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 : 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 : ITAT Mumbai held that assessee is permitted to set off unabsorbed depreciation pertaining to AY 1997-98 to 2001-02 against short t...
Income Tax : ITAT Mumbai held that disallowance of claim of depreciation in respect of 3G spectrum charges is not justified. Accordingly, depre...
Income Tax : During the assessment proceedings, it was observed that the assessee sold two trademarks “Coldarin” and “Raricap”. The gai...
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...
w.e.f. 1.4.1999 computer software been included with computers for rate of depreciation in Rules, entitling assessee to 60% depreciation rate
Calcutta High Court held that Tribunal duly examined the terms and conditions of the agreement and found that warranty clause is in-built. Accordingly, provision of warranty is duly allowable.
Once assessee is assessed as AOP and no section 11 exemption been allowed, entire receipts are to be assessed as business receipt and consequently, depreciation has to be allowed.
DCIT Vs Chettinad Cement Corp. Ltd. (ITAT Chennai) As per depreciation schedule, the depreciation is allowed on buildings @5% for which the buildings are mainly used for residential purposes except hotels and boarding houses. The depreciation is allowed @10% on buildings used mainly for residential purposes and not covered by the category of 5% depreciation. […]
Value of goodwill is amount paid over & above tangible assets and values assigned to other intangible assets – Depreciation allowed
Delhi High Court held that there is no requirement to file a fresh claim under DVAT 21 as the claim of refund was embedded by the assessee in its return.
ITAT Ahmedabad held that depreciation on goodwill duly available as goodwill has been taken into account while determining the face value of the shares which is treated as consideration in the scheme of amalgamation.
ITAT Chennai held that as computer and robotix kit is totally different, depreciation @15% and not @60% available on Robotix kits.
Transindia Freight Services Pvt. Ltd Vs DCIT (ITAT Mumbai) ITAT held that going by the principle of consistency in the stand taken by the Revenue in earlier as well as subsequent assessment years in scrutiny assessment proceedings, we hold that the income received from car rental of Rs.6,00,000/- is to be assessed as “income from […]
ITAT Ahmedabad held that depreciation on licenses software is allowable at the rate of 60% and not at the rate of 25% as alleged by the revenue.
