Income Tax : F&O traders need to know how their profits are taxed. With the ITR return filing date approaching, it is imperative to know how st...
Income Tax : Explore the impact of Finance Act, 2023, on MSME payment enforcement under section 43B(h) of the Income Tax Act, 1961. Understand ...
Corporate Law : Explore complexities of PMLA bail conditions, their impact on accused, and constitutional concerns. A comprehensive analysis sheds...
Company Law : Learn the distinction between preference share capital and preference capital with detailed explanations and examples, exploring t...
Income Tax : Delayed employees PF remittance Supreme Court decision in Checkmate Services - Under s.143(1), power to disallow. Tribunal decisio...
Income Tax : ITAT Mumbai held that since the shares were acquired on or after 01.10.2004, the assessee would be entitled to claim exemption of ...
Corporate Law : ITAT Delhi held that written off of obsolete inventory allowable as prepared in accordance with accounting standards and duly got ...
Corporate Law : Explore the detailed analysis of Mayur Rajendra Kumar Popat Vs Rajul Mehta & Ors. case from NCLT Mumbai. Learn about the resolutio...
Income Tax : Read the detailed analysis of Computer Modelling Group Ltd. vs. ACIT (ITAT Delhi) regarding interest leviable from the assessee fo...
Corporate Law : Resolution Plan met the requirements of Section 30(2) of the Code and the Regulations 37, 38, 38(1A) and 39(4) of the CIRP Regulat...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : Notification No. 15/2014-Income Tax entral Government hereby notifies the Ace Derivatives and Commodity Exchange Limited, Ahmedaba...
Unravel the complexities of Cash Payments under sections 40A(3) and 43(1) of the Income Tax Act, 1961. Dive into the implications of exceeding Rs.10,000 cash payments for revenue expenditures and acquisition of fixed assets. Understand the nuances of disallowance and actual cost determination. Explore real-life examples to grasp the intricate interpretations.
Trading of currency derivatives are covered by definition of ‘derivatives’ and excluded from the ambits of speculative transactions defined under Section 43(5) of Income Tax Act, 1961.
Now a day Derivative Trading i.e. trading in future and options (F&O) on stocks, currencies, and commodities has become a hot topic amongst investors. Data suggest that during last two years during pandemics the trading in shares & derivative increased substantially. Unfortunately, most people have little knowledge about taxation & reposting of the same and […]
ACIT Vs M/s. Lifestyle International (P) Limited (ITAT Bangalore) The brief facts in relation to the above ground is that the assessee had imported certain trade merchandise from parties located outside Payments to such foreign vendors is required to be made in future on specified dates in foreign currency. The assessee had also obtained foreign […]
Disallowance of Depreciation section 43(1)) Disallowance of Depreciation where cash payment exceeding Rs. 10,000 is made for purchase of asset (Amendment to section 43(1)) Clause (1) of section 43 defines ‘actual cost’ for the purposes of claiming depreciation. The cost in acquisition of any asset or part thereof in respect of which a payment or […]
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?
Under the existing provisions of the Act, revenue expenditure incurred in cash exceeding certain monetary threshold is not allowable as per sub-section (3) of section 40A of the Act except in specified circumstances as referred to in Rule 6DD of the Income-tax Rules, 1962.
Assessment of income from transaction in shares and securities under the Income-tax Act 1961 involves multiple issues. Such transactions give rise to income assessable under different heads of income e.g. business income, capital gain and income from other sources. This article is an attempt to discuss some major issues involved in assessment of such income under the head income from business. Speculative income, non-speculative income, trading, contract, derivatives, setting off losses 43(5), 10, 24(1), 24(2), 28, 73.
A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The […]
In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA of income […]
