Can unabsorbed depreciation be adjusted with salary income?
Can unabsorbed depreciation be adjusted with salary income?Reviewed by Admin on Mar 31.Rating: While it is generally known that there is absolutely no loss which can be adjusted with Salary income...
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Can Insurance Agent or Chartered Accountant take benefit of Section 44AD?
Can Insurance Agent or Chartered Accountant take benefit of Section 44AD?Reviewed by Admin on May 14.Rating: The title of this blog post could easily be “How to differentiate between business and...
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Calcutta HC: Tax Related To Next Year Paid in Advance Is Allowable in Year of...
Calcutta HC: Tax Related To Next Year Paid in Advance Is Allowable in Year of Payment Only !Reviewed by Admin on Jul 27.Rating: Calcutta High Court in recent order in case of Paharpur Cooling Towers...
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For Depreciation ,Actual Sale Price Should be Reduced , Not Stamp Duty Valuation
For Depreciation ,Actual Sale Price Should be Reduced , Not Stamp Duty ValuationReviewed by Admin on Oct 11.Rating: The rule of market value as per stamp duty authority valuation was being applied to...
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No Cessation of Liabilities Even if Creditors Not Available !
No Cessation of Liabilities Even if Creditors Not Available !Reviewed by Admin on Apr 25.Rating: 5.0No Addition u/s 41(1) Even If Creditor is Not Found Liabilities do not cease to exist merely because...
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Depreciation:Tippers, Vibrator and Vibrator Soil Compactor Are ‘Commercial...
Depreciation:Tippers, Vibrator and Vibrator Soil Compactor Are 'Commercial Vehicle' Reviewed by Admin on Jun 30.Rating: 5.0Depreciation @ 40 % on :Tippers, Vibrator and Vibrator Soil Compactor Punjab...
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Is Foreign Tax Deductible Expense ??
Is Foreign Tax Deductible Expense ??Reviewed by Admin on Jul 1.Rating: 5.0Controversial Decision: Foreign Tax Deductible u/s 40(a)(ii)ITAT, Ahmedabad bench has held that the term "tax" as given in...
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Can Loss in Commodities F & O Trade be Adjusted With Capital Gains ?
Can Loss in Commodities F & O Trade be Adjusted With Capital Gains ?Reviewed by Admin on Jul 28.Rating: 5.0Commodity Trading on MCX is Speculative Trade !Even after the recognition of MCX by CBDT...
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CBDT Disallows Expense on Freebies to Doctors by Pharma Companies !
CBDT Disallows Expense on Freebies to Doctors by Pharma Companies !Reviewed by Admin on Aug 3.Rating: 5.0Gift to Doctors by Pharma Companies Unethical & Illegal !CBDT has issued a circular stating...
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Is Provision @ 0.25 % of Assets of NBFC Allowable Deduction?
Is Provision @ 0.25 % of Assets of NBFC Allowable Deduction?Reviewed by Admin on Aug 5.Rating: 5.0NBFC : Provision as per RBI Direction Not AllowableIt has been held by Supreme Court that the provision...
View ArticleCommodity Derivative Transactions Are Business Activity Now !
Few years ago the nature of Future & Option trades in shares through NSE or BSE were made business income.Later , the nature of trades in foreign exchange derivatives conducted through MCX Stock...
View ArticleCommodity Transaction Tax Rules :Error in Notification !
CBDT has issued Commodities Transaction Tax Rules, 2013 which was the need of the hour as the Finance Act 2013 brought in the provision of a new Commodity Transaction Tax under Chapter VII of Finance...
View ArticleNo Tax Audit u/s 44AB in 6 Types of Busiensses Even if Turnover is More Than...
Tax audit u/s 44AB of the Income Tax Act is a necessary compliance by all person carrying on business when the turnover of the business exceeds Rs 1 Crore (10 million). Similarly , for persons...
View ArticleNo Adjustment of Brought Forward Business Loss or Unabsorbed Depreciation...
The issue regarding setting off of brought forward business loss with the gains on sale of business asset is an ongoing controversy. It is well known that section 50 of the income Tax Act treats the...
View ArticlePostal & Insurance Agents :What Deductions Allowed ?
The persons who are insurance agent or postal agents who receives commission for selling various kinds of investments and insurance products of insurance companies and postal department. One reader...
View ArticleMeaning of Turnover for Day Trading,Commodity Derivative & F & O in Shares...
The computation of business turnover is very important because many provisions applies on the basis of business turnover. For example, whether a business persons can opt for presumptive scheme u/s 44AD...
View ArticleBusiness Turnover : What to Deduct & What Not ?
The computation of turnover is important for any business , because two major provisions under Income Tax Act apply on the basis of turnover of business. For example , if a business is having turnover...
View ArticleCarbon Credit : 8 Frequently Asked Questions !
Carbon credits is the outcome of the Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) which is an international treaty that sets binding obligations on...
View ArticleCarbon Credit Income Not Taxable !
What is carbon credit and various important aspects of carbon credit was explained in previous post titled carbon credit 8 frequently asked question.The taxation issues still have to be settled , in...
View ArticleCalcutta HC: Tax Related To Next Year Paid in Advance Is Allowable in Year of...
Calcutta High Court in recent order in case of Paharpur Cooling Towers Ltd. vs CIT passed on 15 July 2011 delivered a very important issue regarding disallowance of tax paid u/s 43B of the Income Tax...
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