About me
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What kinds of questions I can and can't answer?
tax audit,clubbing,tds,deductions,exemptions u/s 10,assessment,company registration,mergers&acquisitions,ipo,VAT,Service Tax.
My area of expertise
Income Tax & Company Law
My experience in the area (years):
1 Year
Organizations I belong to:
Keshri & Agarwal
Publications or writing which has appeared :
No Writing Yet
Educational credentials:
Chartered Accountant
Award & Honors:
No
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selva
says
: CFS Agent Ground rent charges TDS -Reg
Dear Sir, Our C&F Agent Claim for CFS Charges and CFS Ground rent charges my question is Grount Rent Charges TDS Applicable or not ..... -
CA Nishant Kumar
says
: Interest on Loan on assets Tax Deductible
SC ruled that the interest paid on borrowings for the purchase of capital assets but "not put to use" in the current financial year is eligible for income tax deduction. In Core Health Limited claimed deduction under section 36(1) and 36(III)of IT Act,1961 on the ground that the machinery borrowed by it by paying interest to the the tune of such amount was not put to use. IT department rejected the plea on argument that the assessee was not entitled to deductions in view of sec. 43(1), which specified the actual cost" for the purpose of assessment. Above view of revenue was rejected by both tribunal and High Court. SC held that money borrowed for the business is necessary expenditure in a business,for which assessee is entitled to deductions.
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