Don't Worry , Be Happy !
The purchase of license to use a software is not the off the shelf purchase of material but is a payment for right to use the copyright material and as such falls within the meaning of royalty even under Article 12(3) of DTA between India and Other countries. Therefore, payment to non resident for the...
Whether subsidy received by an assessee is taxable or not depends on the question whether the said subsidy is capital receipt or revenue receipt.There is no straight-jacket principle of distinguishing a capital receipt from a revenue receipt. It depends upon the circumstances of each case.The nature of the subsidies in each case is separate and...
Section 2(22)(e ) of the Income Tax Act brings to tax as deemed dividend to certain payments made by a company by way of advance or loan to a shareholder or to payment to concerns in which shareholder holds substantial interest or any payment on behalf of a shareholder or for the individual benefit of...
The rule of market value as per stamp duty authority valuation was being applied to determine depreciation.This issue reached Mumbai high Court in CIT vs Cable Corporation of India Ltd [2011] 336 ITR 56 vide an appeal by Income Tax Department against order of ITAT. Fact of the Depreciation Case The assessee had sold a...
Service of notice u/s 143(2) is the prime requirement for initiation of scrutiny proceeding under Income Tax Act. Earlier readers were informed of ITAT Indore Bench order on the same issue in posting titled Receipt of scrutiny notice u/s 143(2) after last date is bad in law ! . Now the same issue of service...
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
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