Daily Archives: June 5, 2018

Form GST FORM DRC-03 : FAQs

By | June 5, 2018

Payment on Voluntary Basis (Form GST FORM DRC-03 ) [ Also refer How to make Payment of Form GST FORM DRC 03 ? User Manual ] 1. What is the facility for Payment on Voluntary Basis? Payment on Voluntary Basis is a facility given to tax payers to make payment u/s 73 or 74 of the CGST… Read More »

Expenses incurred to improve quality of existing product allowed : GUJARAT HC

By | June 5, 2018

what emerges is that the assessee who was engaged in manufacturing textile products, had expended the amount in question for product development undertaken by a sister concern of the assessee on its behalf. The research work did not involve development of a new product or even a new technique or technology to manufacture existing product… Read More »

Allowable and Not allowable Business Expenses under Income Tax

By | June 5, 2018

Business Expenses under Income Tax Here are the case Laws on allowed and not allowed Business Expenses under Income Tax Business Expenses Allowed under Income Tax Expenses incurred on abandoned project was revenue expenses as no new Asset is created : MADRAS HC Depreciation on Road constructed on BOT basis allowed as Intangible asset :… Read More »

Encashment of bank guarantee for non performance allowed as exp. :ITAT Delhi

By | June 5, 2018

Encashment of bank guarantee for non performance is Capital Expenditure or revenue Expenditure Video Tutorial by CA Satbir Singh (Voice in Hindi , Slides in English)  explaining  Encashment of bank guarantee for non performance allowed as exp under income tax Issue involved in this appeal is whether the bank guarantee encashed by the Delhi transport Corporation… Read More »

Income Tax on Salary : Free Study Material

By | June 5, 2018

Income Tax On Salary : Free Study Material Here is the Free Study Material on Income Tax on Salary Income Tax on Salary : Relevant articles what is Taxable Salary under Income Tax ? Standard deduction from salary income w.e.f FY 2018-19 (AY 2019-20) Govt clarify standard deduction to pension received from former employer: Press Release… Read More »

Presumptive Taxation under Income Tax : Free Study Material

By | June 5, 2018

Presumptive Taxation under Income Tax : Free Study Material Free Study Material on Presumptive Taxation under Income Tax Income Tax on Presumptive Basis u/s 44AD, 44ADA and 44AE [ FA2018] : Analysis Presumptive taxation u/s 44AD Income Tax: Audit Limit w.e.f AY 2017-18 Presumptive Taxation can not be applied by AO If there is Loss… Read More »

60% depreciation allowed on Printer being part of computer system : Madras HC

By | June 5, 2018

Paragraph 6 of the order passed by the Commissioner of Income Tax (Appeals), it has been stated that it can be inferred that the machines “computer printers” under consideration can either be called computers-printers, since a lot of independent functions done by the computers are done by these printers and they can be called an… Read More »

Income Tax Depreciation : Free Study Material

By | June 5, 2018

Income Tax Depreciation : Free Study Material We have compiled Free study material on Income Tax Depreciation [ Join GST Online Course by CA Satbir Singh] Free study material on Income Tax Depreciation New Income Tax Depreciation Rates w.e.f 01.04.2017 Depreciation Rates under Income Tax [ As amended by Finance Act 2018] Capital expenditure incurred… Read More »