Income Tax : Explore the intricate details of different heads of income, including salaries, and their tax implications. Gain insights into tax...
Income Tax : In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In ...
Income Tax : Taxpayers are normally aware of deduction under the Income Tax Act, 1961 for which they are eligible but it is noticed that taxpay...
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 : Master the nuances of lease rent taxation with our comprehensive guide. Learn how courts, including the Supreme Court, determine i...
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...
Provisions of section 28 of Income Tax Act, 1961 specify income chargeable to income tax under ‘Profits and gains of business or profession’.
There is no provision under the head Profits and Gains from business or profession which deems the rental income from unsold flats held as stock as Business income.
ACIT Vs AVA landmark LLP (ITAT Delhi) The capital assets held by erstwhile company transferred to assessee as LLP were considered as transfer and the Assessing officer made addition of Rs.11,37,40,244/- to the return income on allegation of non-compliance of Section 47(xiiib) of the Act. However, the Ld. CIT(A) observed that there is no violation […]
Portfolio Management Services earning should be assessed as ‘Capital gains’ and not as ‘Profit and gains of business or profession’.
To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme of section 44AD, section 44ADA and section 44AE.
Ideal fund of business deposited in Bank as Fixed Deposit (FD), Interest Income of Fixed Deposit is treated as Business Income. The assessee is a resident Company. As stated by the Assessing Officer, assessee is engaged in the business of construction, builder and developers etc. of residential houses, commercial building etc. In course of its […]
Ashish Tandon v. ACIT (2019) 103 taxmann.com 315 / 199 TTJ 137 / 176 DTR 353 (Ahd.) (Trib.). HELD THAT – Sale of a technical concept, that the assessee developed on his own, with respect to website malware monitoring, assessable as business income. FACTS OF CASE; A technical concept was conceptualized by assessee-employee to safeguard […]
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
Can a business owner deduct medical expenses while computing business Income for Income tax In recent times medical expenditure has become a major element of cost for every person. Most of the people prefer to have medical insurance to cover medical expenses. However medical insurance does not cover all types of illness (depend upon type […]
Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as per books’: 1. Depreciation as per BOOKS 2. Income tax in BOOKS (including duty, cesses, late fee, or any other payments related to income tax liability) 3. 30% sum payable to residents on which TDS […]
