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There is always a dispute in respect of capital & revenue receipt & expenditure. Lets clarify the same with the help of some of the latest judicial decisions in this respect. Non Compete Fees : Non compete fee received by assess
UNDERSTANDING INCOME FROM HOUSE PROPERTY WITH LATEST CASE LAWS : In this article, we will discuss recent decisions of various courts & tribunals in respect of income from house property which will enable us better understanding of the subject an
The usage of section 28 to justify any expenditure or loss is rarely found. We try to substantiate the same under section 36 or 37 and sometimes not able to get the deduction due to limitations and conditions laid down in that section. Thats
Under section 36 of the Income tax act, 1961 there are number of deductions available along with their conditions. Below we are discussing the summary of the few latest case laws in respect of section 36 which will make us understand the deducti
Now a days, assesses are facing number of disallowance under various clauses of section 40 of the act by the Income tax officials. These issues were handled with due care at the time of the assessment itself so that in the case of forc
Now a days, during transfer pricing assessment , the TPO are coming with unique ideas like valuation of intangibles , corporate guarantees, ratings provided by CRISIL etc. this all leads to corporate in a mysterious situation. Below are the summ
UNDERSTANDING TAX DEDUCTED AT SOURCE WITH LATEST CASE LAWS: PART - II In the part I of the article Understanding TDS with case laws published on February 2011 now we should move ahead and should discuss the latest judicial development in the are
Now a days, in a modern organization , there will exist a complicate business structure of holding & subsidiary companies along with closely held companies. There will be routine flow of funds between these companies. It is very important to h
We have to make provision for various expenses based on the estimates at the year end as we are following the accrual system of accounting. But the income tax department was disallowing the same on the ground that same being contingent in n
Summary : Earlier correction was not possible in challans while making errors at the time of payment. Same is now possible from bank, but you should contact the bank within 7 days. Challan Correction Mechanism Under OLTAS (On Line Tax Accou
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