Articles for Business Income

Government has made liquor business its main source of income, says POW Vizag district president
1 day, 12 hours ago

Government has made liquor business its main source of income, says POW Vizag district president

The Hindu  

The Progressive Organisation of Women organised its 7th conference at Dronamraju Satyanarayana Kalyana Mandapam at Gajuwaka Drivers Colony, here on Sunday. Speaking on the occasion, POW national convener Jhansi said that the conference mainly discussed the problems faced by women, SC, ST, BC and minorities in education and employment opportunities due to the decision on privatisation of the RINL-Visakhapatnam Steel …

How gains through margin trading facility transactions are taxed in India
2 weeks, 1 day ago

How gains through margin trading facility transactions are taxed in India

Live Mint  

The margin trading facility is a powerful financial instrument. The tax treatment of this interest depends on whether the income from MTF transactions is categorized as capital gains or business income. While interest expenses on borrowed funds are capped at 20% of dividend income for dividends, no specific provision under the Income Tax Act allows the deduction of interest expenses …

Income Capital Gains Set Itr Losses Transactions Ltcg
Loss In Derivatives Is Not A Speculative Transaction And Can Be Set Off Against Business Income Of Assessee: Kerala High Court
2 weeks, 5 days ago

Loss In Derivatives Is Not A Speculative Transaction And Can Be Set Off Against Business Income Of Assessee: Kerala High Court

Live Law  

The Kerala High Court stated that loss in derivatives is not a speculative transaction and can be set off against business income of the assessee. Further, this is not a case where Section 73 of Income Tax Act is attracted since it deals with losses in speculation business. Act…….” Section 73 of the Income Tax Act, 1961, provides that any …

Business Loss Income Tax Kerala High Court Tribunal Set Transaction
Income From Sale Of Immovable Properties To Be Treated As 'Capital Gains,' Not 'Business Income': Kerala High Court
1 month ago

Income From Sale Of Immovable Properties To Be Treated As 'Capital Gains,' Not 'Business Income': Kerala High Court

Live Law  

The Kerala High Court has stated that income from the sale of immovable properties is to be treated as 'capital gains,' not 'business income' for taxation purposes. Jayakumar observed that “the requirement of ensuring uniformity and consistency in tax assessments cannot be overlooked, especially while categorizing the nature of the activity carried on by an assessee to earn its income …

Business Properties Tax Sale Assessment Income Tax Income
I-T raids on former YSRC MLA Grandhi Srinivas continue
1 month, 1 week ago

I-T raids on former YSRC MLA Grandhi Srinivas continue

New Indian Express  

VIJAYAWADA: Income Tax officials reportedly continued raids on the properties of former Bhimavaram YSRC MLA Grandhi Srinivas, who is into aqua business for more than three decades, for the fifth consecutive day on Sunday. It is learnt that a team from Chennai Income Tax Department, along with the Central Industrial Security Force, visited seven places on Wednesday, and started verifying …

Tax Income Mla Srinivas Bhimavaram
Budget 2024 plugs rental income loophole, property owners cannot declare house rental income as business income
5 months ago

Budget 2024 plugs rental income loophole, property owners cannot declare house rental income as business income

Hindustan Times  

If you are planning to save tax on the rental income that you receive from another property you may have invested in, you cannot declare it as business income. Budget 2024 plugs rental income loophole, property owners cannot declare house rental income as business income This, say tax experts, is expected to reduce litigation and also ensure that owners earning …

Business Budget Income Tax House Property Owners Partner Head
Income From Reselling Of Subscription Based Product Is Royalty: ITAT
6 months, 2 weeks ago

Income From Reselling Of Subscription Based Product Is Royalty: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that the income from the reselling of subscription-based products is royalty.The bench of Kavitha Rajagopal and Om Prakash Kant has observed that the assessee has sold not only the digital product but also all copyrights therein, which squarely falls under the definition of 'royalty' both. The bench of Kavitha Rajagopal …

India Royalty Tax Income Subscription Ireland Gartner
Trading Income From Sale Of Scrips Can't Be Conferred As 'Unaccounted Income' If Trading Activity Is Not Disputed At Any Time: Ahmedabad ITAT
9 months ago

Trading Income From Sale Of Scrips Can't Be Conferred As 'Unaccounted Income' If Trading Activity Is Not Disputed At Any Time: Ahmedabad ITAT

Live Law  

On finding that AO as well as the CIT was not right in making/confirming the addition on account of unaccounted business income, the Ahmedabad ITAT deleted the addition made by AO under the Income Tax Act, 1961. In response to the said notice, the assessee did not file the required details as mentioned in the assessment order, but the assessee …

Trading Income Bench Account Details Itat Assessee
Personal Loan Taxation: Are there any tax benefits on the amount borrowed?
9 months, 1 week ago

Personal Loan Taxation: Are there any tax benefits on the amount borrowed?

