Aditya Maheshwari's Expert Profile

Queries Replied : 9425

I am a Chartered Accountant in practice in Mumbai in the field of Direct Taxation, Audit, Company Law Matters and LLPs.

My motto in life is "Prepare for the worst and expect the best"

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CA Aditya Maheshwari

B. Com., A. C. A., DISA (ICAI)

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MOHAMMADANISH S. JETHARA says : CALCUTE THE LTCG ON FOLLOWING CASE?
it is land before 1981 on father's name 2 acres transfer to son from father after his death.so in this case land's cost is not available.now son had improvement & doing various related exp.in f.y.2009-10 like N.A Exp,stamp duty & other related exp is approx 90000/-.then after this land improved as resident plot and 6 plot sale totally 260000/- to different customers on f.y.2010-11.how show that remaining plot in books of a/c. sheet. will long term capital gain applicable. & how saw this process in I.T return of f.y 2010-11.pls solution on it.if son purchase new agri land will applicable LTCG?

Ratan Sharma says : 143(2)
I have a querry plz see whether my contention is correct. Assessee filed return of income u/s. 139(4) for the A.Y. 2010-11 showing NIL return of income on 31/10/2011. A.O. issued notice y/s. 143(2) on Dt. 15/07/2011. I am going to challange the notice on following ground. As per Sec. 143(2) Where return has been furnished u/s. 139 or in response to notice under sub section (1) of section 142, the Assessing officer shall........... It means the notice u/s. 143(2) can be issued only when the return is filed in accordance with sec. 139 or 142(1). Sec. 139 reads as.... Every person (b) being a person other than a company , if his total income under this act exceeded the maximum amount which is not chargeable to income tax. Therefore where the assessee has filed his return of income showing income below the maximum chargeable to tax then such return is not covered by section 139. Therefore in such cases no notice u/s. 143(2) can be issued. The income tax act provides sec. 148 in such cases for assessment . If the A.O. feels then he can issue notice u/s. 148 but not under 143(2). Kindly communicate whether my contention is right in the eyes of law.

usha khatod says : sec 72A
Sir, one of my client is a pvt ltd company incorporated in 2008 and incurred accumulated losses including unabsorbed depreciation around 40 Lacs. It could not started any production activity due to import of defective machinery and now decided to drop the project itself. It has received advance for factory building against agreement to sale. Another pvt ltd. company in the same group with same shareholders is earning huge profit. Can I merge both these companies to get set off of losses in view of conditions mentioned in 72A & rule 9c regarding continuance of the same business and achievement of installed capacity.

Ashutosh says : Way Bill
What it is way bill? Why & when it is used? Is it used for all CST transactions or for specified items only?

Rachit says : TDS ISSUE
Dear Aditya, It would be great if you could provide your expert advice on the TDS issue mentioned hereunder: Facts: 1)The assessee maintains books on CASH SYSTEM OF ACCOUNTING 2)An amount has been invested in Fixed Deposit with the Bank for a period of 5-years. The Bank deducts TDS on the amount of interest ACCRUED quarterly. Quarterly TDS certificates too are issued by the bank and received by the said assessee in respect of this tax deduction. 3) Since CASH SYSTEM OF ACCOUNTING is followed by the assessee, he wants to show this entire amount of INTEREST ACCRUED every year BUT NOT RECEIVED as an INCOME in the 5th year, i.e. on actual receipt of Interest income. Query: 1)Can the assessee claim every year in his Income Tax Return the amount of Tax deducted (TDS) by the bank annually without showing the amount of accrued interest income? OR 2)Can the assessee claim the entire amount of tax deducted annually by the bank, in the 5th year, i.e. in the year when the amount of Interest is actually received and shown in the return of income?