income tax relief

Granting Income Tax relief to companies for deductions for contributions to provident fund (PF), the Supreme Court (SC) on Wednesday dismissed over 60 appeals by the commissioner of income tax. The Finance Act 2003, which operated from April 1, 2004, deleted a provision relating to deduction against PF and other welfare funds. According to the deleted provisions, if the contribution stood paid after the date of filing of returns, it stood disallowed. Full Article

Income tax relief could be in store for US-bound students with New Delhi planning to seek changes in the Double Taxation Avoidance Agreement. Indian students have to pay an income tax on earnings from part-time jobs. This is because the India-US tax treaty provides for treatment of Indian students on a par with US nationals without giving a special tax relief. Full Article