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 : 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...
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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...
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.
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.
SC held that Rental Income from business of leasing out house properties taxable as business income and not income from House property
Tax Provisions on Income of Investment Funds and Income Received From such Fund Investment Funds pool resources from the investors and invest in new companies, social ventures and other areas which government considers as socially or economically desirable. Finance Act 2015 came with the concept of Investment Funds
ITAT held that simultaneous trading of shares in cash segment and arbitrage in derivative segment by assessee company cannot be splitted into speculative and non-speculative transactions . So, as soon as it is found that assessee is trading in shares , the entire trading activity to be treated as speculative business as per explanation to Sec 73 which clearly state that if any part of assessee’s business is trading in shares then the same trading to be treated as speculative business.
Under one time settlement the bank waived loan amount (used by the assessee for acquiring capital assets) which includes both principal amount of loan and interest on loan. Held that Waiver of loan is taxable under section (‘u/s’) 28(iv) of the Income-tax Act, 1961 (‘the Act’).
The present tax laws of India provides for taxation of income under specified heads. Any income for which a specific head is specified has to be taxed under the head and cannot generally be taxed under any other head. However since law cannot provide for every eventually, disputes arise as to whether a particular income shall be taxable under one head or the other head like the cases of profits on dealing in shares, rentals received on letting out of various assets.
AO’s opinion that since TDS made u/s. 194-I, incomes are to be assessed under head ‘income from house property’ can not be accepted. Moreover, even if assessee has let out property but, when the Memorandum of Association permits the business of letting out of properties as such, the income cannot be brought to tax as ‘income from house property’
Delhi High Court held In the case of Raj Dulari Bhasin vs. CIT that merely because the Assessee approached the builder for constructing the flats on the portion apart from the already constructed portion, would not make the transaction an ‘adventure in the nature of trade’.
The facts of the case are that the Assessee, (who died during the pendency of this appeal and is substituted by her legal representatives) was a housewife, having no source of income other than the pension of her deceased husband. The Assessee was the owner of property No. F-23, Hauz Khas, New Delhi wherein she was residing since 1956.
