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Method Of Accounting In Income Tax– Sec 45
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
 The prevailing section provides that income under the head “Profits and Gains of Business and Profession’’ or “Income from othe...
Valuation Of Stock for Income Tax Purposes
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Stock may be valued as per the accepted accounting norms as Income Tax Act or Income Tax Rules does not provide for any method for valuat...
Capital expenditure vs.Revenue expenditure – A synopsis
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
The most seeked upon parameters to judge whether expenditure is revenue or capital is to consider whether ownership is created or not. Th...
GAAR Not To Apply On P-Notes
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Last updated on Oct 5, 2017
Facing a critical situation made more vulnerable by market volatility, FM Pranab Mukherjee announced that the new General Anti-Avoidance ...
Deduction of head office expenditure for NRIs – Section 44C
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
As per section 44C of Income Tax Act ,deduction allowed for head office expenditure incurred outside India by NRIs (attributable to the b...
Additional Depreciation Benefits For Power Generation & Distribution Companies
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Last updated on Oct 5, 2017
Section 32 provides for additional depreciation on new plant and machinery (other than ships and aircrafts), which has been acquired and ...
Income accruing to VCF / VCU to be taxed on accrual basis
News & FAQs | By ALOK PATNIA | Last updated on Mar 31, 2012
Section 115U provides that income, in the hands of the investor through VCF / VCC is taxed in like manner and to the same extent as if th...
No tax on gifts to HUF – Budget 2012
News & FAQs | By ALOK PATNIA | Last updated on Mar 31, 2012
This article brings into spotlight the benefits endowed upon HUFs via Budget 2012 proposals. Receipt of gift by HUF excluded from tax u/s...
Cash Credits & Unexplained Income – Sec 68 – Budget 2012
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Existing provision of Sec 68 mandates that where any income is found in the books of assessee as credited or unexplained in the previou...
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