help me

hi want to have a word regarding income tax :-
a paid to be b a non competing charges of rs . 5 lks for five year , now as per sec.28  b is charge for such under the head business income , now what about a  is the amount paid is deductible for a under the business expenses , as it is in nature of capital expenses paid to acquire the monoly , no competion situation , is it allowed as an expenses or not

hi ram.......

i think we shud show assets of Rs. 100000/- in books and 10000/- in intt receivables account and when we will get actual intt this account will become NIL.

and Rs. 10000/- intt. which u got is not your income, in my opinion it is the income of the person who sold you the said security.........

you r just getting the amount which you paid earlier to seller .......... so whr is ur income in this 10000/-

but ya further interest which u wil get will be ur income.........

hey let me correct yar if m wrong.... (its my opinion only)

Amount paid for non- compete will be allowed as expenditure in my view.........

it is incurred to promote the business and exclusively made for business........

even i think if deptt. is taxing one person for  a receipt then usually that amount is deductible for payer......

sorry u r wrong

which group is left for u , bcause if second is left we can discuss abt tax

ya yar second is left

again u r wrong

deputy commisor ot tax v/s  saraf cemical ltd mumbai

its not allowed as exepense its a capital expenditure u can claim depricationon that as intagiable assest

start some post actually got many cases like this

under what head salary of mp is charged

abt second question i will chek yar actually i read somwhr dat it is allowed...

what if the emplyee get rs . 5 lks after leaving a job as an compentation for not to join any firm  for 5 years

will it chargable to tax and if yes under which head

again is the emplyer an get the deduction for the same or not

ya u may be right dude second one is quite conflicting....

but let me know abt first one yar

refer to vijaya bank case

and  second one from suprem court

in bank of rajeshthan

the postmartom is not required

intrest to be club  as assesst  price and the 110000  to be shown as assest side and 10000 in pand l account and eventually  need to get chargable to tax

if you have the judgement can u pls fwd me

bck to 1st question yr

 pls tell me the other side treatment also i mean

what treatment of 10000/- , the seller will made??????????

ya i will forward u that

first thing

under sec 28  the payment received is specifically chagable to tax for business as non cometing fess

what the case in the case of employee

just answer that

and which case u want