Income Tax on business Income :Free Study Material

By | May 16, 2018
(Last Updated On: September 20, 2021)

Income Tax on business Income : Free Study Material

Here is the free study material on Income Tax on business Income

Income Tax on Future & Options trading and ITR filing I F & O Trading Income I CA Satbir Singh

 List of Income Tax benefits available to Small Businessmen AY 2019-20

How to Compute Tax on Profits of professionals on presumptive basis : Commentary on Section 44ADA of Income Tax Act

Interest on FDR can not be capitalised if capital asset is not setup : Bombay HC

Expenses for property taxable as house property income couldn’t be allowed as business exp. : ITAT

Section 44AA of Income Tax Act 1961 : Maintenance of accounts by certain persons carrying on profession or business.

No Income Tax scrutiny for First Time Non-Business Tax Payers < 5 Lakh Income

Rental income Taxable under Business head if objective was to carry on business


Assets purchased for showroom of dealer for promoting sale is allowed as Capital Expenditure : High Court

Maintenance charges received from tenants for property taxable as business income : ITAT

Credit Card expenses of Director can not be claimed as deduction for expenses by Company : HC

Income from sale of agricultural land is business income is sold by Real Estate Developer : HC

Exp for Director remuneration allowed if it was allowed in earlier years : HC

Forfeited advance of Real Estate Co. is allowable business Exp : HC

Web advertisement expenses disallowed as paid to Non Existent Companies : HC

HC remanded matter to decide genuineness of exp. claimed as demurrages for delay in execution of projects

Legal Expenses to defend the Director Not allowed : HC


No disallowance u/s 14A because Dividend Income (Exempt) not earned

Expenses Deductions allowed if Business is set up : ITAT

No Addition if confirmation of outstanding Balance not taken from Creditors : ITAT

Software licence fees is allowed as Revenue Expenditure : ITAT

Expenses on Repair & renovation of hotel allowed as Revenue Expenditure : HC

8% Income can not be estimated u/s 44AD for Partners Remuneration from Firm: ITAT

No Disallowance U/S 40A(3) if cash payment made on Seller’s Insistence : ITAT

Money Forfeited on Surrender of Industrial Plot being Capital Asset not allowed as Income Tax deduction : HC

Rental income from guest houses taxable under Business head

Income of HUF Business can not taxed in the Individual capacity

Interest earned by Finance Company not taxable as income from other sources as it was held as business income in earlier years

Launch of Income Tax Business Application (ITBA) – ITR Processing Module – Phase 1

Income Tax Dept to verify cash deposits by Govt. employees &; businessmen during Demonetization

AO couldn’t change method of accounting which was adopted consistently : ITAT

Allowable and Not allowable Business Expenses under Income Tax

Refer Topic wise Income Tax Commentary

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