business income

Whether the gains or losses from sale of securities shall be treated as ‘Income from Business’ or ‘Capital Gain’

Income Tax - Today’s question is very crucial and need to clarify whether the gains or losses from sale of securities shall be treated as ‘Income from Business’ or ‘Capital Gain’. In this concern, it is notable that when an assessee wants to treat the sale of securities as ‘business income’, he is allowed to reduce expenses incurred [&he...

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Taxation of gold and gold products

Income Tax - Profit on sale of your gold is taxable as Capital Gains unless you are a dealer in gold and jewellery in which case it becomes taxable as Business Income...

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TDS deductible on Salary Paid to Partners?

Income Tax - o Employer Employee Relationship exist between a partnership firm and partners so TDS is not required to be deducted on Partner’s Remuneration....

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Profits on sale of shares when taxable as capital gains & when as business income

Income Tax - After my article on tax implication of different treatments of profits on sale of shares, I have received unprecedented number of mails asking for clarification as to when it is to be treated as capital gains and when it can be treated as business income. So I decided to write an article on the subject proper as to when it can be treated ...

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Difference between terms Business & Profession for income tax purposes

Income Tax - The Section 2(13) of the Income Tax Act, 1961, contains an inclusive definition of the term business. There are differences between the meaning of words business & profession in various English dictionaries. Also as per the terminology of income-tax difference has been made in the above words yet no demarcating line has been drawn in res...

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Under DTC income arising on purchase and sale of securities by FIIs shall be deemed to be capital gain

Income Tax - The introduction of the Direct Taxes Code (DTC), which will replace the 50-year-old Income Tax Act, will make Foreign Institutional Investors (FIIs) liable to pay capital gains tax on their income from securities trade. All the FIIs will be subject to the capital gains tax after implementation of the Direct Taxes Code....

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Cut in corporate tax rate will not benefit all sectors as MAT will increase tax burden

Income Tax - The proposed reduction in corporate tax rate from 30% to 25% in the new direct tax code is only one side of the story. The cut has been offset by a reduction in exemptions and the dreaded change in the minimum alternate tax (MAT), which would hit companies that have to invest heavily in their businesses....

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Double Taxation Avoidance Agreement Signed Between India and Tajikistan

Income Tax - A Double Taxation Avoidance Agreement was signed between India and Tajikistan today, i.e. 20th November, 2008. The Agreement was signed by Mr. Narendra Bahadur Singh,Chairman, Central Board of Direct Taxes on behalf of Government of India and by Mr. Norinov Jamshed Nurmahmadovich, Deputy Minister of Finance of the Republic of Tajikistan o...

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Interest Income on FDR’s Pledged to obtain Contract is Business Income

Awasthi Traders Vs DCIT (ITAT Agra) - The issue under consideration is whether the interest income on FDR’s pledged for security purposes in obtaining the contract business comes within the ambit of business income?...

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Funds raised by FCCB Buy Back at Discounting Rate is Not Business Income

Ok Play India Ltd. Vs JCIT (ITAT Delhi) - The issue under consideration is whether the funds raised from buy back of FCCB at discounting rate is  considered as business income and tax u/s 28 of the Income Tax Act?...

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Income from Lease Money or Rentals taxable as Business Income if it is Exclusive or Predominant Business of Assessee

PSTS Heavy Lift and Shift Ltd Vs DCIT (Madras High Court) - The issue under consideration is whether the income earned by the Assessees during the Assessment Years in question from letting out of its warehouses or property to lessees, is taxable under the head 'Income from Business' or 'Income from House Property?...

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Interest on Bank Deposit earned by Assessee Engaged in Money Lending is Business Income

Muthoot Bankers Vs. ACIT (ITAT Cochin) - whether the interest on bank deposit earned by assessee engaged in money lending covered under head of Business Income or Income from Other Sources?...

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No Section 263 invocation If AO taken One possible view out of Many

Electro Urban Co-Operative Credit Society Ltd. Vs PCIT (ITAT Kolkata) - PCIT’s action under challenge is not sustainable since the Assessing Officer had taken one of the possible views only in this factual backdrop. It is reversed therefore....

