Income Tax : Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSM...
Income Tax : Explore why amortizing preliminary expenses over 5 years is unjust for businesses. Urgent appeal to lawmakers for immediate tax re...
Income Tax : Income Tax Section 35D amended to remove condition of activity in connection with preliminary expenses of a concern approved by CB...
Income Tax : Section 35AD provides for investment -linked tax incentive for Specified Business. One such specified business of laying and opera...
Income Tax : Section 37(1) of the Income Tax provides for a general deduction for all expenditure laid out wholly and exclusively for the pur...
Income Tax : ITAT Delhi held that disallowance of share premium under section 56(2)(viib) of the Income Tax Act not sustainable since shares ar...
Income Tax : Madras High Court held that expenditure claimed as capital expenditure cannot be claimed as revenue expenditure in the computation...
Income Tax : PCIT was of the view that mere process of compression of natural gas cannot be considered to be a manufacturing activity for the p...
Income Tax : ITAT Delhi held that grant-in-aid incurred wholly and exclusively for the purpose of business is allowable as deduction. According...
Income Tax : ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Pr...
Income Tax : Find out the latest Income Tax amendment in 2023, introducing new rules for preliminary expenses under section 35D. The Ministry o...
ITAT Delhi held that disallowance of share premium under section 56(2)(viib) of the Income Tax Act not sustainable since shares are allotted to an existing shareholder and hence creditworthiness cannot be doubted. Accordingly, appeal of revenue dismissed.
Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSME benefits, GST ITC, and available incentives.
Madras High Court held that expenditure claimed as capital expenditure cannot be claimed as revenue expenditure in the computation of income. Accordingly, appeal filed by the assessee dismissed.
PCIT was of the view that mere process of compression of natural gas cannot be considered to be a manufacturing activity for the purpose of claim of additional depreciation.
ITAT Delhi held that grant-in-aid incurred wholly and exclusively for the purpose of business is allowable as deduction. Accordingly, appeal is allowed and addition of the same by AO is liable to be deleted.
ITAT Mumbai held that surplus on redemption of treasury bills is taxable under the head Capital Gains and not under the head ‘Profits and Gains of Business’.
ITAT Mumbai held that technical know-how fee received by the assessee falls under the category of royalty as defined in Section 80-O of the Income Tax Act and hence is eligible for deduction u/s. 80-O of the Income Tax Act, 1961.
Explore why amortizing preliminary expenses over 5 years is unjust for businesses. Urgent appeal to lawmakers for immediate tax reform to support startups and level the playing field
ITAT Mumbai held that deduction u/s 36(1)(viia) of the Income Tax Act towards Provision for bad and doubtful debts allowable irrespective of rural advance and non-rural advances.
Find out the latest Income Tax amendment in 2023, introducing new rules for preliminary expenses under section 35D. The Ministry of Finance has issued the Income Tax (Fourteenth Amendment) Rules, 2023, affecting businesses and individuals. Learn more about the changes and how they impact your tax filings.
