Income Tax : Income-tax Act contains provisions for taxability of various allowances received by a taxpayer. These allowances are either in the...
Income Tax : In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In ...
Income Tax : Explore provisions under the Income-tax Act for computing business income, including various chargeable incomes and accounting met...
Income Tax : Explore the intricate details of different heads of income, including salaries, and their tax implications. Gain insights into tax...
Income Tax : INCOME to start with, from F&O is considered as 'business income' not as a 'capital gain income'. Hence, in case of individuals it...
Income Tax : From April 1, 2025, rental income from house properties must be reported under "Income from House Property," not as business incom...
Income Tax : The introduction of the Direct Taxes Code (DTC), which will replace the 50-year-old Income Tax Act, will make Foreign Institutiona...
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 ha...
Income Tax : A Double Taxation Avoidance Agreement was signed between India and Tajikistan today, i.e. 20th November, 2008. The Agreement was s...
Income Tax : In ITO vs. Late Shri Chandi Ram, ITAT Jaipur upheld CIT(A)'s decision, recognizing arbitration and interest receipts from contract...
Income Tax : Assessee cannot include interest received on deposits as business receipts and estimate net profit under section 44AD on such inte...
Income Tax : ITAT Pune held that waiver of loan is not taxable under section 28(i) of the Income Tax Act as the same is not a business income....
Income Tax : Appellant builder treated Property as stock-in-trade & profits on its sale would be offered as business income and no rental incom...
Income Tax : ITAT Mumbai held that rental income from giving out commercial properties for compensation as per Memorandum of Association (MOA) ...
Income Tax : Clause (via) in section 28 is inserted by Finance Act, 2018, w.e.f. Financial year 2018-19 and it provides taxation of Inventory i...
Finance : 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 respons...
Income-tax Act contains provisions for taxability of various allowances received by a taxpayer. These allowances are either in the nature of income which is exempt from tax or is an expenditure which provides weighted deductions to the taxpayer. This list gives a glimpse of tax treatment of various allowances available to a taxpayer. Allowances available […]
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.
Explore provisions under the Income-tax Act for computing business income, including various chargeable incomes and accounting methods.
From April 1, 2025, rental income from house properties must be reported under “Income from House Property,” not as business income.
Explore the intricate details of different heads of income, including salaries, and their tax implications. Gain insights into tax treatment, exemptions, and key considerations for various forms of salary income.
INCOME to start with, from F&O is considered as ‘business income’ not as a ‘capital gain income’. Hence, in case of individuals it is taxable as a slab rates. Further, it is covered in the definition of ‘Normal Business Income’ not as ‘Speculative Business Income’.
Master the nuances of lease rent taxation with our comprehensive guide. Learn how courts, including the Supreme Court, determine if lease rent is business income or income from house property. Uncover the impact on tax liabilities and deductions, with insights into claiming benefits like a 30% standard deduction or business expenses.
In ITO vs. Late Shri Chandi Ram, ITAT Jaipur upheld CIT(A)’s decision, recognizing arbitration and interest receipts from contracts executed in AY 1989-90 & 1990-91 as business income, taxable in AY 2012-13. Based on the jurisdictional High Court’s ruling, a net profit rate of 8.5% was applied, aligning with Supreme Court’s precedent on interest from delayed contract payments.
Assessee cannot include interest received on deposits as business receipts and estimate net profit under section 44AD on such interest income
ITAT Pune held that waiver of loan is not taxable under section 28(i) of the Income Tax Act as the same is not a business income.
