Profit from Conversion of Stock-in-trade into Investments is Business Income Related Case Law : ITO Vs M/s. Nupur Carpets Pvt. Ltd.,(Kolkata ITAT), ITA No. 783/Kol/2009 A.Y. 2005-06, Date of decision –01-07-2015 Briefs of Case
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Interest, Transport and Power Subsidies are eligible Deductions u/s 80IB Related Case Law : DCIT Vs M/s. Maithan Smelters Ltd.,(Kolkata ITAT), ITA No. 1327/Kol/2011 A.Y. 2005-06, Date of decision –26-08-2015 Briefs of Case In the case DCIT Vs. Maithan Smelters Ltd. the Hon’ble Kolkata ITAT held that the interest subsidy, transport subsidy and power subsidy […]
Frequently Ask Questions – Agricultural income Question 1. Does interest on arrears of rent qualify as agricultural income and will this be exempt from tax? Answer:- If, a tenant pay arrears rent or revenue payments (either in cash or kind) and the landlord charges interest on such arrears, the income of land lord would be […]
Tax treatment and Taxability of Agricultural Income Agricultural income in India is exempt under Section 10(1) of the I.T.Act, 1961. So the income earned by way of agricultural operations, as mentioned in Section 2(1A) of the said Act, is not taxable as Constitution gives exclusive power to make laws with respect to taxes on agricultural […]
Points to be in mind while Filing Income Tax Return 1. Due date of Filing of Income Tax Return has been extended till 31 August 2015 for the Assessment Year 2015-2016. 2. Maximum amount of deduction available under Chapter VI A has been extended from Rs.1,00,000 to Rs.1,50,000 includes payment for LIP,PF, PPF, NSC,New Pension […]