chinnu

Away

[chinnu @chinnunpsm]

If SC < FMV for unquoted shares, 50CA will trigger for transferor & 56(2)(x)[>50k] will trigger for transferee. Transferee can take 56(2)(x) IFOS as COA u/s.49(4).

Now, Whether above will apply for rights entitlements (of unlisted co.), in case of renunciation for zero amt?

[chinnu @chinnunpsm]

[17(5)(c)/(d)- his own account, further supply, capitalisation, blah blah..]

Is ITC available on:

1. G&S inputs for comm. building constrtn used soley for let-out purposes

2. W/c services recvd by builder for sale of commercial apts (either independent or located in Non-RREP)

[chinnu @chinnunpsm]

Even if txn is subject to RCM levy, to qualify as supply u/s.7, 'in the course or furtherance of biz' is to be checked frm supplier pov only & not recipient pov.

[chinnu @chinnunpsm]

Does gross-up tax (195A) allowable as expenditure?

Is it included in Value of Supply under GST? [RCM or FCM]

[chinnu @chinnunpsm]

'Retired' means right was exercised & cash award for price diff. was recvd after employment termination.

[chinnu @chinnunpsm]

Cashless exercise of ESOP (no allotment, only diff. b/w Mkt Price & EP is settled. Just like call option in derivatives)

FMV - EP is taxed as perk.
But CMP - FMV is taxed as........?

Case 1 - In employment
Case 2 - Retired

[chinnu @chinnunpsm]

TDS on salary needs to be deducted on payment basis. As such, no disallowance for O/s salaries on which no tds deducted in such relevant FY.

[chinnu @chinnunpsm]

Although banks compel, 15CB(along with PartC-15CA) is technically not required for 'repatriation of capital gains'. (Assuming tax is already paid via tds/Adv.Tax/SAT) Isn't it?

[chinnu @chinnunpsm]

TP is Regd. Takes res. apts on lease and rents it out to regd corps for their staff acmdtn [sublease]

Law doesn't talk abt ownershp/end-use of apts or reg status of suplr. Apts has to be res. dwlg & recpnt must be regd.

Both inward & outward is RCM & 18% is rev. loss. Isn't it?

[chinnu @chinnunpsm]

[Acq. of immov. property / unquoted shares from NR or FC]

Will deeming provisions of 50C/50CA apply in case of 195 Tds Obligation?

[chinnu @chinnunpsm]

❌️Mistake in original tweet.

[chinnu @chinnunpsm]

If u r investing in US STOCKS, u should mandatorily file ITR even if u made "zero" gains/dividends or even had no taxable income.

Further unsold stocks as at 31st march has to be disclosed under Schedule FA.

[chinnu @chinnunpsm]

Above mandatory req is only for ROR.

Sch FA is filled on calendar year basis.

Cost of share details given in Sch FA shall again be included in Sch AL (if TI >50L), as per Q.14 of circular 18/2019.

Shares listed o/s India not req to be reported as 'unlisted eq', as per Q.4

[chinnu @chinnunpsm]

[NRI - SPECIAL RATE]

Div frm Cos (All) & MF (if bought in Foreign Currency) are taxable at special rate of 20% u/s.115A(1)(a)(i) & 115A(1)(a)(iii) respectively. Otherwise, MFD are taxable at normal rate only.

Does 115A still apply if NRI considers securities as SIT?

[chinnu @chinnunpsm]

Dividend doesn't include MF dividend ('Income from units'). By entering MFDs in dividend field of ITR, u could be wrongly availing max.15% sur. cap & 234C relief, if any, for them.

[chinnu @chinnunpsm]

@sandeepjain112 If ur tax software has separate field for 'Income from units', enter there.

But if u r using dept. utilities, enter in 'Any other Income (pls specify nature)' field.

Hope it helps!

[chinnu @chinnunpsm]

What would be your answer to following LFAR Question? 😀

[chinnu @chinnunpsm]

So it's time to use MROUND Function.

[chinnu @chinnunpsm]

[WEF FY 21-22]

For AS based FS, it is MANDATORY to do ROUNDING-OFF of figures to nearest 100,1000,Lac,Million,Crore depending upon Total Income(formerly known as Total Revenue) of the Co.

"May" replaced with "Shall" & "T/o" with "TI" in 4(i) of General Instructions to Sch III.

[chinnu @chinnunpsm]

Just bcz taxpayer offered Income in 153A Return after 'Search' doesn't mean that he can escape from 115BBE.

[chinnu @chinnunpsm]

@mehtaparth2508 @SantoshNankani1 @CA_HarshilSHETH @akhilpachori @CAChirag @ajain_aca @mehulshahca @BhanwarBorana But last opportunity to mention in 139(1)/(5) already expired on 31.12.21 for FY 20-21.