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...
Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...
Income Tax : Rates of depreciation applicable for income tax purposes from assessment year 2003-04 to 2025-26. This guide includes rates for ta...
Income Tax : Learn how to optimize corporate tax planning through depreciation. Explore key provisions, asset considerations, and methods for m...
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 Kolkata rules no legal requirement for knowhow registration to claim depreciation under Section 32. Landis + Gyr case summary...
Income Tax : The JDA was signed between one Mr. U.K. Hasanabba and Mr. U. Ibrahim on one side as landowners and Mr. Abdul Khader K (on behalf o...
Income Tax : ITAT Mumbai held that alternative claim of assessee (lessee) to allow depreciation on Finance Lease Rental Payment is allowable si...
Income Tax : Delhi High Court held that the provisioning for Asset Reconstruction Cost qualified the prescriptions of AS 29 and the assessee wa...
Income Tax : ITAT Pune held that entire amount of R&D expense in India is eligible for weighted deduction u/s. 35(2AB) and R&D capital expense ...
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...
Merely because the loan processing charges though paid upfront but amortized over a period of five years, solely to be in consonance with the mercantile system of accounting, deduction of the entire charges in lump sum in the year in which the same were paid could not be denied to assessee.
In a recent judgment, the Madras High Court permitted a 60% depreciation rate on computer software licenses, emphasizing the specific entry in the tax laws and clarifying the treatment of non-compete fees as revenue expenditure.
ITAT Surat held that invocation of revisional jurisdiction under section 263 of the Income Tax Act unsustainable as order passed by AO was neither erroneous nor prejudicial to the interest of the revenue.
ITAT Chennai grants relief to Caterpillar India, allowing 60% depreciation on computer software as an integral part of computer systems. Details of the case.
ITAT Delhi held that disallowance of foreign travel expenditure unjustifiable as the same are incurred in connection with the business of the assessee.
ITAT Mumbai held that expenditure towards brand reminder, customer gifts, purchase of medical books and journals is not allowable expenditure u/s 37(1) of the Income Tax Act as such expenses are in the nature of free bees and prohibited.
ITAT Raipur held that additional depreciation under section 32 of the Income Tax Act on heavy vehicle not admissible when vehicles are used in own business and not on hire.
NCLT Ahmedabad held that the resolution plan submitted by the Resolution Professional of Superdrawn Industries Private Limited (Corporate Debtor) stands approved at it has been approved with 100% voting share and plan meets the requirement of being viable and feasible.
ITAT Jaipur held that reassessment of income under section 147 of the Income Tax Act other than income in respect of which AO has formed a reason to believe that the income has escaped assessment is unsustainable in law.
Delhi High Court held that ‘brand names’ falls within the scope of intangible assets and, accordingly, are amenable to deprecation under Section 32(1)(ii) of the Income Tax Act.
