Read the August 2023 message from ICAI President, highlighting the profession’s evolution with technology, commitment to ethics, and recent developments.
Ministry of Finance reveals significant year-on-year growth in monthly average gross GST collection for the financial years 2021-22 and 2022-23. Discover the key reforms and measures implemented to enhance GST compliance and boost collection.
Read the detailed analysis of an appeal under Companies Act, 2013, against a penalty levied on Toyotsu Bharat Integrated Services Private Limited. Learn about the case and the final verdict
In present facts of the case, the Hon’ble Tribunal while deducting the additions made by Ld. AO for repair and maintenance, it was observed that if the replacement is of a baby part only, then the same cannot be considered to be a capital expenditure.
Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guidelines.
Computation of capital gain depends upon the nature of the capital asset transferred during the previous year, vis-à-vis, short-term capital asset, long-term capital asset or depreciable asset. Capital gain arising on transfer of short-term capital asset or depreciable asset is considered as short-term capital gain, whereas transfer of long-term capital asset gives rise to long-term capital gain.
In present facts of the case, the Hon’ble High Court granted refund to the petitioner along with Interest from year 1988 for the cash which was seized without any corroboration and the said cash was also duly reflected in Income Tax Returns.
In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In coming articles we will also discuss Income Tax provisions related to Capital Gain & Income from Other Sources.
Learn how to compute income from house property with deductions under Section 22, 24, and 80EEA. Understand gross annual value, municipal taxes, standard deduction, and interest on borrowed capital. Find out about co-owners and deemed owners in this comprehensive guide.
Understand taxability of various salary components, allowances, perquisites, and retirement benefits in India. Learn about exemptions and deductions to optimize your tax planning.
