Income Tax : This covers how business income is computed under the Income-tax Act, including normal and presumptive methods. It explains deduct...
Income Tax : A simple guide to the five heads of income under the Income Tax Act, 1961, explaining salary, house property, business income, cap...
Income Tax : Explains when high-volume, systematic trading is treated as business income and highlights major criteria, tax rates, and complian...
Income Tax : Overview of exemptions and allowances for salaried employees, taxpayers, and businesses under various Income Tax provisions for AY...
Income Tax : A brief study of the tax provisions for Profits and Gains from Business or Profession, covering all chargeable incomes (including ...
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 : The ITAT Mumbai ruled that an AO cannot reclassify rental income as business income if it was consistently assessed as income from...
Income Tax : Delhi High Court confirms arbitral award for Fujitsu's offshore supplies is business income, not taxable in India under Japan-Indi...
Income Tax : ITAT Mumbai clarifies tax on builders' unsold inventory, stating no deemed rental income on stock-in-trade. Also addresses 80G ded...
Income Tax : Income Tax Appellate Tribunal (ITAT) Pune recently ruled that notional rent on unsold flats held as stock-in-trade by a builder ca...
Income Tax : Delhi ITAT allows Shivsagar Builders' appeal, deleting additions for notional rent on inventory and clarifying taxable revenue bas...
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...
As we all are aware that The Union Budget for 2020-21 will be presented in the Lok Sabha on 1st February, 2020) at 11.00 am by our Finance Minister Nirmala Sitharman. As per every year, this year also Institute of Chartered Accountants of India has submitted its Pre Budget Memorandum to the government. Today we […]
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%.
whether the interest on bank deposit earned by assessee engaged in money lending covered under head of Business Income or Income from Other Sources?
The issue under consideration is that whether the assessee having business of land trading can show capital gains from arising out of transfer of land and claim exemption u/s 54F?
Builders generally as a matter of practice are not interested in leasing of such property (ies) hence even the department in most of the cases, did not invoke provisions of section 23 of Income-tax Act, 1961 (‘the Act’) to tax the notional income deemed to accrue on completed vacant property(ies) held as stock-in-trade by the builders.
Business: It referred to any economic activity carried for earning profits. Economic activity refers to any trade, Commerce, Manufacturing Activity, Trading Activity or any other concern in nature of all. It is not compulsory for continuation of similar transaction or a series of transaction or carried the business permanently. Profession: It refer that a person […]
Clause (via) in section 28 is inserted by Finance Act, 2018, w.e.f. Financial year 2018-19 and it provides taxation of Inventory in the year in which it is converted in capital Assets. CBDT issued Draft of notification to be issued for amending Income-tax Rules, 1962 for prescribing the manner of determination of fair market value of the inventory for the purpose of 28(via) of the Income-tax Act, 1961.
Receipts towards amenities are to be considered as part of rental income. However, the expenses incurred towards security service and pantry services are not connected to the rental income and hence, they should be deducted from the receipts from amenities.
Moreover, if the action of the AO is confirmed the assessee will be claiming additional deduction u/s 24 @ 30% in addition to the business and administrative expenses as the assessee is in the real estate business and the income of the assessee will be assessed lower than the returned income.
DCIT Vs. M/s. Chadha Builders & Properties (ITAT Delhi) Service Tax is not an allowable deduction from Income from house property. But it is true that the assessee has paid Service Tax & it was not recovered from tenants and it has also filed the return of service tax. Service tax has been paid into […]
