IF I HAVE SALARY INCOME. I TAKE LOAN FROM MY PARENTS FOR MAKING BUSINESS OF FINANCING ON SMALL BASIS. I GIVE LOAN BELOW 50000/- AND TAKING CHEQUE FROM THE BORROWER. I OFFER THE INTEREST INCOME IN MY RETURN AND ALSO TAKE INT EXP WHICH I HAVE TO BEAR. WHETHER I HAVE TO TAKE LICENSE FOR FINANCING OR CAN I DO IN NORMAL WAY.

Sir
We are a Public Limited Company. Our Executive Director is paid Rs. 17000/- towards Flexi Allowance.
This Allowance is for reimbursing him expenses incurred on Hotel Lunch/Dinner with Business Associates. He submits bills and claims the amount. But Total Annual Reimbursement can not be more than 17000*12. But if he claims less in one month then he can claim more than 17000 in the next month but annual limit of 17000*12 can not be exceeded.
What about Taxability of this allowance. Basically this is reimbursement on production of bills. But in books it is mentioned as Flexi Allowance.

Same way he is paid Rs. 5000 per month towards Uniform Allowance. He submits the purchase bills of any clothes and gets reimbursement. In books it is mentioned as Director Uniform Allowance.

But actually he gets reimbursed on production of Bills.
Confirm its taxability also. He gets regular salary per month including above mentioned allowances.

I am having business of labour contract. I also lending some money as loan to our labourer and their relative on interest. whether I can give loan on interest basis or not. whether the interest income is legal or not. I also offered this interest income in my return. please give urgent reply.

A fixed deposit made for 90 days and on the maturity date i.e., before the end of the year ,the fixed deposit is not with drwan,at the end of the year ,how to treat the interest and fixed deposit in accounting

Dear Sir/Madam,
I have a doubt in regard to taxability of a Charitable Trust registered u/s 12A filing ITR-7 and claiming exemption u/s 11.
The Trust could not file its Income Tax Return for FY:2017-18 before specified date u/s 139. Hence, it cannot claim exemption u/s 11. What should be its taxable income in such case? Whether it is donations received or the income over excess expenditure?

Dear All,

Can you please advise on the tax impact (GST) of sale of leasehold improvements by the lessee to the lesser on termination of lease.

Hi-I filed my father’s ITR on time which was received by CPC office in October by post ( they sent me a mail confirming receipt ) . Its been 3 months now and the ITR is still not processed . I have no idea why its taking so much time this year . Please advise

Experts,
In August 2018 Lok Shabha passed Gst amendment Bill regarding following.

1- Uttarakhand state will remove from special and turnover for registration under gst will be 20 lakh
2-Amendment in section 17(5) changes in rent a cab itc available more than 13 pessanger.
Is ths amendment applicable now ??/

Respected experts during my training I have come across a situation which is related to section 24 and 27. Suppose a person, say Mr.A, from his own income, has bought a house in name of him and his spouse. For buying the house Mr.A taken a loan in his own name.
'Section 27 of the Income Tax Act,1961 states that an individual who transfers otherwise than' for adequate consideration any house property to his or her spouse, not being a transfer in connection with an agreement to live apart, or to a minor child not being a married daughter, shall be deemed to be the owner of the house property so transferred'
Now my question is 1) whether the above case comes under the definition of transfer?
2) since the loan obtained by Mr.A, whether the benefit of deduction of interest on the loan
taken above can be availed my Mr.A only?

Please suggest if there is any case laws related to the case explained below:

There was a Defect in issue of notice u/s 148, and 142(1) and later AO’s failure to issue notice u/s 143(2)
1.AO’s issued notice u/s 148 and u/s 142(1) on 22.03.2018, and thereafter to the address that did not pertain to the assessee. Assessee submitted his original return of income u/s 139 for AY 2011-12 and provided his address of Bengaluru in the said ITR. Assessee also updated his address in the PAN records, simultaneously upon relocating to Bengaluru in 2008. Since then, Assessee has been filing his return of Income declaring his address of Bengaluru in all ITRs.
2. The first communication assessee received about the proceeding u/s 147 was on 20.11.2018 from Income Tax Officer, Noida through email. Subsequently, the proceedings were transferred, Bengaluru, who, based on the income parameters of the assessee during PY pertaining to AY 2011-12. Upon receiving copies of notice u/s 148 and u/s 142(1) as well as intimation of transfer of proceedings from Noida, Assessee submitted his objections to these proceeding to the Bengaluru as well as to Circle 5(3)(1), and requested to the concerned AOs to drop these proceedings. However, no action was taken by the AOs on this objection.
3. Circle passed order of assessment without disposing off assessee’s objection to these proceedings. Such an act is against the principle of natural justice, and has been covered in several pronouncements of various tribunals, High Courts, and Supreme Court.
Therefore, in the absence of a valid notice and service thereof, the proceedings u/s 147 are liable to the rendered as invalid, and order u/s 143(3) is liable to be quashed.

Issuing notice u/s 143(2) is a procedural requirement, however, in the instant case, after submission of return of income in response to notice u/s 148, Learned AO failed to comply with this procedural requirement.
This lapse on the part of learned AO renders the proceedings and assessment void.

As apparent from order u/s 143(3), the Learned AO issued assessment order on 24.12.2018, however, issued a show cause notice only on 27th Dec. 2018. It, therefore, is very clear that the Learned AO had completed assessment, without giving opportunity to the Assessee to defend denial of claim u/s 54. An opportunity given after issuing the assessment order indicates that AO attempted to merely complete a procedural requirement of issuing show cause notice, and there was no real intent to either obtain or entertain assessee’s objections to such denial of claim.
Accordingly, the assessment proceedings suffer from denial of proper opportunity of being heard, and abuse of power.


Thank You.