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Draft notification for determination of FMV of inventory converted in Capital Assets

(01/01/1970) - Clause (via) in section 28 is inserted by Finance Act, 2018, w.e.f. Financial year 2018-19 and it provides taxation of Inventory in the year in which it is converted in capital Assets. CBDT issued Draft of notification to be issued for amending Income-tax Rules, 1962 for prescribing the manner of d...

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CA certificate required to be given to the banker even in respect of import payments

03/RBI - (19/07/2007) - A. P. (DIR Series)CIRCULAR NO03/RBI under Section 195 of the Income Tax Act read with Rule 29B of the IT Rules, any person responsible for making payment to a non-resident or to a foreign company, any interest or any other sum chargeable under the IT Act, shall at the time of payment or credit of th...

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Recent Posts in "business income"

Whether the gains or losses from sale of securities shall be treated as ‘Income from Business’ or ‘Capital Gain’

01/01/1970

Today’s question is very crucial and need to clarify whether the gains or losses from sale of securities shall be treated as ‘Income from Business’ or ‘Capital Gain’. In this concern, it is notable that when an assessee wants to treat the sale of securities as ‘business income’, he is allowed to reduce expenses incurred [&he...

Read More
Posted Under: Income Tax |

Interest Income on FDR’s Pledged to obtain Contract is Business Income

Awasthi Traders Vs DCIT (ITAT Agra)01/01/1970

The issue under consideration is whether the interest income on FDR’s pledged for security purposes in obtaining the contract business comes within the ambit of business income?...

Read More

Funds raised by FCCB Buy Back at Discounting Rate is Not Business Income

Ok Play India Ltd. Vs JCIT (ITAT Delhi)01/01/1970

The issue under consideration is whether the funds raised from buy back of FCCB at discounting rate is  considered as business income and tax u/s 28 of the Income Tax Act?...

Read More

Income from Lease Money or Rentals taxable as Business Income if it is Exclusive or Predominant Business of Assessee

PSTS Heavy Lift and Shift Ltd Vs DCIT (Madras High Court)01/01/1970

The issue under consideration is whether the income earned by the Assessees during the Assessment Years in question from letting out of its warehouses or property to lessees, is taxable under the head 'Income from Business' or 'Income from House Property?...

Read More

Interest on Bank Deposit earned by Assessee Engaged in Money Lending is Business Income

Muthoot Bankers Vs. ACIT (ITAT Cochin)01/01/1970

whether the interest on bank deposit earned by assessee engaged in money lending covered under head of Business Income or Income from Other Sources?...

Read More

Taxation of gold and gold products

01/01/1970

Profit on sale of your gold is taxable as Capital Gains unless you are a dealer in gold and jewellery in which case it becomes taxable as Business Income...

Read More
Posted Under: Income Tax |

TDS deductible on Salary Paid to Partners?

01/01/1970

o Employer Employee Relationship exist between a partnership firm and partners so TDS is not required to be deducted on Partner’s Remuneration....

Read More
Posted Under: Income Tax |

No Section 263 invocation If AO taken One possible view out of Many

Electro Urban Co-Operative Credit Society Ltd. Vs PCIT (ITAT Kolkata)01/01/1970

PCIT’s action under challenge is not sustainable since the Assessing Officer had taken one of the possible views only in this factual backdrop. It is reversed therefore....

Read More

Lease Income taxable as Business Income if property objective is income earning

Asset Investment Services Vs ACIT (ITAT Mumbai)01/01/1970

The issue under consideration is whether the lease income earned by the assessee is taxable under head Income from House Property or Income From Business ans Profession?...

Read More

Profits on sale of shares when taxable as capital gains & when as business income

01/01/1970

After my article on tax implication of different treatments of profits on sale of shares, I have received unprecedented number of mails asking for clarification as to when it is to be treated as capital gains and when it can be treated as business income. So I decided to write an article on the subject proper as to when it can be treated ...

Read More
Posted Under: Income Tax | ,

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