Income Tax : Analysis of depreciation rates under the Income-tax Act (WDV method) from AY 2003-04 onwards and the useful lives specified under ...
Income Tax : Learn key provisions of depreciation under Section 32, including eligibility, ownership, usage conditions, asset types, and applic...
Income Tax : Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSM...
Income Tax : Depreciation is statutory deduction that allows businesses to set off cost of their tangible & intangible assets over their useful...
CA, CS, CMA : Learn the correct way to calculate and apportion depreciation using the Written Down Value method for accurate scrap value over an...
Company Law : Key Features of Fixed Asset Management Tool with Depreciation Calculator for Companies ♦ Line wise SLM and WDV Depreciation as p...
Income Tax : Addressing the concerns raised by Agriculture Produce Market Committees (APMCs), it has been decided not to levy the 2% TDS on cas...
Income Tax : The proviso to section 32 provides that the aggregate deduction, in respect of depreciation of buildings, machinery, plant or furn...
Income Tax : ITAT Delhi ruled that validly filed Form 10-IC ensures eligibility for Section 115BAA concessional tax rate. Key takeaway: timely ...
Income Tax : ITAT Mumbai held that benefit under section 115BAA of the Income Tax Act cannot be denied for inadvertent filing of Form 10-IB in ...
Income Tax : Denial of weighted deduction u/s 35(2AB) for non-furnishing of Form 3CL did not preclude normal deduction u/s 35(1)(i) and depreci...
Income Tax : ITAT Delhi held that comparable controlled transaction cannot be taken as comparable to benchmark the international transaction. A...
Income Tax : ITAT Mumbai held that PCIT had no jurisdiction to invoke Section 263 on issues beyond scope of limited scrutiny, setting aside rev...
Income Tax : CBDT inserts new Income Tax Rule 8AC -Computation of short term capital gains and written down value under section 50 where deprec...
Income Tax : Income-tax (9th Amendment) Rules, 2019 – Additional depreciation on motor cars and motor vehicles shall be allowed in certai...
Income Tax : A reading of the agreement between STL and the assessee clarifies that a specific amount, i.e., Rs.9 Crores was paid by the assess...
Income Tax : Notification No. 43/2014-Income Tax S.O. 2399(E).—In exercise of the powers conferred by Section 295 read with Section 32 of the...
Goods and Services Tax : In view of this situation, it is necessary that the procedure for the issuing of such certificates should be standardized. Such ce...
ITAT Delhi ruled that validly filed Form 10-IC ensures eligibility for Section 115BAA concessional tax rate. Key takeaway: timely filing secures lower corporate tax in subsequent years.
ITAT Mumbai held that benefit under section 115BAA of the Income Tax Act cannot be denied for inadvertent filing of Form 10-IB in place of Form 10-IC since the same is technical lapse. Accordingly, order of CIT(A) is sustained and appeal of revenue is dismissed.
Denial of weighted deduction u/s 35(2AB) for non-furnishing of Form 3CL did not preclude normal deduction u/s 35(1)(i) and depreciation u/s 32, as the research was related to the assessee’s business.
ITAT Delhi held that comparable controlled transaction cannot be taken as comparable to benchmark the international transaction. Accordingly, transfer pricing adjustment in respect of international transaction towards payment of royalty deleted.
ITAT Mumbai held that PCIT had no jurisdiction to invoke Section 263 on issues beyond scope of limited scrutiny, setting aside revision order as invalid.
The core issue was the disallowance of Rs.169 Cr in Customer Acquisition Cost (CAC), treated as capital expenditure for an enduring benefit. The ITAT deleted the addition, ruling that routine, recurring expenses like porting charges and handset subsidies in the telecom sector are revenue in nature and fully deductible under S 37(1).
Delhi High Court held that separate transfer pricing adjustment for AMP was uncalled for given that the distribution business of assessee was already benchmarked separately and the transaction was benchmarked correctly.
ITAT Mumbai held that transfer of an undertaking under a court-approved scheme cannot be characterised as a slum sale within the meaning of section 2(42C) hence provisions of section 50B not attracted.
The central issue was the correct depreciation rate for the HP Indigo Digital Press. ITAT Mumbai ruled the printer is an integral part of a computer system due to its reliance on interface and proprietary software, thus allowing the higher 60% depreciation rate. This ruling confirms that machines functionally dependent on a computer system qualify for the higher depreciation applicable to ‘computers’.
Analysis of depreciation rates under the Income-tax Act (WDV method) from AY 2003-04 onwards and the useful lives specified under Schedule II of the Companies Act, 2013 (SLM/WDV).
