Section 172: Shipping business of non-residents

Shipping business of non-residents. 172. (1) The provisions of this section shall, notwithstanding anything contained in the other provisions of this Act, apply for the purpose of the levy and recovery of tax in the case of any ship, belonging to or chartered by a non-resident, which carries passengers, livestock, mail or goods shipped at a...

Is MCX Futures & Options Trade Speculative or Business Activity?

There is great confusion regarding the nature of Futures & Option (derivative) trades executed through MCX . The confusion has, perhaps, aggravated after the recent decision dt 17/09/2012 by Mumbai Tribunal in case of ACIT vs Arnav Akshay Mehta IT Appeal No. 2742 (Mum.) of 2011 in which the issue was whether the derivative transaction...

Can Loss in Commodities F & O Trade be Adjusted With Capital Gains ?

The derivative segments trades (Futures & Options )  in India are done in shares and commodities. While the trade in F & O segments of shares through NSE or BSE is considered business trade now . A confusion arises in mind of tax payers who indulge in F & O trades in commodities segment. For...

Agriculture Land : Importance of Notified Area !

Capital gains on sale of agricultural land  bring the issue whether the said agriculture land is capital asset.If the said agriculture land is not capital asset within the definition section 2(14) of the Income Tax Act , the gain on agriculture land sale shall be exempt from income tax. This article is written with an...

Presumptive Income Scheme u/s 44AD Debars 3 Businesses

It was clarified in blog posting that presumptive income scheme under section 44AD does not cover profession as referred in section 44AAof the Income Tax Act. Now , Finance Bill 2012-13 has proposed amendment retrospectively by which it is not  only clarified that persons carrying profession as per section 44AA can not avail presumptive scheme...