Under the Income tax Act, 1961 Profit or gain from Business or profession is considered income and such income is chargeable to tax. The expenses incurred in relation to business can be deducted from the revenue from Business or profession. However, there is certain restriction on such deduction of expenses.
DCIT Vs Ramesh Madhavrao Bhujang (ITAT Mumbai) It is undisputed fact that the assessee had acquired the right in the property pursuant to allotment letter dated 10/03/2008, a copy of which has been placed on page number-111 of the paper-book. The assessee has made the full payment of Rs.83.30 Lacs by 25/06/2008. The said fact […]
W#e are of the view that the transfer of T&D Division of the assessee-company was not in a manner prescribed in section 2(19AA) so as to treat the same as demerger for the purpose of Income Tax Act and the benefit of section 47(viia) was not available to the assessee-company as rightly held by the Assessing Officer.
Pr. CIT Vs Prakashkumar Bhagchandbhai Khatri (Gujarat High Court) Where assessee, in terms of agreement with company for development and consideration of land owned by assessee, had received trade advances, the same were not loans, therefore, section 2(22)(e) was not attracted. The Tribunal while confirming the view of CIT(A) opined that amount in question was […]
CJ International Hotels Ltd. Vs DCIT (ITAT Delhi) Tips for hotel employees included and paid by customers and collected by the employer and disbursed to the employees do not amount to salary or profit in lieu of salary or payment made by or on behalf of the employer, as such provisions requiring deduction of tax […]
As we are rushing towards the Tax audit due date, I thought its worthy to attempt a write-up on a concept that holds significant place in accounting of taxes of a business(i.e) Deferred Tax.
Key Issues in GST Audit & Reconciliation of Financial Statements with GST Returns (Video) Recently the Government vide Notification No. 39/2018 – Central Tax dated September 4, 2018, had notified GST Annual Return Formats viz. GSTR-9 (for regular taxable persons) and GSTR-9A (for composition supplier). Every taxpayer is required to furnish Annual Return by 31st December irrespective of […]
This appeal by the assessee is directed against the order of ld. Commissioner of Income tax(Appeals) dated 01/05/2014 and pertains to assessment year 2010-11.The Grounds of appeal read as under :- Being aggrieved by the order of the Commissioner of Income-tax (Appeals)-25, Mumbai (hereinafter referred to as Learned CIT (A)) dated 01.05.2014 under section 250 of The Income Tax Act, 1961 (herein after referred as ‘IT Act’), the appellant submits this appeal on the following grounds each of which may please be considered without prejudice to one another
WEF June 2013, purchaser of property with value of Rs. 50 lakh and above should deduct 1% TDS under section 194-IA at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller.
Share trading has grown significantly in the last decade due to rise of the stock market and rapid adoption of technology. It is seen as a way to make quick bucks by a lot of people. However there is a lot of confusion among on how to treat the income earned from trading shares viz. business gain or a capital gain. It is very important to know the difference because the tax liability of an individual will depend on this, as the tax treatment of Capital gains and Business income are completely different
