Articles by FCS Deepak Pratap Singh
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Corporate Communique - October 2021
This communique is an attempt to share with readers various circulars, notifications, guidelines etc., issued by the Government, SEBI, MCA, RBI and IRDAI during the month of October 2021.
Whether depreciation on acquired goodwill allowable under provisions of Income Tax Act 1961
As per Section 32(1)(ii), depreciation is allowable in respect of know-how, patent, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature.
Whether Grant By Holding Company To Its Subsidiary Treated As Revenue Receipt
The Appellate Tribunal held that the grant received was not taxable as revenue receipt since the said grant was given to recoup the losses incurred by the assessee and was hence, in the nature of capital contribution.
Non Registration Of Charge With ROC - May Deprive You From Position Of Secured Creditor
'Charge' was not registered as per the provisions of Section 77 (1) of the Companies Act, 2013 and as envisaged under the IBC 2016, hence the Creditor cannot be treated as a 'Secured Creditor'.
Whether Fluctuations In Foreign Exchange Considered As Capital Receipt
In respect of income chargeable under Section 4(1), Income Tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act.
Whether A Karta Will Be Taxable In Dual Capacity After Separation From HUF
Discussing an interesting situation and taxability of an individual after his separation from HUF i.e. Whether a person will be taxable under dual capacity as an ‘Individual’ as well as 'Karta' after separation from HUF?
Meaning of Officer and Officer in Default
Officers such as whole-time directors, KMP, directors, etc. shall be liable to any penalty or punishment in case of default committed by the company under the Companies Act, 2013.
Whether All Incomes From Renting Of Properties Will Be Considered As Income From House Property
It is clear that any income from renting a property (which is a building and/or land attached to it) by the owner not utilized for its own business and profession will be considered as Income from House Property.
Works Contract And Implications For Roads Or Highways
GST on payment made through toll charges or annuity payment by NHAI to the concessioner are exempt from GST and the Input Tax paid by the private operators will be available to them as Input Tax Credit.
Whether Penalty Or Fines Or Penal Interests Allowed As Expenditure Under Section 37(1) Of IT Act,1961
The objective of Section 37 is to claim business expenditure incurred by the assessee which is not covered under sections 30 to 36 as deductions. Thus, this section is as a general section for claiming deductions.
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