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Ritesh Singh
I will get salary from 2 employers, will it be an issue?
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Shivesh Goel
If Property sold in name of Wife and consideration Received in Husband's Account, Whether clubbing provision will attract or wife should be charged capital gain tax. Further Husband didnt transfer consideration amount to wife account and cant transfer now.
please connect on 7679875546
CA Rahul Dwivedi 29 Jul 2021Dear Mr. Shivesh,
As the property sold was in the name of wife so as per general principal it will be taxable in the hands of wife even though the consideration received in Joint A/c or your account. However there are chances of applicability of clubbing provision under Section 64. Detailed discussion required for further assistance and planning purpose. For that you can reach me on ca.rahuldwivedi@gmail.com or 9004485377
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Aman Upadhyay
Hey i'm acting as a broker between two parties, one is a producer and second is a buyer. Buyer party is from USA and producer is in India itself. How can i get the large advance payment in my account so that i can buy at lower price and sell tgem at high prices to the buyers. Buyer party is ready to transfer the advance payment, please suggest how should i Ccept the payment without getting into any legalities.
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Shivesh Goel
Finance Act 2021 inserted an explanation to clause of Section 36(va) (related to payment of Employee’s Contributions to PF ESI before due date)
“For the removal of doubts, it is hereby clarified that the provisions of section 43B shall not apply and shall be deemed never to have been applied for the purposes of determining the "due date" under this clause”
Also FA 2021 inserted an explanation to 43B
“For the removal of doubts, it is hereby clarified that the provisions of this section shall not apply and shall be deemed never to have been applied to a sum received by the assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 applies.”
Questions arises
1.Whether Rulings of High Courts of India regarding Allowance of Employees Contribution to PF ESI after due date of fund but before 139(1) still stands?
2.Whether it is applicable from AY 2022-23 or will have retrospective effect?
3. Appeals pending before CIT(A) or ITAT of earlier AYs in respect of above Point (Disallowance of EPF/ESI) still valid or AO will reject the case and will raise the demand?
Please Clarify.
No after insertion of this explanation the ruling will not stand atleast after 01.04.21
People are challenging it's retrospective effect.
As per my understanding from AY 2020-23 delayed payment of employees contribution is disallowed. However retrospective effect is under litigation. If we interpret the wording wording used in the section it seems that it has retrospective implication
T&C applyV
Vaibhav Verma
I am giving my dad 6 lacs to buy a car. We both are salaried persons. Will my dad be liable to pay tax on that 6lacs?
No, it is not taxable. Since your dad is your relative as per Income Tax Act. But you should form a Gift deed for such transfer. For more details contact 9587334442 or Email at rakshit1192@gmail.com
CA Rahul Dwivedi 28 Jul 2021Not taxable
T&C apply
