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 : Analysis of depreciation rates under the Income-tax Act (WDV method) from AY 2003-04 onwards and the useful lives specified under ...
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...
Income Tax : Depreciation is statutory deduction that allows businesses to set off cost of their tangible & intangible assets over their useful...
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 Delhi held that the amendment excluding goodwill from depreciation under Section 32(1)(ii) applies prospectively from 01.04.2...
Income Tax : ITAT Ahmedabad held that depreciation on goodwill arising from amalgamation was allowable for assessment years prior to AY 2021-22...
Income Tax : The Supreme Court dismissed the Revenue’s challenge to depreciation claims on leased assets after the Bombay High Court held tha...
Income Tax : The Chennai ITAT held that transfer pricing benchmarking cannot ignore extraordinary business circumstances arising from the shutd...
Income Tax : Even though the assessee had no business operations, claims based on disclosed assets and records were held bona fide. The Tribuna...
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...
Key Features of Fixed Asset Management Tool with Depreciation Calculator for Companies ♦ Line wise SLM and WDV Depreciation as per Companies Act 2013, ♦ Calculation of Depreciation under the Income Tax Act, ♦ Export of Tax Audit Data for Additions and Deletions during the Year ♦ Monthly Calculation for MIS
The provision for allowing depreciation is contained in Section 32 of the Income Tax Act, 1961. Depreciation under the Income Tax Act is a deduction allowed for the reduction in the real value of a tangible or intangible asset used by a taxpayer. People claim depreciation deductions only for accounting or taxation purposes. What is Depreciation? Depreciation is […]
CIT Vs L & T Transportation Infrastructure Ltd. (Madras High Court) It is well-settled that there cannot be two owners of the property simultaneously and int he same sense of the term. The intention of the Legislature in enacting Section 32 of the Act would be best fulfilled by allowing deduction in respect of depreciation […]
Addl. CIT Vs Gillette Diversified Operations Pvt. Ltd. (ITAT Delhi) Section 32 requires that the assessee must use the asset for the ‘purposes of business’. It does not mandate usage of the asset by the assessee itself. As long as the asset is utilized for the purpose of business of the assessee, the requirement of […]
Falcon Business Resources Pvt. Ltd. Vs DCIT (ITAT Delhi) The lower authorities while deciding the issue whether the depreciation is allowable on mobile phones @ 15% or considering the mobile phones computers @ 60%. This issue has been decided by the solitary decision of Hon’ble Kerala High Court in the case of Federal Bank Ltd. […]
Rule-8AC of Income Tax Rules, 1962- Computation of STCG And WDV U/S 50 Where Depreciation On Goodwill Has Been Claimed Section-50 of Income tax Act deals with computation of capital gain in case of depreciable assets. By introducing Notification No. 77/2021 dated 07.07.2021, CBDT inserted the rule no-8AC after rule 8AB by further amending the […]
It was well settled position, before the amendments made by Finance Act 2021, that the depreciation can be claimed on ‘Purchased Goodwill’ under the Income tax Law and it was also supported by the decision of Hon’ble Supreme Court in the case of Jogta Coal Co. Ltd. v. CIT 36 ITR 521 where the treatment […]
CBDT inserts new Income Tax Rule 8AC -Computation of short term capital gains and written down value under section 50 where depreciation on goodwill has been obtained vide Notification No. 77/2021-Income Tax | Dated: 7th July, 2021 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) New Delhi Notification No. 77/2021-Income Tax | […]
Why the conflict over depreciation of goodwill: To understand this from a layman’s perspective – any deduction by way of depreciation leads to reduction in profits from Business or Profession and thus Total income. What does that lead to -For the Government – reduced tax. -For the Buyer – reduced cost of acquiring an asset […]
Explore the case of Surya Alumex vs. Commissioner of Central Goods and Service Tax (CESTAT Delhi). Understand the implications of Rule 4(4) of CENVAT Credit Rules, 2004 on Cenvat credit and depreciation claims.
