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Agriculture income

Direct Taxation

answered on 27-Mar-21 10:53

Manufacturing process employed on a agriculture produce (which cannot be sold in its raw form) and then sold ,will that constitute agriculture income or non agriculture?

latest answer

Cleared mam

Abhishek Purohit

Abhishek Purohit

CA Inter

10K+

6

418

Income Tax Audit.

Direct Taxation

answered on 27-Mar-21 12:54

If there is any limit for the Proprietor to raise the Capital through Cash?

latest answer

Yes. Sec 269ST

Balamurali Unnithan M S

Balamurali Unnithan M S

CA Inter

3K+

1

288

269SS

Direct Taxation

answered on 26-Mar-21 22:26

Please explain this provision? Limit of Rs.20000 is applicable for the whole year or for a single transaction?

latest answer

Thank u mam

Balamurali Unnithan M S

Balamurali Unnithan M S

CA Inter

3K+

2

301

Accumulated profits

Direct Taxation

answered on 26-Mar-21 12:08

Can anyone please explain what does accumulated profits mean as per definition used to define dividends in the act

latest answer

Read explanation 1,2, 2A of Sec 2(22)..... Accumulated profits include all profits of the company upto the date of distribution or payment referred to in sub clause (e).. In view of this judgment it is clear that all the reserves created by company would form a part of accumulated profits for the purpose of Section 2(22)(e). Accumulated profit for the purpose of this section is required to be calculated till the date of payment of each loan/advance. In case the date of payment falls within the year under consideration then the whole year profit will be taken into account proportionately

Sai Teja

Sai Teja

CA Final

14K+

1

267

Tax audit report

Direct Taxation

answered on 25-Mar-21 12:06

The company has not submitted tax audit report yet for FY 2019-20. What is the last date we can submit the belated report for the above FY along with penalty...? Can we submit even after end of FY 2019-20..?

latest answer

Yes. If a taxpayer who is liable to get a tax audit done but defaults in doing so, a penalty is charged on the taxpayer. The penalty that is levied on him or her is the least of the following: (i) 0.5% of the total sales or gross receipts or turnover (ii) Rs 1,50,000

Nayan Kumar

Nayan Kumar

CA Inter

0

5

305

Sec.194C

Direct Taxation

answered on 26-Mar-21 22:26

As per 194C - Any contract agreement as per IT Act.

latest answer

Ok Mam ..Thank u

Balamurali Unnithan M S

Balamurali Unnithan M S

CA Inter

3K+

6

353

Employment tax payable to Govt. was Rs. 2000 but he paid only Rs.1000 during the previous year against the due amount.

Direct Taxation

answered on 25-Mar-21 11:48

He can avail deduction under section 16 Rs . 1000 only Is that correct?

latest answer

Advance salary received by an employee is taxed in the year of receipt. Municipal taxes for house property are allowed if they are borne and actually paid by the owner. Similarly is this employment tax, as it is specifically given in the act

Gayathri K V

Gayathri K V

CA Inter

12K+

7

311

Unrecognised provident fund

Direct Taxation

answered on 22-Mar-21 13:57

Transfer of amount from unrecognised P.F to recognised P.F is included in the total income of employee at the time of transfer.will that result in taxtion of employee controbution ?

latest answer

Ok sir and one more query is there which is unanswered which I posted yesterday

Abhishek Purohit

Abhishek Purohit

CA Inter

10K+

2

306

Block money Act

Direct Taxation

answered on 22-Mar-21 12:19

Is this chapter is includes in DT paper? I saw this chapter in my elective paper but not able to see in DT. Is it means excluded from syllabus

latest answer

Thank you so much

M Sairam

M Sairam

CA Final

2K+

4

352

Leave Travel Concession

Direct Taxation

answered on 22-Mar-21 20:09

If f-block 2018-21 one journey made. Can I carry forward one remaining in that block 2018-21 to the next block 2022-25. Is that correct that the block of 2022-25 I can make three journeys. And one of such should made in 2022

latest answer

Yes, it can be carried forward to 2022-25, but journey should be made in the first year only ie in 2022

Gayathri K V

Gayathri K V

CA Inter

12K+

3

308

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