Goodwill, no longer a depreciable asset w.e.f. 01-04-2021
Budget 2021 – The Finance Ministry is of the view that Goodwill, in general, is not a depreciable asset and in fact...
Income Tax
CBDT notifies Amendment in FORM NO. 12BA under Income Tax Rules, 1962 [Read Notification]
The Central Board of Direct Taxes (CBDT) notified the amendment in FORM NO. 12BA under Income-tax Rules, 1962. The Board...
CBDT issues Instructions regarding Selection of Cases for issue of Notice u/s 148 of the Income Tax Act, 1961
1. The Central Board of Direct Taxes and Customs (CBDT) issued the Instructions regarding the selection of cases for the...
Relief To Senior Citizen From Filing Income Tax Return
Introduction:- Hon’ble FM Smt. Nirmala Sitaraman proposed in Budget 2021 that certain classes of Senior citizens who fulfill following conditions...
Set Off and Carry Forward of Losses
Set off of losses: Set off of losses means adjusting the losses against the profit or income of that particular...
Carry forward and set off of losses in case of change in constitution of firm or on succession
Section 78 of the Income Tax Act: Carry forward and set off of losses in case of change in constitution...
Section 75 of the Income Tax Act: Losses of firms
Section 75 of the Income Tax Act: Losses of firms: Where the assessee is a firm, any loss in relation...
Section 74A: Carry forward and set off of Losses under the head “Income from other sources”
Carry forward of losses: After making the appropriate and permissible intra-head and inter-head adjustments, there could still be unadjusted losses....
Section 74: Carry forward and Set off of Losses under the head “Capital gains”
Carry forward of losses: After making the appropriate and permissible intra-head and inter-head adjustments, there could still be unadjusted losses....
Section 73A: Carry forward and set off of losses by specified business
Carry forward of losses: After making the appropriate and permissible intra-head and inter-head adjustments, there could still be unadjusted losses....