Articles for Tax Expenses

Indian power company CESC’s Q3 profit falls amid higher tax expenses
4 days, 20 hours ago

Indian power company CESC’s Q3 profit falls amid higher tax expenses

Live Mint  

BENGALURU - India's CESC, a power generation and distribution company, reported a fall in third-quarter profit on Friday, due to higher tax expenses and lower regulatory income. Regulatory income, which includes adjustments related to fuel cost, purchase of power and other fixed costs, fell to 3 billion rupees from 5.6 billion rupees a year ago. KEY CONTEXT CESC's revenue for …

Power Cesc Rupees Regulatory Income Tax Expenses
This NRI couple in Melbourne is looking to move back for family and higher affordability
4 months ago

This NRI couple in Melbourne is looking to move back for family and higher affordability

Live Mint  

While the quality of life in Melbourne is superior, it comes at a heavy price — both literally and metaphorically. “Also, the cost of living as a percentage of net income is higher compared to India’s. Graphic: Mint Cost of living The couple spends more on everything in Melbourne than they did in India – from groceries to insurance and …

India Expenses Couple Tax Income Higher Living
Expenses For Community Development, Environment Health & Safety : ITAT Allows CSR Expenditure
1 year, 6 months ago

Expenses For Community Development, Environment Health & Safety : ITAT Allows CSR Expenditure

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has held that once the expenditure has been accepted to be for community development and environmental health and safety expenses, the same cannot be held to have not been incurred wholly and exclusively for the purpose of business in the year under consideration.The bench of Sandeep Singh Karhail and Amarjit. The …

Community Expenses Development Community Development Assessee Expenditure Incurred Itat Allows
Reimbursable Expenses Are Not Includible In The Taxable Value Of The Service: CESTAT
1 year, 8 months ago

Reimbursable Expenses Are Not Includible In The Taxable Value Of The Service: CESTAT

Live Law  

The Kolkata Bench of the Customs, Excise, and Service Tax Appellate Tribunal has held that reimbursable expenses are not includible in the taxable value of the service in terms of Rule 5 of the Service Tax Rules, 2006. The department was of the view that the reimbursable expenses are includible in the gross taxable value of the service by invoking …

Expenses Service Rule Stat Ces Appellant Service Tax
Delhi High Court Allows Deduction Of Expenses Undertaken Under the CSR Endeavour u/s 37 Of The Income Tax Act
2 years ago

Delhi High Court Allows Deduction Of Expenses Undertaken Under the CSR Endeavour u/s 37 Of The Income Tax Act

Live Law  

The Delhi High Court has allowed the deduction of expenses undertaken under the Corporate Social Responsibility endeavor under Section 37 of the Income Tax Act, 1961.The division bench of Justice Rajeev Shakdher and Justice Tara Vitasta Ganju has observed that the memorandum, which was published along with Finance Bill 2014, clearly indicated that the amendment would take. The Delhi High …

Delhi High Court Income Deduction Itat Section 37 Csr Explanation 2
Service Tax Cannot Be Levied On Reimbursement Of Expenses Incurred By The Service Provider: Reiterates CESTAT Delhi
2 years, 6 months ago

Service Tax Cannot Be Levied On Reimbursement Of Expenses Incurred By The Service Provider: Reiterates CESTAT Delhi

Live Law  

The Delhi Bench of CESTAT has reiterated that service tax cannot be levied on reimbursement of expenses incurred by the service provider. Subba Rao, held that since Rule 5 of the Service Tax Rules, 2006 has been held to be ultra vires by the Supreme Court in the case of Union of India versus Intercontinental Consultants and Technocrats Pvt. The …

Delhi Supreme Court Tax Services Ultra Vires Service Value
Emergency fund to fill in for your contingencies: The right size, where to park it & more
2 years, 8 months ago

Emergency fund to fill in for your contingencies: The right size, where to park it & more

Live Mint  

Emergency fund is one of the first Must Do Activities any individual should do before starting investing. • Thumb rule is that one should have 12 months of his monthly expenses plus going on EMIs as his/her Emergency Fund. • Suppose Radha and Jay both are in retail industry and draw approximately the same amount as salary they can have …

Job Expenses Emergency Financial Tax Credit Fund
Union Budget 2022-23: Standard deduction limit for income tax may increase. Check details
3 years ago

Union Budget 2022-23: Standard deduction limit for income tax may increase. Check details

India Today  

It’s that time of the year when citizens are anxiously waiting for annual budget announcements, especially the ones related to income tax. As taxpayers remain hopeful about some announcements in the upcoming budget, it has come to light that the government is holding discussions to increase the limit of standard deduction from the existing Rs 50,000. The standard deduction limit …

Tax Income Tax Income Increase Standard Deduction Limit
Black Income of Rs 200 Crore Found After Raids on Pune Business Group: CBDT
3 years, 1 month ago

Black Income of Rs 200 Crore Found After Raids on Pune Business Group: CBDT

News 18  

The income tax department has detected unaccounted income of over Rs 200 crore after it raided a Pune-based business group engaged in the manufacturing of heavy machinery like excavators and cranes, the CBDT claimed on Tuesday. “The search action has resulted in seizure of unaccounted cash and jewellery of Rs 1 crore and three bank lockers have been placed under …

200 Crore Group Cbdt
How ’presumptive taxation’ can help bring down tax payable by a professional
4 years, 2 months ago

How ’presumptive taxation’ can help bring down tax payable by a professional

Live Mint  

Eligible professionals ​​, freelancers and consultants can pay tax on half of their annual gross income. This can be done by opting for presumptive taxation scheme under section 44ADA​ of the Income Tax Act. For an instance, an insurance agent earns income by way of commission and, hence, she cannot adopt the presumptive taxation scheme of section 44AD​ of the …

Expenses Taxation Tax Income Lakh Presumptive Presumptive Taxation
A $58k wedding, $20k for 'raising twins', beer and a Lego set among 'weirdest' claims ATO rejected
5 years, 5 months ago

A $58k wedding, $20k for 'raising twins', beer and a Lego set among 'weirdest' claims ATO rejected

ABC  

Almost 700,000 taxpayers claimed about $2 billion of "other" expenses in the 2017 financial year, including non-allowable items such as a wedding, dental costs, child care, gambling losses, beer, and a Lego set, according to the Australian Taxation Office. Key points: A recent ATO review found that out of 700,000 claims worth $2 billion for 'other' expenses, 88 per cent …

Expenses Set Lego Taxpayers Claims Ms Ms Foat Foat
Taxpayer audited by ATO shares hard-won lessons
5 years, 5 months ago

Taxpayer audited by ATO shares hard-won lessons

ABC  

Most taxpayers think having a receipt is enough to prove to the Australian Taxation Office that their claim for certain tax deductions is legitimate. "The ATO didn't believe that they were my receipts … and said that I now had to provide bank statements for every single charge." Keep records and use a tax agent, Jay says He said, with …

Expenses Tax Return Jay Taxpayer Ato Receipts
Interim budget 2019 glossary: A layman's guide to understanding key terms
5 years, 11 months ago

Interim budget 2019 glossary: A layman's guide to understanding key terms

India Today  

Finance Minister Piyush Goyal is all set to present the much-awaited interim budget on February 1, 2019. A large number of people often ignore key terms such as inflation, fiscal deficit, capital expenditure, revenue receipts, surplus budget, deficit budget, divestment, bad loans, balanced budget, and many more. When a government’s total expenditure exceeds total revenue, excluding any external borrowings, it …

Finance India Policy Fiscal Policy Expenses Financial Tax