Income Tax

Set off of losses Set off of losses means adjusting the losses against the profit or income of that particular year. Losses that are not set off against income in the same year can be carried forward to the subsequent years for set off against income of those years. A…

Long-Term vs. Short-Term Capital Gains: An Overview When you sell a capital asset for more than its original purchase price, the result is a capital gain. Capital assets include stocks, bonds, precious metals, jewelry, and real estate.1 The tax that you’ll pay on the capital gain depends on how long you held the asset…

The notice of Board Meeting refers to a document that is sent to all directors of the company. This document informs the members about the venue, date, time, and agenda of the meeting. All types of companies are required to give notice at least 7 days before the actual day of…

About TAN Tax Deduction Account Number or Tax Collection Account Number is a 10 -digit alpha-numeric number issued by the Income-tax Department. TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS). How…

Case Details: Salzgitter Hydraulics (P.) Ltd. v. ITO The assessee filed the appeal against the order of the Commissioner of Income-tax (Appeals) [CIT(A)]. Assessee-company had contended that the CIT(A) erred in sustaining the addition on account of employees’ contribution to PF & ESI without considering that they were paid before the…

Case Details: Kohinoor Indian (P.) Ltd. v. ACIT The Amritsar Tribunal has ruled that the predominant purpose of the iPad is communication, and it is not a computing device. Its main features are email, WhatsApp, Facetime calls, music, films, etc. Though the iPad may discharge some of the functions of computers,…

Case Details: Board of Control for Cricket in India v. PCIT The Mumbai Tribunal has allowed relief to BCCI and directed CIT to grant registration under Section 12A citing that BCCI is still promoting the game of cricket. The Court has ruled that the prime character of popularising cricket is not…

Case Details: CIT v. Reliance Telecom Ltd. The Supreme Court held that the order passed by the ITAT recalling its earlier order is beyond the scope and ambit of the powers under Section 254(2). In exercise of powers under Section 254(2), the ITAT may amend any order passed by it to…