Articles by Manish Kumar Agarwal

Understanding turnover exemption u/s 10A of the IT act, 1961

Manish Kumar Agarwal 05 May 2016 at 10:54

In respect of claim of exemption u/s 10A, 10AA & 10B, still there is lot of confusion is there between taxpayer and the tax officer. Given below chart based on the latest judicial pronouncement will help to reduce such confusion. SN

Taxation under MAT

Manish Kumar Agarwal 04 May 2015 at 11:21

Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the Income-Tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. In the past, a large number of

Taxation of Forex profit and loss under section 43A

Manish Kumar Agarwal 30 April 2015 at 10:21

From the ACT. Notwithstanding anything contained in any other provision of this Act, where an assessee has acquired any asset in any previous year from a country outside India for the purposes of his business or profession and, in consequence of a c

FAQ on tax on income from share market

Manish Kumar Agarwal 29 April 2015 at 10:48

Income from intra-day trading is considered as speculation income and taxed as such. While speculation losses can be set off only against speculation gains, non-speculation business losses may be set off against short/long-term capital gains. KEY POI

Understanding Penalty under income tax with latest case laws

Manish Kumar Agarwal 11 June 2014 at 11:28

Penalty is one of the weapon which is now used by Income tax department (ITD) for each & every kind of addition they are making during the assessment. Further recently the weapon also used for transfer pricing documentation also. The handling of

Understanding Speculation Profit/ loss with latest Case Laws

Manish Kumar Agarwal 03 June 2014 at 11:36

1. S. 73 of the Income-tax Act provides that any loss computed in respect of speculation business carried on by an assessee will not be set off except against the profits and gains, if any, of another speculation business. Further, where any loss com

Understanding Section 80 IB Deduction in respect of Real Estate Companies

Manish Kumar Agarwal 29 May 2014 at 13:23

Background:- Section 80-IB (10) of the Act is aimed at promoting construction of housing projects, so as to address the problem of shortage of dwelling units. The predominant objective of this incentive provision, therefore, is to encourage better av

Understanding Section 10 with latest case laws Part-III

Manish Kumar Agarwal 24 September 2013 at 12:15

The most important & disputed clause under section 10 is exemption allowed to STPI and SEZ under clause 10A, 10B & 10AA. However, from FY 2011-12, the exemption is no more allowed to STPI and EOU units, however continued to allowed to SEZ U

Understanding deductions of section 80-IA & IB with Latest Case Laws Part II

Manish Kumar Agarwal 17 September 2013 at 18:05

We had earlier discuss in detail about the concepts of section 80-IA & IB along with various case laws earlier in article. Over a period of time, there are number of judgments comes from various levels of courts from different locations

Transfer Pricing with latest case laws

Manish Kumar Agarwal 16 August 2013 at 11:08

Over a period of time, there are number of judgements comes from various levels of courts from different locations of India and hence it is very important to know the same for the correct treatment of Transfer pricing: In the case of Delphi