Live Mint  

Personal loans offer a flexible financial solution to address a wide range of personal needs. In general, a personal loan in India typically won’t have a significant impact on your tax filing in two primary ways: The loan amount is not considered taxable income. Nevertheless, there are some exceptions where you may be eligible to claim tax benefits on a …

Tax Personal Loans Interest Offer Home Renovation Tax Benefits Business Income
Calcutta High Court Weekly Digest January 15- January 21, 2024
11 months ago

Calcutta High Court Weekly Digest January 15- January 21, 2024

Live Law  

NOMINAL INDEXMahuya Chakraborty Vs. Merely Being A Member Of Haj Committee Doesn't Confer Knowledge In Shia Islamic Theology: Calcutta HC Quashes Appointment To WB Waqf Board Citation: 2023 LiveLaw 16 Case: Professor Syed Haider Hassan Kazimi and others v The State of West Bengal and another The Calcutta High Court has quashed an order passed by the Secretary, Government of …

Kolkata High Court Court Chief Justice West Bengal Trial Court West
Income From Sub-Letting Is 'Business Income' If Object Is Business Of Renting/Licensing Of Shops: Calcutta High Court
11 months ago

Income From Sub-Letting Is 'Business Income' If Object Is Business Of Renting/Licensing Of Shops: Calcutta High Court

Live Law  

Finding that assessee's income from sub-letting/sub-licensing the space in question, has always been accepted by Respondent / Income Tax Department as, income from business, the Calcutta High Court held that assessee's income from sub-licensing/sub-letting is chargeable to tax as business income and not as income from house property. The assessee therefore made disclosure as total contribution received from letting out …

Business Space High Court Income Bench Itat Assessee
Income From Nursery Activities Of Growing Various Types Of Lawns, Flower Plants And Vegetable Plants Is Agricultural In Nature: ITAT
1 year, 2 months ago

Income From Nursery Activities Of Growing Various Types Of Lawns, Flower Plants And Vegetable Plants Is Agricultural In Nature: ITAT

Live Law  

The Ahmedabad Bench of Income Tax Appellate Tribunal has held that income from nursery activities such as growing various types of lawns, flower plants, and vegetable plants is agricultural in nature.The bench of Suchitra Kamble and Annapurna Gupta has observed that the activity of an agricultural nature in respect of engaging in nursery activities. The Ahmedabad Bench of Income Tax …

Plants Income Agricultural Assessee Business Income Various Types Nursery Activities
Income tax rules for X users: How income from X (Twitter) will be taxed in India
1 year, 4 months ago

Income tax rules for X users: How income from X (Twitter) will be taxed in India

Live Mint  

Elon Musk's Twitter which was rebranded as X, has started sharing ad revenues with content creators. Income under ‘Profits and Gains of Business or Profession’ Mumbai-based tax and investment expert Balwant Jain said that if this is your sole activity for earning your main income or it earns you substantial income, the same would be treated as business income and …

Business Tax Income Twitter Profession Business Income Profits And Gains Of Business Or Profession
Treatment Of Shares In Books Of Accounts Determines Taxation, JM Financial’s Set-off Not Colourable Device: ITAT
1 year, 4 months ago

Treatment Of Shares In Books Of Accounts Determines Taxation, JM Financial’s Set-off Not Colourable Device: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that the treatment of shares in books of accounts determines taxation under capital gain or business income, and the method adopted for arriving at the sale consideration does not determine the nature of the transaction.The bench of Aby T. Varkey and Padmavathy S. has observed that. The Mumbai Bench …

Business Sale Investments Income Capital Held Shares
ITR Filing Starts: Expert Tips For Individual Taxpayers To Chose Correct ITR Form
1 year, 6 months ago

ITR Filing Starts: Expert Tips For Individual Taxpayers To Chose Correct ITR Form

News 18  

Filing your Income Tax Return holds significant importance for several reasons. It also facilitates the calculation of your tax liability, as the ITR form prompts you to provide details of income, deductions, exemptions, and tax-saving investments. Each ITR form is specifically designed to capture different types of income and financial situations, so choosing the right one ensures that you report …

Income Gupta Filed Form Your Income Itr Filing Business Income
Are You Filing ITR AY24 For Salary Income? Here's All You Need To Know
1 year, 7 months ago

Are You Filing ITR AY24 For Salary Income? Here's All You Need To Know

News 18  

Online ITR For Salary Income: Even as the income tax department has enabled the online filing for ITR 1 and ITR 4, individuals can now start filing their income tax returns for the assessment year 2023-24 or the financial year 2022-23. Rebate: Resident individuals whose total income does not exceed the threshold limit of Rs 5,00,000 or Rs 7,00,000 can …

