Sec175
This query is : Resolved
05 October 2013
sir
as per section 175 of income tax act
person trying to alienate his assets with a veiw to avoid tax will be taxed in P.Y. itself.
how property are taxed in this act and how he can avoid tax?
Message likes :
1 times
05 October 2013
Notwithstanding anything contained in section 4,
if it appears to the 2[Assessing] Officer during any
current assessment year that any person is likely
to charge, sell, transfer, dispose of or otherwise
part with any of his assets with a view to
avoiding payment of any liability under the
provisions of this Act, the total income of such
person for the period from the expiry of the
previous year for that assessment year to the
date when the [Assessing] Officer commences
proceedings under this section shall be
chargeable to tax in that assessment year, and
the provisions of sub-sections (2), (3), (4), (5)
and (6) of section 174 shall, so far as may be,
apply to any proceedings in the case of any such
person as they apply in the case of persons
leaving India.
if it appears to the 2[Assessing] Officer during any
current assessment year that any person is likely
to charge, sell, transfer, dispose of or otherwise
part with any of his assets with a view to
avoiding payment of any liability under the
provisions of this Act, the total income of such
person for the period from the expiry of the
previous year for that assessment year to the
date when the [Assessing] Officer commences
proceedings under this section shall be
chargeable to tax in that assessment year, and
the provisions of sub-sections (2), (3), (4), (5)
and (6) of section 174 shall, so far as may be,
apply to any proceedings in the case of any such
person as they apply in the case of persons
leaving India.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Itr 1 processing
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
