Income Tax Deductions - Page 42

Download Direct Tax Code 2009 and main highlights of the same

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Finance Minister Pranab Mukherjee on August 10 released the New Draft Direct Tax Code. The draft, which is expected to radically change the tax structure, will now be open for discussion after which it will take the form […]...

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Posted Under: Income Tax |

Foreign companies can also claim benefit of lower Rate of Tax on Capital Gain from securities transaction

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to...

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Allowability of expenditure incurred by foreign company before RBI approval

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Income Tax Appellate Tribunal (ITAT) has ruled that foreign companies can claim tax deduction on expenses incurred in setting up a project office in India even if the mandatory approval from the Reserve Bank of India comes subsequently. ...

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Budget aimed at Rationalisation of provisions related to TDS

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Tax deduction at source is a method of collecting taxes on behalf of the Government at the time of payment or credit. The Income-tax Act casts a legal responsibility on the deductor to deduct tax on the correct […]...

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Clarification regarding deduction under section 80-IB(10) in respect of undertakings developing building and housing projects

Instruction No. 4/2009 (30/06/2009)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from such projects if it commenced the project ...

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Section 80-IA relief has to be deducted before computing section 80-HHC relief

ACIT Vs. Hindustan Mint (ITAT 5 Member Special Bench at Chennai)

In ACIT Vs Rogini Garments108 ITD 49 the Special Bench at Chennai held that relief allowed u/s 80-IA had to be deducted from profits and gains of assessee’s business on which relief u/s 80HHC of the Act is to be computed. Subsequently, the Madras High Court in SCM Creations 304 ITR 319 took a contrary view. The question whether Rogini G...

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To claim deduction under section 80P the status of the co-operative society shall be a primary society

ACIT Vs The Salem District Co-op. Milk Producers Union Ltd. (ITAT Chennai 'D' Bench)

8. As seen in section 80P(2)(b), the deduction in respect of income of co-operative societies has been dealt in under different parts. In respect of the sums referred in clause (a) of sub-section (2), the assessee needs to be a co-operative society engaged in various activities specified therein. In the case of sums referred to in clauses...

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