i have filed itr of a.y 2017-18 after due date loss of that company 9500/- in that year. and i have filed itr of a.y 2018-19 before due date losses in that year 28789 now i just filing itr for a.y 2019-20 profit for the year 41702 now can i adjust loss for a.y 2018-19 amt of rs 28709/- . i cant adjust loss for the a.y 2017-18 bz i have filed itr after due date than what i do pls suggest me what i treat of amt of rs 9500 in book of account...????
ABC Pvt Ltd, a finance company had made a Gold Loan Advance of Rs 25000 in cash to customer on 10/08/2019 and the Customer Repaid it in cash amounting Rs 28500(including interest) on 10/09/2019.
1. Provide Expert opinion on Applicability of Sec 269SS and 269T on the above transaction.
2. In above transaction, which person will be held liable for the Sec 269SS and 269T (company or Customer)?
Please advise whether the clubs registered under Societies Registration act 1860 should have to pay income tax if not registered under sec 12 of IT act
Below case laws the above provision is not applicable for Trust Since Its part of Budget 2018 so same Should be applicable after 01/04/2019 In the case of Mrs. Sushila Mallick vs. ITO reported in 19 com233, the Honâ€™ble Lucknow ITAT has held that the brokerage had been paid on account of sale of the properties, the income of which had been shown under the head â€˜short-term capital gainâ€™. The selling of properties was not the business of the assessee and, as such, the amount involved in the transaction relating to the selling of properties was not the part of turnover of the assessee. In view of same the Honâ€™ble ITAT held that in facts of the case the provisions of Section 40(a)(ia) of the Act is not applicable. â€¢In the case of Mahatma Gandhi Seva Mandir vs. DDIT(Exempt) reported in 21 com321 the Honâ€™ble ITAT has held that the exception in Section 40 is carved out, only for the purpose of Section 28 and not for computing the exemption of income of a charitable trust under Section 11. The disallowance made under Section 40(a) will only go to enhance the business profit of an assessee whose income is assessable under Section 28 and not otherwise. Hence, provisions of Section 40(a) are not applicable in case of charitable trust or institution where income and expenditure is computed in terms of Section 11. Mahendra Doshi 15/09/2019