The Income Tax Department today launched Faceless Income Tax Appeals. Under Faceless Appeals, all Income Tax appeals will be finalised in a faceless manner under the faceless ecosystem with the exception of appeals relating to serious frauds, major tax evasion, sensitive & search matters, International tax and Black Money Act. Necessary Gazette notification has also been issued today.

INDEX Income-tax Act, 1961-2017 INCOME-TAX ACT, 1961 [43 OF 1961] [AS AMENDED BY FINANCE ACT, 2018] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows:— As amended by Finance Act 2018 CHAPTER I – Preliminary CHAPTER II – Basis of […]

Essential Provisions under Income Tax Act 1961-2018 S. No. Section Particulars 1. 2 Definitions 2. 4 Charge of income-tax. 3. 5 Scope of total income. 4. 6 Residence in India. 5. 7 Income deemed to be received in India 6. 9 Income deemed to accrue or arise in India. 7. 9A Certain activities not to constitute business connection in India […]

No. 7 of 2017 [Dated 31st March, 2017] Ministry of Law and Justice (Legislative Department) An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018. Be it enacted by Parliament in the Sixty-eighth Year of the Republic of India as follows:- CHAPTER I Preliminary 1. Short title and commencement. – (1) This […]

“agreement for transfer” means an agreement, whether registered under the Registration Act, 1908 (16 of 1908) or not, for the transfer of any immovable property ; “immovable property” means – any land or any building or part of a building, and includes, where any land or any building or part of a building is to be transferred together with any […]

The Kerala High Court adopted the Madras view In Mrs. George Mathew Vs. Commissioner of Income Tax, Kerala and Coimbatore, . Therein their Lordships laid down that:

“the expression ‘plant has a far wider connotation than the expression ‘machinery’; These two expressions are used in the alternative in Section 10 (2) (vi) and (vi-a) of the Income Tax Act so that ‘machinery’ if it is new, though it does not constitute ‘plant’, is entitled to initial and extra depreciations. The term ‘machinery’ has net been defined in the Income Tax Act and in the absence of a statutory definition the word has to be given the ordinary meaning. Further, the term ‘machinery’ should be given the same meaning throughout Section 10(2) (vi) and (vi-a). The term ‘machinery’ is not restricted In the application only to a self-contained unit capable of being put to use in the business.”

What is the meaning to be ascribed to the expression “used for the purposes of the business” as found in Section 32 of the Income Tax Act, 1961. The provision of Section 32 pertains to depreciation. The contention of the Revenue is that with respect to any machinery for which depreciation is claimed u/s 32, the same cannot be allowed unless such machinery is used in the business and since discarded machinery is not used in the business, therefore, with respect to the discarded machinery no depreciation can be allowed.

2018 Tax Rates Single IF TAXABLE INCOME IS: THE TAX IS: $0 to $9,525 10% of taxable income $9,525 to $38,700 $952.50 + 12% of the amount over $9,525 $38,700 to $82,500 $4,453.50 + 22% of the amount over $38,700 $82,500 to $157,500 $14,089.50 + 24% of the amount over $82,500 $157,500 to $200,000 $32,089.50 + 32% of the amount […]

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