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Corporate Tax Planning with reference to Depreciation

Income Tax : Learn how to optimize corporate tax planning through depreciation. Explore key provisions, asset considerations, and methods for m...

March 17, 2024 3798 Views 0 comment Print

Tax Auditor-Recent Onerous Responsibility

Income Tax : Understand the recent changes in tax audit responsibilities imposed by the Central Board of Direct Tax in India. Explore amendment...

March 11, 2024 705 Views 0 comment Print

ITAT allows Vodafone’s claim of depreciation on goodwill

Income Tax : In a landmark ruling, ITAT Mumbai grants Vodafone the right to claim depreciation on goodwill, clarifying that amendments by Finan...

March 1, 2024 1545 Views 0 comment Print

Supreme Court Clarifies Depreciation Claim: No Deadline on Mode Selection

Income Tax : Explore the landmark Supreme Court judgment on Income Tax Rules regarding depreciation claim. No deadline for choosing mode, only ...

December 9, 2023 1452 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 2024-25. This guide includes rates for ta...

June 25, 2023 2647360 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 14781 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 7764 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 17892 Views 0 comment Print


Latest Judiciary


Purchase Price defined u/s. 2(18) of GVAT would not include Value Added Tax: Supreme Court

Goods and Services Tax : Supreme Court held that the Purchase Price as defined u/s. 2(18) of the Gujarat Value Added Tax Act, 2003 would not include purcha...

August 10, 2024 141 Views 0 comment Print

Interest from FD linked to business activities is business income: ITAT Mumbai

Income Tax : CIT(A) decides that interest income from FD linked to business activities is correctly classified as business income, not "Income ...

July 31, 2024 744 Views 0 comment Print

Right to collect toll is intangible asset & eligible for 25% depreciation: ITAT Delhi

Income Tax : Detailed analysis of the ITAT Delhi verdict in BSC C and C Kurali Toll Road Ltd. vs ACIT, addressing key tax dispute issues and de...

July 31, 2024 213 Views 0 comment Print

Commercial aspects cannot be ventured by Adjudicating Authority when resolution plan is approved by CoC: NCLT Chennai

Corporate Law : NCLT Chennai held that once the resolution plan is approved by Committee of Creditors, only limited judicial review is available f...

July 27, 2024 288 Views 0 comment Print

Depreciation on road construction admissible since BOT project given rise to an intangible asset: ITAT Delhi

Income Tax : ITAT Delhi held that expenditure in Built Operate and Transfer (BOT) project giving rise to an intangible assets eligible for clai...

July 24, 2024 222 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 7407 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 130827 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 7546 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 18058 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 26539 Views 3 comments Print


Depreciation eligible on goodwill recorded pursuant to a business transfer agreement

October 13, 2020 1857 Views 1 comment Print

DCIT Vs Ebix Software India Pvt. Ltd. (ITAT Delhi) The Assessing Officer has held that the cost of the purchase consideration over the tangible assets is to be treated as payment for the non-compete fees as there was no goodwill with the seller and creation of the goodwill is misleading. The aforesaid finding is based […]

Depreciation cannot be disallowed under section 40(a)(ia)

October 5, 2020 4875 Views 0 comment Print

Wipro Limited Vs Addl. CIT (ITAT Bangalore) Claim of depreciation on software- Depreciation claimed by the assessee on the amount of software capitalized was disallowed invoking provisions of section 40(a)(ia) for non-deduction of tax at source. Held, depreciation is a statutory allowance and hence it cannot be considered as expenditure. Accordingly, disallowance of depreciation cannot […]

Depreciation on intangible assets transferred by Firm allowable to Company

October 5, 2020 1740 Views 0 comment Print

Section 32(1) of the Act provides for depreciation in respect of trademarks owned wholly or partly by the assessee. In the instant case, the assessee succeeded to the business of the partnership firm, which had trademarks registered in its name. Therefore, the assessee under Section 32(1) of the Act was entitled for depreciation.

Depreciation on car Registered in partners or directors name

October 3, 2020 88851 Views 6 comments Print

Income-tax Department cannot refuse the claim for depreciation on a vehicle owned by a company or a firm, on a mere ground that it is not registered in its name, but stands in the name of its director or partner. Interestingly, there is no decision of any court or the Tribunal that has taken a contrary view on the subject.

Depreciation – Avoid Last Moment Purchase

September 25, 2020 57048 Views 5 comments Print

Depreciation allowance for use at any time: Depreciation for assets ‘owned’ by assessee and ‘used’ by him in the business can be claimed and allowed if the asset is purchased and used or if it is kept ready for use at any time during the previous year. Therefore, if an asset is purchased and put […]

Depreciation cannot be claimed on Enhanced Value of second hand Windmill

September 25, 2020 2991 Views 0 comment Print

The issue under consideration is whether the actual purchase price of a second-hand asset can be ignored by purported recourse to Explanation 3 to Section 43(1) of the Income Tax Act, 1961?

Depreciation cannot be disallowed for temporary closure of Business

September 21, 2020 3957 Views 0 comment Print

The issue under consideration is whether disallowance of depreciation on car and interest on car loan by AO is justified in law?

Depreciation charge must to Claim Section 80IB Deduction

September 13, 2020 612 Views 0 comment Print

whether depreciation is mandatory to be granted while determining the Appellant’s entitlement to the deduction under Section 80IB of the Act, even though the Appellant had not claimed such depreciation?

Depreciation on leasing? An ageing puzzle

September 1, 2020 40350 Views 3 comments Print

A finance lease is essentially a financing arrangement whereby the lessee assumed the ownership of the asset in as much as it is the borrower who chooses the property to be purchased, takes delivery, enjoys the use of occupation of the property, bears the wear and tear and takes the risk of loss or damage.The decision of the Tribunal could well prove to be a turning point insofar as the claim of depreciation in a finance lease in concerned. Though the decision of Tribunal is not the last word on the question of law; nevertheless the ruling could take away the heat from long drawn debate over availability of depreciation in a finance lease.

Depreciation not Disallowable merely for Purchase of car in Personal Name

August 30, 2020 10236 Views 0 comment Print

Whether the depreciation on car purchased by assessee can be disallowed only because the payment towards purchase of the same is made through his personal account?

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