Experts panel Compliation of FAQ – Income Tax Act

Query asked by : CA Tirth Shah, Surat

Question : What would be the litigation if the clause under which tax audit is conducted is wrongly mentioned u/s 44AB instead of 44AD

Answer : There is no audit under section 44AD, audit has to be done only under section 44AB.

By – CA Pramod Jain, New Delhi

Query asked by : CA Deepak Gupta, Sirsa

Question : Does job work business covered under section 44AD

Answer : Yes, Job work business will be covered under presumptive taxation.

By – CA Manoj Pahwa, New Delhi

Query asked by : CA Nidhi, Ahmedabad

Question : What is the time limit can the AO initiate the penalty proceeding under section 270A, in case there is an addition in the order under section 143(3) and it is mentioned that penalty proceedings under section 270A are initiated separately

Answer : Penalty proceedings u/s 270A should be initiated during the course of assessment proceedings only.

By – CA Charmi Shah, Mumbai

Query asked by : CA Sejal Maniar, Surat

Question : For audit of LLP having turnover of 40 lakhs but capital more than 25 lakhs, audit is required to be done under LLP act than do we have to upload form 3CA or 3CD

Answer : Form 3 CA will be uploaded.

By – CA Manoj Pahwa, New Delhi

Query asked by : CA Indul Garg, New Delhi

Question : Is Payment limit of cash per person per day of Rs. 10000 is also applicable for property tax

Answer : No payment made to Central or State Government is exempt.

By – CA Manoj Pahwa, New Delhi

Query asked by : CA Neeraj Lamba, Chandigarh

Question : Under which section TDS will be deducted on salary paid to NON resident Indian

Answer : No TDS is deductible Salary for services rendered outside India.

By – CA Pramod Jain

Query asked by : CA Nagendra Dandu, Kurnool

Question : Is delay in filing form no.10 be condoned for AY 2017-18. Can the form 10 be filed during the scrutiny proceeding

Answer : Though the Act has been amended.. however one should file the same ASAP and try to take benefit of few case laws on the said issue..which are in favour of the assesse

By – CA Pramod Jain, New Delhi

Query asked by : CA Sumesh, New Delhi

Question : Whether tax is required to be collected under income tax on total bill amount (i.e. including GST) or excluding the tax component. There is a circular, but it relates to TDS. Whether same can be relied for TCS also

Answer : Yes…it is required.

By – CA Pramod Jain, New Delhi

Query asked by : CA Bharat, New Delhi

Question : Can short term carry forward debt loss of FY 2018-19 be set off against short term capital gain of FY 2019-20

Answer : Yes.. STCL can be set-off against STCG in next year.

By – CA Pramod Jain, New Delhi

Query asked by : CA Rahul, Chandigarh

Question : A partnership firm was formed in Dec, 2018 to start a manufacturing business. Till now, Land has been purchased in firm name Building has been constructed Machinery is being installed.
Now partners want to incorporate a New Private Limited to take over the firm so that benefit of 15% Corporate tax rate can be availed. Will 15% benefit will be available to the new company

Answer : No. The new company would not get the benefit as it would be reorganization of existing facilities.

By – CA Pramod Jain, New Delhi

Query asked by : CA Navneet Jerath, New Delhi

Question : Is an Assessee entitled to a refund claimed in a return filed under section 148

Answer : Yes…Legally allowed

By – CA Pramod Jain, New Delhi

Query asked by : CA Yogesh Sethia, Durg

Question : Mr.X has two house property house 1 and house 2. He claims house 1 as self-occupied property and house 2 as deemed to be let out. My question is can he claim house 2 as self-occupied property in subsequent year and house 1 as DLO.

Answer : Yes…he can do that.

By – CA Pramod Jain, New Delhi

Query asked by : CA Rahul, New Delhi

Question : A person transfer some amount to his relative and transfree make FDR with that amt. Interest income would be taxable to whom and who claim the benefit of TDS deducted by bank.

Answer : Except for gift made to spouse and daughter in law… interest is taxable in hands of receiver. In these two cases income is clubbed in the hands of donor.

By – CA Pramod Jain, New Delhi

Source : Experts Panel

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Tags : Income Tax