Income Tax : This guide compiles the depreciation rates applicable to buildings, machinery, vehicles, computers, renewable energy assets, ships...
Income Tax : This article explains depreciation provisions under the Income-tax Act and Companies Act, including WDV, SLM, additional depreciat...
Income Tax : ITAT Mumbai held that goodwill arising from slump sale of a going concern is a depreciable intangible asset under section 32(1)(ii...
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...
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 held that goodwill arising on amalgamation qualifies as a depreciable intangible asset. It also deleted the TP adjustment on ...
Income Tax : ITAT held that computer software is eligible for 60% depreciation and directed the AO only to verify its actual cost before comput...
Income Tax : ITAT held that stamp duty paid for lease registration was deductible as revenue expenditure in the year it was incurred....
Income Tax : The Tribunal upheld the set-off of eligible unit losses against other business profits by following binding judicial precedents....
Income Tax : The Tribunal ruled that application software purchased independently from computer hardware is still covered under the specific de...
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 Bangalore held that if the duration of software license is less than two years, then it should be treated as revenue expenditure and if the duration is more than two years, then it should be treated as capital expenditure.
Understand the recent changes in tax audit responsibilities imposed by the Central Board of Direct Tax in India. Explore amendments and implications for tax auditors.
Explore the ITAT Delhi order on Oriental Insurance Co. Ltd. vs DCIT, addressing additions, exemptions, and disallowances. Get insights into income tax assessments.
In a landmark ruling, ITAT Mumbai grants Vodafone the right to claim depreciation on goodwill, clarifying that amendments by Finance Bill 2021 apply prospectively from AY 2021-22.
Allahabad High Court rules in favor of Flipkart, emphasizing that the burden of proof for income escaped assessment lies with the assessing authority, not the taxpayer.
ITAT Hyderabad rules in favor of S&P Capital IQ, allowing depreciation on goodwill as deductible under Section 32(1) of the Income Tax Act, 1961.
NCLT Kolkata held that successful bidder of the Corporate Debtor is allowed to file application before Adjudicating Authority claiming reliefs and concessions, however, such reliefs and concessions cannot be too elaborate and general and must be in consonance with process document in the liquidation proceedings.
ITAT Bangalore held that unless the debt has been written off in the books of accounts of both the assessees, it cannot be said that that cease to exist.
Explore the NCLAT Chennai judgment on Ramesh Kesavan Vs CA Jasin Jose. CoC’s approval of Resolution Plan below Liquidation Value analyzed. Learn about Edelweiss exclusion, valuation concerns, and shareholder locus challenges.
ITAT Mumbai held the goodwill arising on business reorganization i.e. amalgamation, slump sale, demerger etc. is a depreciable intangible asset under section 32 of the Income Tax Act.
