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ITO (Exemptions) Vs Serum Institute of India Research Foundation (ITAT Pune) Corpus donations received by the Trusts, which is not registered u/s.12A/12AA of the Act, are not taxable as they assume the nature of ‘Capital receipt’ the moment the donations are given to the “Corpus of the Trust”. Provisions of section (24)(iia)/12(1)/11(1)(d)/35/56(2) are relevant for […]
Before starting our discussion on Goods Transport Agency (GTA), Let’s first understand that who is a GTA under GST. Well, the answer to this question is given in Para 2 of N/NO. 12/2017 CT(R) and N/NO. 9/2017 IT(R) dated 28/6/2017, and as per the above said notification GTA means any person who provides services in […]
The Centre should abolish IGST and E-way bill to make the Goods and Services Tax more effective, deputy chief minister and finance minister of Delhi government, Mr Manish Sisodia said at an ASSOCHAM event held in New Delhi today.
ACIT Vs Lux Industries Ltd. (ITAT Kolkata) Since export commission payments to non-resident agents were not taxable in India, as agents were remaining outside, services were rendered abroad and payments were also made abroad TDS under section 195 was therefore, not deductible from payment made to NRI agents. FULL TEXT OF THE ITAT JUDGMENT These […]
Articles deal with provisions of deduction Under Section 80C on Tuition Fees Paid for children’s education and Under Section 80E on Interest paid on Education loan. The deduction on payments made towards tuition fee can be claimed up to Rs. 1,50,000/- from A.Y. 2015-16, together with deduction in respect of insurance, provident fund and pension.
1. These are the appeals filed by the assessee against the order of the ld CIT(A)-IV, Kanpur dated 21.09.2017 for the Assessment Year 2008-09 to 2010-11.
United Bank of India Vs CIT (Calcutta High Court) The present accounting principle being followed by the bank is valuation of the closing stock on cost or market value whichever is lower. They want to apply this principle to the stock in trade acquired in the financial year i.e. 1984-85 prior to the assessment year […]
The Income Tax Act, 1961 provides deduction u/s. 80U in pursuance of which an individual (Indian citizen and foreign national) who is resident of India, and who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 75,000/- and in case of severe disability to the extent of Rs. 125,000/-.
Employees generally receive a house rent allowance (HRA) as a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay. Exemption on HRA is available under Section 10(13A) of the Income Tax Act and Rule 2A of the Income Tax Rules. Taxpayer would be surprised to see that there is no amount wise upper ceiling on HRA exemption.
Whether the amount paid to authorized dealers towards rate difference after effecting the supply of goods by the applicant to aforesaid dealers can be considered for the purpose of arriving at the ‘transaction value’ in terms of Section 15 of the CGST Act.
