Under Which Head Royalty Taxable?

I am a 34 year old person who has invented certain formulas related to nutritional supplements which will be manufactured in the USA but I am residing in Noida and shall be receiving 50% of the sales proceeds (in USA) as royalty fees regularly every month or quarterly as decided by me. Until now my [...]

Is Excess Stock & Cash Found During Survey u/s 133A is Part of Business or Income From other Sources?

Survey was conducted on business premises. The assessee has declared the stock in excess as recorded in books and also the cash found in the business premises is in excess of the cash as per the books. Kindly guide be whether the excess stock and excess cash would be deemed to be the part of [...]

Can You Deduct STT As Expense From Share Sale Income ?

The income from share transaction can occur in following forms
1. Share trading
2. Speculative trade
3. F & O transactions
4. Capital Gains
Allowance of STT for First three types (1, 2 & 3)
From Assessment Year Asst Year 2009-10 (FY 2008-09 ) , Securities Transaction Tax (STT) is defined as an expense u/s 36(xv) of the [...]

Can Loss of F & O Be Adjusted with Capital Gains?

Earn profit from Short Capital gain Rs. 1,05.400/- and Long term capital gain Rs. 89,375/-and Future & option loss Rs. 68,248/-. Pl. tell me future option loss is trading loss or speculation loss it is adjustable or / no.
Satyanaryan Agarwala , Kolkata
The transaction in Future & Options is business activity now because of amendment [...]

Leave Encashment Covered u/s 43B Rules Supreme Court!

Under Clause (f) of Section 43B any sum payable by the employer/assessee to its employees as leave encashment shall be available for deduction only in computing the income referred to in Section 28 of that previous year in which such sum is actually paid by the employer to its employees.
Calcutta High Court had struck the [...]

No Deprecaiation On Stock Exhange Memebership Card Rules Mumbai High Court!

Whether Stock Exchange Card is an asset for the purpose of Depreciation was always a matter of interpretation differently by assessee and income tax department.While the Department had all along treated memebrship card of stock exchange as not an asset for depreciation claim , the assessee claimed otherwise. Till now various benches of Tribunal have [...]

Now Derivative Trading in Foreign Exchange Is Business Activity!

In India , there are two main commodity exchanges –Multi Commodity  Exchange of India Ltd (MCX )  and  National Commodity & Derivative Exchange Ltd NCDEX in India where one can trade in derivative contract of different items –from pulse to metal. Now there is another exchange MCX Stock Exchange Ltd in which one can trade [...]

Why All Written Off Liability Is Not Taxable?

I have been showing certain amount as a liability in my balance sheet since last 6-7 yrs, which was to be paid back as interest to some loan. Loan was paid long back but no correspondence has taken place with the creditor re. the interest over 6-7 years. Now i would like to "Write Back" [...]

Beware of Most Dangerous Tax Amendment For Charitable Society !

One of my clients is a charitable society having more than twelve various activities like schools, charitable clinics, naturopathy centres, creches, old age homes, pension for widows, library, Masala Centre where various spices are prepared by poor ladies. Spices prepared by these ladies are sold over the counter which results in some income to the [...]

What Should I Do In case of Earning from Website?

Greetings-I’m a student but having an online business with clickbank, I have a site where people pay to download a medical information ebook.The sale is by affiliates that get 75% commission for the visitor that buys.I get paid bi-monthly by cheque by clickbank sometimes for 2,500$ even.My query is will I have to declare myself [...]

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