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Taxchopal Latest Questions

girishgadiya108@gmail.com
Beginner
Asked: In:

  1. CA Manish Kumar Gupta Enlightened

    Hi, An elevator is treated as a part of the building. An elevator is an integral part of the building and doesn't have a separate identity i.e it cannot be sold as individual peace. It is designed and assembled as per the requirement of a building which makes it an integral part of the building. WeRead more

    Hi,

    An elevator is treated as a part of the building.

    An elevator is an integral part of the building and doesn’t have a separate identity i.e it cannot be sold as individual peace. It is designed and assembled as per the requirement of a building which makes it an integral part of the building.

    We can refer to the explanation of section 17 (5) of the CGST Act as  the expression “plant and machinery” means apparatus, equipment, and machinery fixed to earth by foundation or structural support that are used for making outward supply of goods or services or both and includes such foundation and structural supports but excludes-

    (i) land, building or any other civil structures;

    (ii) telecommunication towers; and

    (iii) pipelines laid outside the factory premises.

    Section 17(5)(d) does not allow to take ITC on goods or services or both received by a taxable person for the construction of an immovable property.

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CA Vishnu Ram
Enlightened
Asked: In:

  1. CA Vishnu Ram Enlightened

    Difference between Section 112 and Section 112A of Income Tax Act, 1961 1. Both sections cover the following Long Term Capital Asset:- Equity share in a company Unit of Equity Oriented Fund Unit of a business trust 2. Both the sections are related to tax on long-term capital and charged @ 10% subjecRead more

    Difference between Section 112 and Section 112A of Income Tax Act, 1961

    1. Both sections cover the following Long Term Capital Asset:-

    • Equity share in a company
    • Unit of Equity Oriented Fund
    • Unit of a business trust

    2. Both the sections are related to tax on long-term capital and charged @ 10% subject to fulfilment of conditions specified therein.

    S.No. Particulars Section 112 Section 112A
    1. What type of LTCA covers? Applies to transfer of all Long Term Capital Assets defined as per section 2(29A) of the Act. Applies to transfer of only following Long Term Capital Assets:- 

    • Equity share in a company
    • Unit of Equity Oriented Fund
    • Unit of a business trust
    2. Condition of payment of STT Applies on transfer of LTCA whether STT is paid or not. Applies only when following conditions are satisfied:-
    LTCA STT Paid
    On Acquisition On Transfer
    Equity share in a company Yes Yes
    Unit of Equity Oriented Fund No Yes
    Unit of a business trust No Yes
    However, above conditions are not applicable if transfer covers under sub-section (3) or (4).
    3. Tax Rate Tax Rate @ 20% or 10% Tax Rate only @ 10% in excess of Rs. 1 lakh.
    4. Exemption of Rs. 1 lakh No Yes
    5. Applicability Inserted by Finance Act, 1992 Inserted by Finance Act, 2018. Applicable w.e.f. 01-04-2019
    6. Relief u/s 87A Yes No
    7. Indexation benefit as per 2nd proviso to Section 48 Yes No
    8. Mode of Computation of Capital Gain in foreign currency in case of NR (1st proviso to Section 48) Yes No

     

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CA Sanjiv Kumar
Enlightened
Asked: In:

  1. Advocate Dr Amit Dua Explainer

    There is not any direct interest on Late filling of ITR. (this may Impose Penalties) But, If you do not file income tax returns on or before the due date, you would be required to pay interest at the rate of 1% for every month, or part of a month, on the amount of tax remaining unpaid as per sectionRead more

    There is not any direct interest on Late filling of ITR. (this may Impose Penalties)

    But, If you do not file income tax returns on or before the due date, you would be required to pay interest at the rate of 1% for every month, or part of a month, on the amount of tax remaining unpaid as per section 234A.

    It’s important to note that one’s ITR cannot be filed if one hasn’t paid the taxes.

     

    Penalties :

    Late Filing Fees u/s 234F

    Effective from the FY 2017-28, a late filing fee will be applicable for filing your returns after the due date under section 234F. For instance after due date for FY 2020-21  which is 31st Dec 2021.

    The maximum penalty is Rs. 10,000. If you file your ITR after the due date (30th Sep) but before 31 December, a penalty of Rs 5000 will be levied.

    For returns filed later than 31 December of the relevant assessment year, the penalty levied will be increased to Rs.10,000.

    There is a relief given to small taxpayers – the IT department has stated that if the total income does not exceed Rs 5 lakh, the maximum penalty levied for delay will be Rs 1000.

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