business income

Section 44AD Presumptive Income 6% / 8% -Practical Issues- Need to rationalize

Income Tax - Section 44AD in Income tax act is the presumptive income section under which prescribed percentage of turnover will be deemed as your income. Till AY 2016-17, prescribed percentage was 8%....

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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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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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Allowances / Exemptions Under Income Tax Act,1961

Income Tax - Taxpayers are normally aware of deduction under the Income Tax Act, 1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc. In this article an [...

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Profits and Gains from Business and Profession – Brief Study

Income Tax - 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. ...

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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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SC on income from property: Is it is chargeable as house property Income or business income

Raj Dadarkar & Associates Vs. ACIT (Supreme Court of India) - merely because there is an entry in the object clause of the business showing a particular object, would not be the determinative factor to arrive at a conclusion that the income is to be treated as income from business...

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Rent for amenities if not separable from Rent is House Property Income

M/s. Sree Seshachala Builders Ltd. Vs Deputy Commissioner of Income Tax (ITAT Bangalore) - These appeals are preferred by the assessee against the order of CIT(A) on common grounds. Therefore, these appeals were heard together and are being disposed off through this consolidated order....

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Section 73 / 43(5) cannot be interpreted to disadvantage of assessee

J. M. Financial Services Ltd Vs JCIT (ITAT Mumbai) - Under provisions of section 43(5), the transactions in derivatives at certain stock exchanges are deemed to be non-speculative, however, as per the explanation to section 73 for the purpose of computation of business loss the derivative transactions squarely fall within the scope of explanation to s...

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Mark to Market Losses cannot be disallowed unless incurred in respect of speculative contracts

CIT vs. M/s D. Chetan & Co. (Bombay High Court) - HC held that mark to market loss in respect of forward contracts claimed as loss from business income cannot be disallowed as the forward contracts were secured for to cover variation in foreign exchange rate which would impact its business of import and export of diamonds....

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Rental Income from business of leasing out house properties taxable as business income

M/s Rayala Corporation Pvt. Ltd. vs. ACIT (Supreme Court) - SC held that Rental Income from business of leasing out house properties taxable as business income and not income from House property...

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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"

SC on income from property: Is it is chargeable as house property Income or business income

Raj Dadarkar & Associates Vs. ACIT (Supreme Court of India)

merely because there is an entry in the object clause of the business showing a particular object, would not be the determinative factor to arrive at a conclusion that the income is to be treated as income from business...

Read More

Rent for amenities if not separable from Rent is House Property Income

M/s. Sree Seshachala Builders Ltd. Vs Deputy Commissioner of Income Tax (ITAT Bangalore)

These appeals are preferred by the assessee against the order of CIT(A) on common grounds. Therefore, these appeals were heard together and are being disposed off through this consolidated order....

Read More

Section 44AD Presumptive Income 6% / 8% -Practical Issues- Need to rationalize

Section 44AD in Income tax act is the presumptive income section under which prescribed percentage of turnover will be deemed as your income. Till AY 2016-17, prescribed percentage was 8%....

Read More
Posted Under: Finance |

Section 73 / 43(5) cannot be interpreted to disadvantage of assessee

J. M. Financial Services Ltd Vs JCIT (ITAT Mumbai)

Under provisions of section 43(5), the transactions in derivatives at certain stock exchanges are deemed to be non-speculative, however, as per the explanation to section 73 for the purpose of computation of business loss the derivative transactions squarely fall within the scope of explanation to section 73....

Read More

TDS deductible on Salary Paid to Partners?

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: Finance |

Mark to Market Losses cannot be disallowed unless incurred in respect of speculative contracts

CIT vs. M/s D. Chetan & Co. (Bombay High Court)

HC held that mark to market loss in respect of forward contracts claimed as loss from business income cannot be disallowed as the forward contracts were secured for to cover variation in foreign exchange rate which would impact its business of import and export of diamonds....

Read More

Taxation of gold and gold products

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: Finance |

Rental Income from business of leasing out house properties taxable as business income

M/s Rayala Corporation Pvt. Ltd. vs. ACIT (Supreme Court)

SC held that Rental Income from business of leasing out house properties taxable as business income and not income from House property...

Read More

Allowances / Exemptions Under Income Tax Act,1961

Taxpayers are normally aware of deduction under the Income Tax Act, 1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc. In this article an [...

Read More
Posted Under: Finance | ,

Profits and Gains from Business and Profession – Brief Study

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. ...

Read More
Posted Under: Finance | ,
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