As per the provisions of Income Tax Act, any amount paid by way of dividend on preference share as well as reduction of pref.cap is to be treated as deemed dividend.
After showing this amount of dividend as well as part Redemption of preference share, the amount lying as a cost of Pref.shares,will it be allowed as deduction from other income without any limit ? If the cost and the redemption amount is less then the the dividend received ,can be show the income as negative in other sources.
Pl.advise.
CS Pankaj Ajmera
For AY 2020-21
Assessee: Individual
Source: Income from Business
Turnover: Between 1cr to 2cr (Having cash payments exceeding 5% of total payments, however cash receipts are less than 5% of total receipts)
Profit declared > 8% (Not opted for presumptive taxation u/s 44AD)
Whether the assessee is liable for tax audit u/s 44AB?
Please help me in solving this query.
A private limited company is being voluntarily liquidated. The I.T returns for the FY 2019-20 needs to be filed.
It has a business loss. The reason for business loss is the liquidation expenses. Almost 90% of the business loss is due to liquidation expenses (like remuneration paid to liquidator etc.).
The company has also got some Foreign Exchange gain during the FY 2019-20 which is part of business loss.
My questions are as follows:
a. Whether the liquidation expenses are allowable as a business expenses?
b. Whether business loss arising from the liquidation expenses can be set off with the Foreign Exchange gain?
c. Also do let me know if there are any provisions and case laws in this regard.
Thanks in advance.
Whether Foreign Exchange Gain or Loss is part of turnover.
Answer nowHello Team,
I have a little bit confused about the calculation of HP income related to AY 2020-21. Currently, I have two house property, one is used for self residence purpose and the second one is let out.
As per the latest amendment in I.T Laws, the assessee has the right to claim two house property as self -occupied consequently the value i.e. NAV of both houses should be taken as Nil irrespective of fact that the second house had given on rent. Further, as per my understanding, I cant able to take any benefit of section 24a & b except interest on housing loan i.e. INR 2,00,000.
My query is Can I considered second home NAV as NIL or considered rent as NAV particularly in respect of AY 2020-21?
Hi,
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Answer now
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
Taxation of dividend and redemption of preference shares