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How Small Businesses can Optimize Tax Benefits under Income Tax Act 1961

Income Tax : Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSM...

May 5, 2025 705 Views 0 comment Print

Statutory Deductions “Depreciation”: Key Principles and Court Rulings

Income Tax : Depreciation is statutory deduction that allows businesses to set off cost of their tangible & intangible assets over their useful...

November 24, 2024 2649 Views 0 comment Print

Mastering Depreciation: Exploring Formula Derivation & Accurate Application

CA, CS, CMA : Learn the correct way to calculate and apportion depreciation using the Written Down Value method for accurate scrap value over an...

October 4, 2024 1362 Views 0 comment Print

Income Tax Deductions allowable to tax payer

Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...

September 7, 2024 1896 Views 0 comment Print

Rates of Depreciation as Per Income Tax Act, 1961

Income Tax : Rates of depreciation applicable for income tax purposes from assessment year 2003-04 to 2025-26. This guide includes rates for ta...

September 5, 2024 2759275 Views 148 comments Print


Latest News


Fixed Asset Management Tool with Depreciation Calculator for Companies

Company Law : Key Features of Fixed Asset Management Tool with Depreciation Calculator for Companies ♦ Line wise SLM and WDV Depreciation as p...

August 16, 2021 15405 Views 0 comment Print

Additional 15% depreciation on Motor Vehicles- No TDS on cash payments by APMCs

Income Tax : Addressing the concerns raised by Agriculture Produce Market Committees (APMCs), it has been decided not to levy the 2% TDS on cas...

September 18, 2019 8001 Views 1 comment Print

Depreciation in case of slump sale based on proportionate number of days by transferor and transferee company- Clarify legal position- ICAI

Income Tax : The proviso to section 32 provides that the aggregate deduction, in respect of depreciation of buildings, machinery, plant or furn...

January 17, 2018 18996 Views 0 comment Print


Latest Judiciary


Delay in filing Form 10-IC not condoned as option of lower taxation u/s. 115BAA not selected in return

Income Tax : The petitioner is essentially aggrieved by the denial of the benefit of paying tax at lower rate in terms of Section 115BAA of the...

June 13, 2025 276 Views 0 comment Print

Goodwill created upon amalgamation is intangible asset eligible for Section 32 depreciation

Income Tax : ITAT Ahmedabad held that goodwill arose from the excess of consideration over the net value of tangible assets transferred in amal...

June 12, 2025 228 Views 0 comment Print

ITAT Mumbai allows Jet Privilege depreciation on goodwill from slump sale

Income Tax : ITAT Mumbai allows Jet Privilege depreciation on goodwill from slump sale, remands for recalculation. Cites Smifs Securities prece...

June 4, 2025 561 Views 0 comment Print

Section 43B not attracted in respect of electricity duty: ITAT Delhi

Income Tax : ITAT Delhi held that provisions of section 43B of the Income Tax Act is not attracted to the licensee/assessee in respect of elect...

June 3, 2025 450 Views 0 comment Print

Offering volume-based discounts doesn’t constitute abuse of dominance under Competition Act

Corporate Law : Supreme Court held that Schott (principal domestic manufacturer) offering volume-based discounts doesn’t constitute abuse of dom...

May 19, 2025 327 Views 0 comment Print


Latest Notifications


Rule 8AC Computation of short term capital gains & written down

Income Tax : CBDT inserts new Income Tax Rule 8AC -Computation of short term capital gains and written down value under section 50 where deprec...

July 7, 2021 7521 Views 0 comment Print

CBDT notifies Additional depreciation on Motor car & motor vehicles

Income Tax : Income-tax (9th Amendment) Rules, 2019 – Additional depreciation on motor cars and motor vehicles shall be allowed in certai...

September 20, 2019 133989 Views 19 comments Print

Commercial rights in the nature of intangible assets eligible for depreciation

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...

April 15, 2015 7723 Views 0 comment Print

Amendment in Income Tax Rules Related to Depreciation on Fixed Assets

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...

September 16, 2014 18148 Views 0 comment Print

MVAT circular on Issuing of Tax Clearance Certificates

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...

January 5, 2010 27241 Views 3 comments Print


ITAT Bangalore Directs Re-adjudication on Goodwill Depreciation in Slump Sale

January 17, 2024 1068 Views 0 comment Print

Explore the ITAT Bangalore order in the case of I&B Seeds Pvt Ltd vs ACIT, directing re-adjudication on the claimed depreciation for goodwill arising from a slump sale.

Foreign exchange loss attributable to material purchase is revenue expense

January 16, 2024 633 Views 0 comment Print

ITAT Mumbai held that foreign exchange loss incurred by the assessee attributable to purchase of material is revenue expenditure and it cannot be included in the cost of project. Accordingly, the same is allowable as deduction.

DVAT: Coconut Oil sold as Hair Oil cannot be classified as Edible Oil

January 11, 2024 1320 Views 0 comment Print

Since the coconut oil was sold by assessee in small packs; was displayed in the category of hair care; the manner in which it was to applied on hair; and the purpose for which it was purchased by the consumer leave no manner of doubt that the coconut oil sold by assessee was classifiable in a residual entry attracting tax at the rate of 12.5% .

RERA has locus to file an appeal against order initiating CIRP

January 2, 2024 642 Views 0 comment Print

NCLAT Delhi held that RERA (Real Estate Regulatory Authority) being an aggrieved person under section 61 of I&B Code 2016 has a locus to file an Appeal against order initiating Corporate Insolvency Resolution Process (CIRP).

6-Month Limit for Section 49(a) Cases in Indian Stamp Act, 1899 after Spoilage

December 25, 2023 1881 Views 0 comment Print

Delhi High Court held that the period of limitation for cases covered u/s. 49(a) of the Indian Stamp Act, 1899 would be six months from the date on which the stamp paper was spoiled. Accordingly, refund of 90% stamp duty directed.

Disallowance of interest on loan given to subsidiary unjustified as investment was purely for commercial expediency

December 23, 2023 1311 Views 0 comment Print

ITAT Chennai held that disallowance of interest u/s 36(1)(iii) of the Income Tax Act on loans and advances given to subsidiary company unjustified as investment in subsidiary is purely for commercial expediency.

Non-deposit of employees contribution to ESI and PF within due date disallowed

December 23, 2023 2433 Views 0 comment Print

ITAT Jaipur held that non-deposit of employees contribution to ESI and PF within due date as per the respective Act is disallowance by invoking provisions of section 36(1)(va) r.w.s. 2(24)(x) of the Income Tax Act.

In absence of acquired or purchased goodwill, claims for depreciation untenable

December 13, 2023 600 Views 0 comment Print

The ITAT Pune bench rejects depreciation claim on goodwill in Millennium Engineers & Contractors vs. DCIT case. Detailed analysis of the judgment and its implications.

Supreme Court Clarifies Depreciation Claim: No Deadline on Mode Selection

December 9, 2023 1860 Views 0 comment Print

Explore the landmark Supreme Court judgment on Income Tax Rules regarding depreciation claim. No deadline for choosing mode, only requirement is pre-filing. Details and analysis here.

Service tax not leviable on statutory charges collected from land allottees as fixed by IDCO

November 21, 2023 1095 Views 0 comment Print

CESTAT Kolkata held that processing fee, transfer fee, administrative charges, etc. collected from land allottees as fixed by IDCO are statutory in nature. Accordingly, service tax is not leviable on the same.

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