income tax act 1961

Introduction 1. The Council of the Institute of Chartered Accountants of India has issued Accounting Standard (AS) 6 on ‘Depreciation Accounting’. This standard lays down general principles of accounting for depreciation applicable to all entities. As such, the Standard is applicable to companies also in matters where there are no specific requirements under the Companies [...] Full Article

Section 35(1)(ii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved scientific research associations/institutions NOTIFICATION NO. 57/2009, Dated 9-7-2009 It is hereby notified for general information that the organization Eye Research Centre, Chennai has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the [...] Full Article

Section 35(1)(iii) of the Income-tax Act, 1961 – Scientific research expenditure – Approved social science or statistical research or associations or institutions Notification No. 60/2009, dated 31-7-2009 It is hereby notified for general information that the organization Institute of Rural Management, Anand, Gujarat has been approved by the Central Government for the purpose of clause (iii) of [...] Full Article

SUMMARY OF CASE LAW There is no provision for deduction on account of brokerage paid in connection with renting out of the property; merely because the brokerage may have been paid out of the rental income, it cannot be said that a charge has been created in the property much less an involuntary charge; thus, [...] Full Article

1. Agricultural income: Any income which you receive as income from any agricultural activity is deemed as not included in total income. If your father is into agriculture and he gives you a part of the income as a gift, then you don’t need to pay tax on it, provided, your father files his tax [...] Full Article

Limited liability partnerships (LLPs) have been the flavour of corporate jurists all over the world in the past 15 years. The concept looked attractive. India passed the Limited Liability Partnership Act in 2008, providing the legal framework for the formation of LLPs. The Act came into force on April 1, 2009. The tax aspect has [...] Full Article

SUMMARY OF CASE LAW The payments made by the applicant to the British company are in the nature of business profits; in the absence of there being any permanent establishment of the British company in India, this income is not at all taxable here; since this income is not chargeable to tax under the Income-tax [...] Full Article

SUMMARY OF CASE LAW The Indira Vikas Patras are capital asset as per provisions of section 2(14) of Income-tax Act, 1961; the tax leviable on transferable/ tradable assets prior to the maturity is under the head capital gain tax in the case of the investor. Full Article