Daily Archives: August 1, 2015

RTI income tax return Can not be Disclosed

Right to Information, RTI income tax return  Question:  Whether details disclosed by a person in his income-tax returns are personal information  which can not be disclosed under Right to Information Act ?   Answer ; Details disclosed by a person in his income-tax returns are ‘personal information’ which stand exempted from disclosure under clause (j) of section 8(1) But if the… Read More »

Sale of Cement and Cement bag are taxable separately

Question  : Whether sale of Cement and Cement bag are taxable separately, when it is established that Sale of Cement and Cement Bag are separate transactions ? Answer :sale of Cement and Cement bag are taxable separately if it is established that sale of cement and bags are separate transaction. A reading of the invoice would clearly… Read More »

condonation of delay

Question : Whether the length of delay is relevant for considering the application for condonation of delay ? Answer : No, The length of delay is not relevant for considering the application for condonation of delay. What is relevant is as to whether a party seeking condonation of delay has made out a case of… Read More »

Penalty for Not filing TDS Return

Question  : Can the Assessee claim that he was not aware of the provision of filing of the TDS returns and hence Penalty for not Filing TDS Return Should not be Imposed ? Answer No, In case, the explanation of the assessee is accepted, then it would give an open licence to all the concerned persons… Read More »

Possession of Capital Asset

Question ; Whether handing over the Possession of Capital Asset amounts to Transfer u/s 2(47) and hence liable for tax on capital gain ? Answer:No,   Even if possession is handed over to the developer, there is no transfer  if the developer has only paid an interest-free advance to the assessee to meet expenses. Capital gain… Read More »

stamp duty on LLP

Query:  We have a query regarding the amount of stamp duty on LLP Agreements as on what basis stamp duty is paid? Answer: Since Stamp Duty is the subject reserved for the States, the LLP Act does not contain any provision for treatment of stamp duty issues. The stamp duty payable will depend upon the relevant Stamp… Read More »