India Financial Tax Income Case Total Form
Trump’s returns shed light on tax offsets, foreign accounts
1 year, 11 months ago

Trump’s returns shed light on tax offsets, foreign accounts

Associated Press  

Democrats in Congress released thousands of pages of former President Donald Trump’s tax returns Friday, providing the most detailed picture to date of his finances over a six-year period, including his time in the White House, when he fought to keep the information private in a break with decades of precedent. Jeff Hoopes, an accounting professor at the University of …

Taxes Congress Democrats Million Paid Returns Trump Reported
Income Tax: Do you need to disclose property sale in ITR even in case of no capital gain? Find out here
2 years, 1 month ago

Income Tax: Do you need to disclose property sale in ITR even in case of no capital gain? Find out here

Firstpost  

According to the provisions of the law, Section 54EC and Section 54EE are not mutually exclusive. Where capital gain arises from the transfer of a long-term capital asset, the taxpayer is able to claim deduction under Section 54EC While filing income tax returns, you have to disclose income from all sources irrespective of the amount, otherwise, at the time of …

Tax Income Capital Gain Business Income Capital Gain
Moonlighting for Additional Income? Know Its Tax Implications
2 years, 1 month ago

Moonlighting for Additional Income? Know Its Tax Implications

News 18  

Moonlighting has become a well-known term after instances of tech professionals from multiple big companies indulging in the same came to light. It is essential to know what kind of taxes apply to your income from moonlighting in order to avoid getting fined by the Income Tax department later on. If the tax payable is in excess of Rs 10,000, …

Tax Pay Income Moonlighting
Seller Of Agricultural Land Insisting Cash Payment; No Disallowance Can Be Made Under Section 40A (3) Of IT Act: ITAT
2 years, 3 months ago

Seller Of Agricultural Land Insisting Cash Payment; No Disallowance Can Be Made Under Section 40A (3) Of IT Act: ITAT

Live Law  

The Delhi Bench of the Income Tax Appellate Tribunal has ruled that no disallowances can be made under Section 40A of the Income Tax Act, 1961 for payments made otherwise than by way of account payee cheques or bank drafts for purchase of agricultural land, where the seller of the agricultural land has insisted on payment in cash. Hence, the …

Business Tax Land Income Payment Tribunal Act
Record number of Australians turn to side hustles for an income boost
2 years, 3 months ago

Record number of Australians turn to side hustles for an income boost

ABC  

Aleks Nikolic works full time as a lawyer. Aleks Nikolic says she seized on a "beautiful moment" during the pandemic when it felt like everyone was thinking about investing and other ways to increase their income and wealth. "That's what our members are telling us; that there's an inherent flexibility in the system," Small Business Council CEO Alexi Boyd says. …

Business Think Businesses Australians Nikolic Side Hustle Ms Nikolic
Expenditure Incurred After Set-Up of Business Is Allowable As Deduction, Even If No Business Income Is Earned By The Assessee : ITAT Chennai
2 years, 5 months ago

Expenditure Incurred After Set-Up of Business Is Allowable As Deduction, Even If No Business Income Is Earned By The Assessee : ITAT Chennai

Live Law  

The Chennai Bench of ITAT has ruled that once the business of an assessee is set-up, all the expenditure incurred by it would be allowable as deduction, notwithstanding the fact that no business income was earned by the assessee during the relevant year. The assessee RBL Hotels submitted before the ITAT that it had duly set-up its business during the …

Business Income Revenue Held Deduction Ruled Itat
Loss On Trading In Derivatives Of Securities Not A Speculative Loss, Can Be Set Off Against Business Income: Bombay High Court
2 years, 7 months ago

Loss On Trading In Derivatives Of Securities Not A Speculative Loss, Can Be Set Off Against Business Income: Bombay High Court

Live Law  

The Bombay High Court has ruled that transactions in respect of trading in derivatives carried out in a recognized stock exchange are excluded from the definition of "speculation transaction" under the Income Tax Act, 1961. The CIT upheld the order of the AO and held that the loss suffered by the appellant from transaction in derivatives was a speculative business, …

Business Loss Court Bombay High Court Income Tax Trading Securities
Monthly Digest Of Tax Cases- March 2022
2 years, 8 months ago

Monthly Digest Of Tax Cases- March 2022

Live Law  

Supreme Court Case Title: Tata Steel Ltd Versus The State Of Jharkhand And Ors. Case Title : Jai Singh Goel Versus Chief Commissioner Of Income Tax Citation: 2022 LiveLaw 175 A Bench of the Delhi High Court, consisting of Justices Manmohan and Navin Chawla, has ruled that an application seeking compounding of the offence under Section 276CC of the Income …

India Bengaluru Karnataka Justice Mumbai High Court Tax