Don't Worry , Be Happy !
RBI is regulator for NBFC and in order to to ensure that NBFCs create a financial buffer to protect them from the effect of economic downturns, it has issued circular RBI/2010-11/370 DNBS.PD.CC.No.207/ 03.02.002/2010-11 dt January 17, 2011 that requires NBFC to create provision of 0.25% for standard assets . A reader Sri Gaurav Chowdhury has...
The issue of depreciation on website development cost incurred by an assessee has been settled by Income Tax Tribunal ( ITAT) , New Delhi Bench in makemytrip (India) Pvt Ltd vs DCIT Circle [2012] 19 taxmann.com 137 (Delhi)holding that expenditure on website development is capital expenditure and falls within the block of intangible asset which...
Capital gain tax exemption is now a bit more easier ! Under Income tax law , a tax payer can save on capital gain tax on sale of a long term capital asset by claiming exemption provided u/s 54 or section 54F or 54EC of Income Tax Act . Readers may also note earlier posting...
It is already posted that Direct Tax Code 2010 has made even agriculture land sale as taxable . However, saving grace is that section 55 of the DTC 2010 provides that in following conditions, gains on agriculture land is tax free by claim of deduction provided u/s . The conditions are The agriculture land which [...]
Under the Income Tax Act , 1961 , if the residential house or any other long term investments were sold and residential house is purchased , in that case exemption from captal gains u/s 54 or 54F is allowable. The Direct Tax Code 2010 has also similar provision u/s 55 which has provison for exemption [...]
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
Capital gains exemption u/s 54 provides relief to a tax payer who gets gains on account of sale of … [Read More...]
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