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SkyRise - Investments SkyRise deals with Equity, Mutual Funds

1. INCOME TAX : If either the assessee has offered income or the Assessing Officer in the earlier assessment year has assessed the income under particular head which originally was assessable under different head, i.e., capital gain even though the same was liable to be assessed under the head business or profession, then there is no embargo either on Assessing Officer or on the assessee to show income or loss under head business or profession in subsequent year. The assessee can always point out in subsequent year in which it is claiming any deduction or loss, that income offered in earlier year was not shown under correct head and in this year same is assessable under correct head which is income or loss from business or profession. Thus, the claim regarding allowability of the business loss has to be determined by the Assessing Officer in year in which loss has been claimed in profit and loss account and assessment of corresponding income as capital gain in an earlier year will not be binding on the assessee and it is always open to assessee to point out that it is to be assessed under correct head, i.e., business.
2. The CBDT has notified new Rule 114-I which prescribes uploading of annual information statement in Form 26AS in the registered account of assessee. A new Form 26AS has been notified for reporting of information related to TDS/TCS, specified financial statements, payment of taxes, demand & refund, pending & completed proceedings & any info. in relation to sub-rule(2) of 114-I which includes info. received under agreement referred to in section 90 or 90A.
3. COMPANY LAW : Section 2(h) would be applicable only if a body is owned, controlled or substantially financed, directly or indirectly by funds provided by appropriate Government; petitioners who were substantially financed by companies owned by State Government could be said to be covered by definition of 'public authority' under section 2(h)(d)(i)

CA Kuldeep Singh
FCA, DISA
Partner
Singh Suri & Company
Chartered Accountants