14 November 2019 at 18:19

Commodity trade taxation


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14 November 2019 at 18:06

Income Tax on Property

hi Team,
i am negotiating a settlement of refund ( Principal and Interest)with the builder as the possession is delayed for booked property. i have a question regarding the tax treatment of such money received
The Property was booked in 2012 and was supposed to be delivered in 2017, but not delivered till date
payments have been made between 2012 and 2017
Allotment letter was issued in Dec 2014, Agreement was signed in Apr 2013

1) I know that the Principal will be treated as Capital received hence no taxation
2) The interest that i receive will it be treated as a Capital or a revenue receipt
3) I have taken a home loan on the above property , and have not yet claimed any deductions under Chapter VI / Section 80C since it was an under construction property
My Questions
in case its considered as a Revenue receipt , can i deduct interest paid to the bank as expenses plus legal fees paid to lawyers etc as expenses and then pay tax ?
or will those deduction as expenses will not be allowed
All help will be truly appreciated

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I have inserted request to pre validate my bank account since July 2019. On Income tax portal my account profile setting shows
request submitted. It is not validated not rejected since last 3 months. I have received order but refund has not been credited. Pl. guide if any
one can advise.

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14 November 2019 at 13:01

Third party payroll service

Respected sir

we are taking third party payroll service for our organisation .
in which their employee will work for our organisation & labour law compliance will be done by third party payroll service provider.
for that they will raise invoice for salary of their employee working in our organisation & charges for providing payroll service .

whether tds will be applicable only for providing payroll service or tds will be applicable for salary components also ?
under which section tds will be applicable ?

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14 November 2019 at 12:31

Employee Gratuity Trust related

Dear Sir,

Please let me know, If existing Employee Gratuity Trust, if not having 2 trustees in between. what will be exact consequence as per income tax.

Case is, while carting the trust employer appointed 2 trustees. But, in between 1 Trustee left and after few month new trustee appointed.

Please let me know the consequence

Thank you,
Satheesh kumar P

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14 November 2019 at 12:11

Notice u/s 245

Hai frnds,

my client got intimation u/s 245 of outstanding demand for AY 2018-19 . At the time of filing ITR for the AY 2018-19, he omitted HRA exemption and some deductions of Sec80c due which his tax payable is more than TDS. Revision of return is not highlighting in efiling as the due date for revision expired and i think i should not do rectification for ommission. I request to suggest me how to deal with this situation. anticipating early reply Madhavi

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14 November 2019 at 11:48

Section 192

Can Advance tax paid by Employee in personal capacity , be paid adjusted against TDS to be deducted of his by the employer , and if yes , under which column can it be shown in form 16 and kindly quote the relevant sections or case studies.

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Kindly guide me on this,

Association was registered with societies registrar on 10.07.2018. First Agm has to be kept within 18 months. So, governing body has thought of keeping first agm around 15-12-2019.
One of the agenda is for approval of accounts for FY 2018-19 i.e, 10-07-2018 to 31-03-2019.

Now, the query is since its an association, how to get the auditor appointment letter. Can the association pass a resolution at their working committee meeting and appoint an auditor ?

Is there any rule that within 30 days auditor has to be appointed as is the case in pvt ltd co ?

Can anyone please help me out....

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we purchase cotton from farmers in cash for our cotton Ginning pressing factory. As per amendment in section 194N commission agent and traders operating under APMC are exempted from TDS on cash withdrawal above 1 CR . My concern is that weather cotton Ginning pressing can be considered as traders and get the exemption on cash withdrawal?

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Assessee (Senior Citizen) had filed his ITR showing rental income below taxable limits for AY 2K172K18. In addition to this, he had agricultural income which was not shown in ITR even for rate purpose, as his rental income was below taxable limits. No books of accounts were maintained by the assessee. He was maintaining bank account also and had obtained agricultural crop loan from bank. During demonetization period, he had deposited roughly Rs.12 lakhs cash into bank to square off agricultural loan. He had deposited similar amount in cash in earlier & later years also. Sales of agricultural produce was through cash and cheque.

Notice from the A.O. was received u/s 143(2) and 142(1) and replied through e-proceeding portal. Assessment Order u/s 143(3) was issued by the A.O. and he made the addition of the entire amount of Rs. 12 lakhs u/s 69A read with section 115 BBE. He had also assumed the agricultural income of Rs. 6 lakhs on the basis of commission agent statement given to him and allowed Rs. 1.50 lakhs for expenses. He has wrongly assumed a profit of 75% on sale of agricultural products. It was clearly mentioned in the reply that most of the agricultural products are sold in cash directly to buyers, and not through commission agent, and the deposit of Rs. 12 lakhs was through that sales, and out of past savings kept with the assessee, as the Indian Agricultural Economy is mostly on cash basis.

The A.O. has computed a demand of Rs. 10 lakhs on cash deposit of Rs. 12 lakhs. He has also issued a notice u/s 274 read with section 270A for under reporting of income, and also another notice u/s 274 read with section 271AAC(1), and also covered under section 115BBE.

We are planning to file an appeal to CIT (A). He has also given an opportunity to show cause, why a penalty u/s 270A and 271AAC(1), be not imposed on the assessee.

It is hereby earnestly requested to suggest some case laws for non addition of Rs. 12 lakhs u/s 69A, and Rs. 4.50 lakhs under Agricultural Income. Also suggest a suitable reply for Show Cause Notices.

Thanks in advance.

CA Y K SATIJA / DELHI / 9818722221 / 9873777335.

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