Every Article is A Tax Solution !
Assessment year 2014-15 maybe quite bothersome from builders and real estate traders as till 31/03/2013, they were not bothered about the stamp duty valuation of the sold flats. Only investors who were showing it as investment were suffering from the provision of section 50C under which the stamp duty valuation was being taken as deemed […]
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Depreciation on plant & machinery is allowance to be reduced as per section 32 of the Income Tax Act .Apart from the ownership , the second most important condition for allowance of depreciation on plant & machinery is that it should be used for the purpose of business or profession. But in practical and real life […]
Read MoreCase Name : J.B. Boda & Co. (P.) Ltd. Vs. ITO Citation :[1992] 41 ITD 36 (BOM.-TRIB.) Court : ITAT-Bombay Section : 80-O Meaning : The expression ‘income by way of royalty, commission….’ Occurring in section 80-o of the income-tax act cannot be interpreted to mean income which is arrived at only after deducting expenses […]
Read MoreCase Name : Gujarat State Co-Operative Bank Ltd. Vs. CIT Citation :[2001] 119 TAXMAN 160/250 ITR 229 (GUJ.) Court : Gujarat High Court Section : 80P Meaning : The expression ‘income attributable to banking activity’ is to be confined to income arising on deposits of ‘banking reserves’ only and not on deposits of other surplus […]
Read MoreCase Name : Mansukhlal & Bros. Vs. CIT Citation :[1969] 73 ITR 546 (SC) Court : Supreme Court Section : 271 Meaning : The words ‘income as returned’ would clearly mean income as disclosed or shown in the return filed under section 22 of the 1922 act [corresponding to section 139 of the 1961 act.] […]
Read MoreCase Name : P.R.Prabhakar Vs. CIT Citation :[2006] 154 TAXMAN 503/284 ITR 548/204 CTR 27 (SC) Court : Supreme Court Section : 80HHC Meaning : The expression ‘income arising out of business of export’ brings within its sweep not only the export of any goods or merchandise manufactured or possessed by the assessee but also […]
Read MoreCase Name : Castleton Investment Ltd., In Re Citation :[2012] 24 TAXMANN.COM 150/211 TAXMAN 282/348 ITR 537/252 CTR 131 (AAR – NEW DELHI) Court : AAR Section : 92 Meaning : Going by its general meaning and by its defined meaning under the act, there is no warrant for restricting the scope of the expression […]
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Stock Appreciation Right (SAR) are part of various kinds of stock options used by companies to incentivize and keep the employee with them. In case of Stock Appreciation Right (SAR) , the employee does get shares or cash payments equivalent to appreciation in the value of shares of the company.So , world over ,Stock Appreciation […]
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There is a huge confusion among thousands of freelancers in India , many of who are youngsters & earning income from blogging or programming through various online platforms . They earn money from online advertising programs like -adsense or online market place like- clickbank , jvzoo ,etc. These freelancers get money in their bank account , […]
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