Answers On Category: Income-tax
  What is the new procedure for Registration of charitable Trust ?
What is the law and procedure to be followed for renewal of Registration as per new provision of Section 12AB of the Income tax Act, 1961 (Act)?


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  Can prosecution proceedings be launched before completion of assessment proceedings or pendency of appeal ?
Can the prosecution be initiated during the pendency and before the completion of assessment or during the pendency of Appeal before the appellate authority?


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  How many years the books of account and other documents shall be kept and maintained by the persons carrying on certain profession u/s 44A(3) of the Act ?
For Income tax assessment    For how much period the books of accounts are required to be kept under the Income - Act, 1961? 


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  whether sale of furniture is liable to capital gains tax ?
A House property is sold for a consolidated value of Rs.1 Crore along with furniture. Value for the purpose of stamp duty of the house property is 95 lakhs & furniture for Rs.5 Lakhs was mentioned separately in the agreement. What will be the treatment of Rs.1 Crore receipt for computing Capital gain on house property sale? Value of furniture being personal asset whether liable to tax or not?


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  Am I entitled to demand the assessment records of third parties under RTI?
I am interested in seeing the assessment records of certain third parties. Can I call for the same under the Right to Information Act?


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  One of our factories is shut for more than 2 years with no operations. Can we still claim depreciation?
We have two factories, one at Bombay and the other at Delhi. The factory at Bombay is operational. However, the factory at Delhi has been shut for two years with no activity. Are we entitled to claim depreciation on the assets installed there?


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  Can a co-op housing society compel members to pay donation?
A flat owner in a co-operative housing society has decided to sell the flat to a third party. As per the bye-laws No. 38 and section 38(e)(ix)of the Cooperative Housing Society, i.e., Notice of transfer of shares and interest in the capital/property of the Society, the Society cannot demand any transfer fees more than Rs.25,000. There is also Circular issued on 9th August, 2001 by the Government in respect of transfer fee by which the transfer fee of the immovable property within the Corporation limit is fixed as Rs.25,000. The said circular is still in force. The flat owner is…


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