income tax act

Brokerage could be claimed as collection charges if as per the agreement, it is the responsibility of the broker to collect the rent but provision relating to deduction on account of collection charges in sub-clause (viii) of section 24 stand deleted from Assessment year 1993-94 and collection charges are included in the lump-sum deduction of 1/4th of annual value allowable as deduction under sub-clause (i). Full Article

Stock broking firms on Monday argued before the Bombay High Court that they are entitled to claim depreciation costs on the value of their Bombay Stock Exchange (BSE) membership cards while calculating their tax liabilities. The Income Tax department has moved the court against more than 100 brokers saying that depreciation cannot be charged on [...] 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

CASE LAW DETAILS Decided by: ITAT, AMRITSAR BENCH, AMRITSAR, In The case of: Harjinder Singh v. ITO, Appeal No.: ITA Nos. 46 & 47 (ASR)/ 2008, Decided on: September 12, 2008 RELEVENT PARAGRAPH 12. The phraseology, syntax and language used/employed by the legislature in section 144, as quoted hereinabove, are amply clear. As per this section, inter alia, [...] 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

CASE LAW DETAILS Decided by: THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) NEW DELHI, In The case of: Cable & Wireless Networks India Pvt. Ltd., In re, Appeal No. AAR No. 789 of 2008, Decided on: June 30, 2009. RELEVENT PARAGRAPH 9. (1) The following incomes shall be deemed to accrue or arise in India :— (i) to [...] Full Article

CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `I’ : NEW DELHI, In The case of: Ujagar Singh Oberoi  v. ACIT, Appeal No.: ITA No. 3062/(Del.)/ 07, Decided on: May 29, 2009 RELEVENT PARAGRAPH 12. After hearing both the sides at length we hold that the following facts are not in dispute:- The assessee purchased the Indira Vikas [...] Full Article

Companies Act, 1956 A company is required to maintain its books of account and vouchers for a period of 8 years immediately preceding the current year. Licensed Companies u/s 25 of The Companies Act, 1956 is required to maintain its books of account and vouchers for a period of not less than 4 years. The [...] Full Article

CASE LAW DETAILS Decided by: ITAT, `B-1′ BENCH, MUMBAI, In The case of: ACIT v.Narayandas Sugnomal, Appeal No. : ITA No. 7051/Mum/2007, Decided on: May 26, 2009 RELEVENT PARAGRAPH 7. We have considered the issue. The learned CIT (A) has considered that there was a change of opinion by the A.O. and he deemed to have formed an [...] Full Article

CASE LAW DETAILS Decided by: HIGH COURT OF UTTARAKHAND, In The case of: CIT v RBF Rig Corporation, Appeal No :ITA NO. 71 OF 2007, Decided on: MAY 22, 2009 RELEVENT PARAGRAPH Whether, the ITAT has erred in law in holding that reimbursement of expenses on account of catering charges and fuel etc. to the assessee were not [...] Full Article