The government granted income tax exemption on specified income including cess and contributions. The benefit is subject to strict conditions like no commercial activity and mandatory return filing.
Courts have clarified that purchases cannot be disallowed without proper evidence. Genuine transactions supported by documents cannot be treated as unexplained expenditure.
The issue involved granting recognition to a research institution for tax deduction eligibility. The notification approved it under Section 35(1)(ii), allowing donors to claim deductions subject to strict compliance requirements.
The notification grants approval for scientific research, allowing donors to claim tax deductions on contributions. It also mandates strict compliance with reporting and certification requirements.
The notification recognises a statutory board under section 10(46A) of the Income-tax Act. It clarifies eligibility conditions and confirms applicability from AY 2024–25, reinforcing compliance with statutory requirements.
The government approved an institution under section 35(1)(ii) for scientific research benefits. The ruling highlights compliance conditions and reporting obligations for continued eligibility.
The shift to the new tax regime requires ERP systems to handle dual compliance logic. Businesses must upgrade systems to avoid errors and ensure seamless compliance.
The amendment expands the definition of permanent establishment to include service-based activities exceeding 183 days. It clarifies when foreign enterprises become taxable.
The article reveals how organized crime silently dominates economies and political systems through money laundering and corruption. It highlights the need for strong governance and awareness to counter its growing influence.
NCLT Indore held that pendency of proceedings before the Debt Recovery Tribunal is not a bar to initiation of proceedings under the Code. Accordingly, application u/s. 7 of IBC admitted as existence of financial debt and occurrence of default thereon by corporate debtor duly established by financial creditor.
