delay. The notice for personal hearing was issued by Hon.,’ble Commissioner of Income Tax which was served on the date of hearing at 3.30 PM. The place of hearing is aprox. 350 KM from the place of assessee. Hence the assessee could not present for personal Hearing on the date and time fixed for hearing. Hence applied for another date on the next date of receipt of notice by speed post. The order for rejection of application was passed by the Hon.’ble Commissioner of Income Tax on the date of hearing itself.
The question for consideration is :-
1. Whether any remedy is available to the assessee and if so what remedy is available and under which section of Income Tax Act. Further if any case law is available the same be provided for the same.

Co-Operative society engaged in business of providing credit (loan) to its members,whether interest earned on fixed deposit with bank of baroda taxable?because source of fixed deposit with bank is share contribution from members and complusory deposite(Recurring Deposit) from members.

And whether profit comes from this business of providing credit facility to members is exempt u/s 80P?Kindly say which ITR to be filled and what is tax slab for this co-opearative society?Kindly inform as soon as possible

For AY 2008-09 we had received a demand notice against which we had filed appeal.
Demand amount - 43 Lacs which we paid in full on 6th Feb, 2010
Appeal came in our favor & order was passed with zero tax payable on 03rd may, 2018
Now interest on refund of tax paid ( which is 43 lacs) will be calculated from which date? whether it is from the date of Tax paid or from the date of passing order of appeals or any other date & at what rate?
we have not received refund till today.

After validation and even after attaching DSC. There is Error while filing " Invalid Summary Payload ".
If it is an error is should be a validation error and should be detected in offline utility.
Now GST Grievance after raising query for 5 times on the fifth time gave this solution...

Dear taxpayer, your issue for "Invalid summary payload" is a genuine error. This error comes when you enter columns values of length 14 (digits) and Decimal digits or 15 (digits),2(Decimal digits) and sub totals having 14,2 or 15,2 length. You are requested to enter values less than 14 digits and decimal value don't enter please rectify your decimal values , enter the round figure in editable columns. And then you can check and try filing form now. Please raise another ticket if you face any other issue. Thanks, Team GSTN.


I found that there are two digit decimals. I removed and rounded off. However auto populated digits having two digit decimals cannot be changed. Still error exists.
Column length including Rs symbol and comma exceeds 15 digit. But of course I cannot change 10 crore to 1 crore just to fit in the column.

Please help.

A resident company is making commission payment to a Non Resident. Is there any liability of Withholding tax? The resident company has obtained the TRC of the non resident. Please suggest. Its urgent.

Hello,

I've received ITR notice u/s 143(1)(a) for AY 2019-2020. It says "claim of dedcution u/s 10(10) -
death-cum-retirement gratuity received is more than the threshold limit"

I received amount of Rs. 2 lakh as a gratuity payout from my previous employer upon resignation after completing 5 years. While filing return, I showed it under section 10 (10). But it seems this claim has not been accepted by IT.

I feel the claim is correct and the amount is very well below threshold limit. And the gratuity amount is calculated as per recommended formula of 1Month Basic Salary X 15/26 X Completed Years.

So should I just go to IT dept. website and 'Disagree' with the demand and give my explanation in plain english? Or do you suggest anything more?

Thanks in advance for your help.

I am selling readymade clothes and fashion jewelry through WhatsApp. My customers are within my city means I don't sale anything outside my State.

My annual sale is less than 3 lakhs.

Is my business e commerce business because I am selling through WhatsApp?

Do I need to have GST registration for my WhatsApp business?

Respected Sir,

Please help me on the below given issue as the ITR has been treated as defective return. I shall be highly obliged to you for your guidelines.

error description
============
As per rule 12 (1)(ca), a person deriving income under the
head “profits or gains from business /profession” and
such income computed in accordance with special
provisions of section 44AD or 44AE or 44ADA, is required
to furnished return in ITR-4. The Return of Income is filed
using ITR 4, however, income from business or profession
under section 44AD or 44AE or 44ADA is not disclosed

Probable Resolution
==============
ITR 4 is not applicable to your case since income from
business or profession under section 44AD or 44AE or
44ADA is not disclosed. If you do not have any income from
business or profession under section 44AD, 44AE or
44ADA, then kindly file corrected Return using ITR 2 (for
individuals and H.U.F) or ITR 5 (In case of Firm)

Hope u will please guide me

With kindest regards

yours tarique rizvi

982 1630 130

One of my Client sold his land on 90 Lakhs on last October,2019. But he dont want to buy a new house. So whats the best way to save his Capital Gain Tax???

Hello,

My employer is registered with the EPFO and deposits employee contribution every month into employee's EPF account.

My basic pay is 68,000 per month. I have 'opted-in' for contribution of my salary to my EPF account. I noticed that my employer is only deducting 1800 from my salary for contribution to the PF. Similar are the contribution of the employer to my EPF and EPS account.

As per my understanding, I can contribute no less than 12% of my basic to the EPF and employer has to do the same. Am I missing something here?

I reached out to the finance team and I got the answer that they are doing the same for other employees as well and hence cannot change the contribution for me. However, most of the employees have 15000 as their basic salary. Is there anything that can be done? Should I raise a complaint with the regional provident fund officer?

Thanks for the help.

Regards,
Pinkesh Shah