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  • April 25, 2018

No Depreciation on Imported Software, treated as Royalty?

Sanyam Jain | Income Tax | April 18, 2013 | 1 Comment

No Depreciation on Imported Software, treated as Royalty?

Software Imported shall be treated as Royalty means no Depreciation. Explanation 4 to section 9 added, retrospectively from 1st June, 1976, by finance act 2012, to clarifies that payment received for transfer of all or any right to use a computer software including granting of a license for computer software is Royalty. Therefore, if a […]

Tax Treatment of Foreign Exchange Fluctuations

Sanyam Jain | Income Tax | March 25, 2013 | Leave a Comment

Tax Treatment of Foreign Exchange Fluctuations

Section 43A: Special Provisions consequential to foreign exchange fluctuations Before jumping to Tax Treatment of Foreign Exchange Fluctuation, let me first make you understand what Section 43A is all about. Section 43A: Notwithstanding, anything contained in any other provision of this Act, where an assessee has acquired any asset in any previous year from a country […]

Section 37(1): Allowance of Expenditure of Penalty/Penal Charges

Sanyam Jain | Income Tax | March 20, 2013 | 2 Comments

Section 37(1): Allowance of Expenditure of Penalty/Penal Charges

Section 37(1): Allowance of Expenditure made by any entity and booked under the Head “Penalty/Penal Charges” Brief Analysis of the Section Section 37(1) :  Conditions laid down under this section for allowance of expenditure – a)   It should not be in the nature of expenditure described in section 30 to 36. b)   It should not be […]

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