Income tax

Tax law

Depreciation and Entertainment Expenditure: Rajasthan High Court's Ruling in Anjani Kumar & Co. (Pvt) Ltd. v. Commissioner of Income-Tax

The Rajasthan High Court has ruled that the conversion of grey cloth into finished calendered cloth does not constitute manufacturing under the Income Tax Act, 1961, and therefore, an assessee is not entitled to initial depreciation under section 32(1)(vi). The court also held that the provision of tea

Tax law

North Dakota Prepares for Potential Tax Hike as Bush Tax Cuts Expire

Tax Commissioner Cory Fong and state legislators are working on legislation to protect North Dakota taxpayers from potential state income tax increases resulting from the expiration of the Bush tax cuts. The standard deduction provision for married filers, which eliminates some of the penalty associated with filing a joint return,