Monthly Archives: August 2015

section 40(a)(i) No TDS Disallowance if Expenses Capitalised

By | August 29, 2015

Q : Whether the Expenses capitalized  in the books of account and on which no TDS has been deducted can be disallowed under section 40(a)(i)? The provisions of section 40(a) is only an additional measure to enforce the compliance of Chapter XVII-B, by disallowing an expenditure which is otherwise allowable under the provisions of the Act.… Read More »

PUBLIC HOLIDAY FOR BANKS ON SECOND AND FOURTH SATURDAY OF MONTH

By | August 27, 2015

SECTION 25 OF THE NEGOTIABLE INSTRUMENTS ACT, 1881 – WHEN DAY OF MATURITY IS A HOLIDAY – DECLARATION OF SECOND AND FOURTH SATURDAY OF EVERY MONTH AS PUBLIC HOLIDAY FOR BANKS IN INDIA NOTIFICATION NO. SO 2285 [F.NO.4/1/7/2015-IR], DATED 20-8-2015 In exercise of the powers conferred by section 25 of the Negotiable Instruments Act, 1881… Read More »

Income from renting of warehouse is business income

By | August 27, 2015

Q  Whether income from renting of warehouse and godowns was chargeable under head Income from business ? A perusal of the profit and loss account of the assessee-company and the objects clause of the memorandum of association of the company clearly show that the assessee-company was incorporated with an object of carrying on the business of… Read More »