Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Section 43(1) - Actual Cost

Income Tax - Profit and Gains of Business or Profession - 02 - SEC - 43(1): ACTUAL COST Actual cost means the actual cost of the asset to the assessee, reduced by that portion of the cost which has been directly or indirectly met by any other person .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

any other banking channel exceeding 10.000/-, then such expenditure shall be ignored (inserted by FA, 2017, w.e.f. 1.4.2018) Explanations to Section 43(1) Determination of Actual Cost in special cases Expl. to Sec. 43(1) Mode of Acquisition Actual Co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

3 Asset acquired at higher price from any other person using the asset for his business or profession with a view to claim depreciation on enhanced cost and reduce tax liability Actual cost to be determined by the assessing officer with prior approv .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Asset acquired by an assessee from other person who has claimed depreciation on such asset and the asset is leased back to such other person The WDV of the asset to the transferor at the time of transfer to the assessee. 5 Building used for private p .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

applicable to that year. 6 & Exp. 2 to Section 43(6) Asset transferred by a holding Co. to its subsidiary Co. or vice versa if the following two conditions are satisfied: Shares of the subsidiary Co. should be wholly owned by the holding Co. or i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of amalgamation by amalgamating company to amalgamated Indian company. WDV to the amalgamating company at the beginning of the previous year will be taken as the actual cost to the amalgamated company. 7A Asset transferred by a demerged company to t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

m part of actual cost. 9 Asset acquired subject to levy of excise duty or customs duty in respect of which CENVAT credit is availed. So much of the duty in respect of which a claim of credit has been made and allowed shall not form part of the actual .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

sidy or grant or reimbursement shall not form part of the actual cost. If subsidy is not directly relatable to the asset acquired, but subsidy is with reference to the assets then the subsidy shall be proportionately reduced from the actual cost of t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version