Income Tax : Understand income tax rules for business & profession in India. Covers business, profession, vocation, occupation, and deduction g...
Income Tax : In the realm of taxation, income is classified into various categories, with one of the most significant being Income from Busines...
Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
CA, CS, CMA : In a partnership, compensation for the partners’ time, expertise, and capital investment is an important part of the busines...
Income Tax : Learn about disallowed expenses under PGBP in India's Income Tax Act. Understand key sections like 37, 40, and 40A, and their impa...
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...
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 […]
Business Income is the profit that is earned from the business. It is nothing but Total Revenue/Total turnover minus Total Expense. The profit from the business is the taxable income/business income.
ITO Vs Suresh Babu Vasireddy (ITAT Hyderabad) The assessee is basically engaged in the business as a real estate agent in Hyderabad deriving commission income. The modus operandi of the business activity is that of identifying properties for sale in Hyderabad and simultaneously identify the interested buyers and sell the properties with a marginal profit. […]
Mostly we use term profession in association with business and try to find it’s colour from the company it keeps. Most of the times it is not necessary to differentiate business from profession, since most provisions dealing with business and profession are same, but for some purposes distinction has to be established. Section 2(36) says […]
