Carbon 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...
View Article100% Donation Allowable If You Can Prove It Was For Business ! Sec. 80G is...
A businessman has to donate to many organization, some out of volition some due to trading activities. For example, there may be situation in which a businessman cannot trade in an area unless the...
View ArticleNo Disallowance for Short Deduction of Tax, Only Consequence is Interest u/s 201
Non deduction of tax has a severe consequence in form of disallowance of expenditure under section 40(a)(ia) is now something is known to almost all. Since the disallowance mean higher taxation for the...
View ArticleUndisclosed Income Can Be Adjusted With Business Loss !
It happens quite often that assessee declares or discloses suppress income or income , whether on psychological pressure from assessing officer or to buy peace with department or on being caught...
View ArticleFuture & Options Trading on Multi Commodity Exchange is Not Speculation Now!
Section 43(5) defines speculation business and also what is not speculation busienss .Previously National Stock Exchange (NSE) , BSE and NCEDEX have been notified as the recognised exchange for the...
View ArticleNo Disallowance for Cash Payment Exceeding 20000 if Profit is Estimated or...
Section 40A(3A) of the Income Tax Act prescribes law for disallowance of any expense in connection with which payments in excess of Rs 20,000 have been made in any cash. The provision has to be read...
View Article5 Situations Two Persons Can Claim Depreciation During the Same Year ?
The law of claiming depreciation on asset of business is regulated through section 32 of the Income Tax Act . Further Income Tax Rule provides depreciation rate for various class of assets. Now as it...
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