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CA Nishant Kumar's Expert Profile

Queries Replied : 8

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About me

    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

  • 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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