Income Tax : Smt. Ranjana Kumari/Kalta Vs DCIT/ACIT (Central) (ITAT Chandigarh) The appeals involved three assessees belonging to the Kalta Gro...
Income Tax : Learn how business and professional income is computed under the Income-tax Act after the Finance Act, 2026. This guide explains t...
Goods and Services Tax : Learn about the scope of GST on commission income. Understand the invoice test, registration thresholds, and key rulings that clar...
Income Tax : Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in...
Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
Income Tax : Interest income earned by a foreign bank from foreign currency loans extended to Indian corporates was taxable on a gross basis. S...
Income Tax : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
Income Tax : ITAT upheld taxation of IPS and CEV subsidies following the Section 2(24) amendment, while partly allowing the appeal on other iss...
Income Tax : ITAT held that Accounting Standard-19 governs accounting treatment but does not determine tax treatment under the Income-tax Act. ...
Income Tax : The ITAT Mumbai held that Explanation 1 to Section 37(1) could not apply in the absence of any finding by the competent authority ...
Happy to present before all of you, my article on Light!! Camera!! Action!! – Bad Debts Dichotomy correlated with Article 14 of Constitution of India to decipher the Principle of Equality before law and Equal protection to all within the territory of India. Suggestion to improve upon the article are welcomed with folded hands.
The issue under consideration is whether the funds raised from buy back of FCCB at discounting rate is considered as business income and tax u/s 28 of the Income Tax Act?
The issue under consideration is whether the non-compete fee could be taxed under any provision other than Section 28(ii)(a) of the Income Tax Act, 1961?
The issue under consideration is whether the loan given by the Government which was subsequently waived off can be taxed under Section 28(iv) of Income Tax Act?
The scope of this write up is an attempt to clarify chaos that is taxability of various incomes (specifically interest) from compulsory acquisition of land. Types of income which an asset under consideration can result are capital gain (if asset is a capital asset), interest on compensation or enhanced compensation.
The issue under consideration is whether CIT(A) is correct in deleting the addition made by AO u/s 41(1) for waiver of working capital loan and charge it u/s 28 of the Act?
As per section 41(1), there should be an allowance or deduction claimed by the assessee in any assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee. Then, subsequently, during any previous year, if the creditor remits or waives any such liability, then the assessee is liable to pay tax under Section 41 of the IT Act.
Speculative transaction means a transaction in which a contract for the purchase or sales of any commodity including stocks and shares, is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips [section 43(5)]. Here important term is periodically or ultimately settled otherwise than by the actual delivery
As per the section 45(2) of Income Tax Act, conversion of the capital asset by the owner of a capital asset into stock-in-trade of a business carried on by him shall be chargeable to income-tax as his income of the previous year in which such stock-in-trade is sold or otherwise transferred by him.
Many times we fall into a confusion regarding the difference between business losses and business expenditure. A business loss can come from the normal operation of the business or an irregular activity arising out of the business whereas expenditure is something which is deliberately incurred for the moving of the business. Let us figure out […]
