Income Tax Exemption

Singapore based Sovereign Wealth Funds gets Tax Exemption from CBDT

Income Tax - In line with the objective to promote the long term investments and add fuel to India’s growth story of Infrastructure sector, the Finance Act, 2020 had amended the Income Tax Act, 1961 and inserted a new section 10(23FE) to grant  100% income-tax exemption to the income of a notified SOVEREIGN WEALTH FUND (‘SWF’)  in...

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Tax Incentive to Business / Service sector/ Industry on salary of new employees

Income Tax - Tax Incentive to Business / Service sector/ Industry on salary of new employees On Salary of Rs. 100/- avail tax benefit on Rs. 190/- :- Any business / service sector/ manufacturing industry can claim additional deduction of 30% of salary paid to additional employees, subject to fulfilment of certain conditions. This deduction of 30% of [...

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Section 80C & 10(10D) : Life Insurance Premium Deduction & Exemption

Income Tax - Section 80C & Sec 10(10D) : Life Insurance Premium Deduction & Exemption There are various options available for making Investment. But as a taxpayer, we always try to find an option that helps to save our taxes and at the same time gives our family financial cover. This article will discuss one of that Investment, […]...

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Is Allotment Letter Adequate enough for section 54F exemption

Income Tax - Whether The Allotment Letter Is Adequate Enough For Grant of Exemption U/S 54F of The Income Tax Act, 1961? Section 54F of the Income Tax Act, 1961 provides for exemption from tax on Capital gain on transfer of certain capital assets, in case of investment in residential house. While Section 54 grants relief from tax […]...

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CPC & issues in processing of Section 10(23C)(iiiad) exemption

Income Tax - Charitable Trusts having multiple educational institutions are facing many issues especially of exemptions u/s 10(23C)(iiiad) of the Income Tax Act, 1961, in processing of returns by CPC and in assessments. Following is an analysis of the section and the legal precedents. 1. The law Section 10(23C)(iiiad) reads as under – Incomes no...

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Draft notification to stop misuse of long term capital gain exemption

Income Tax - In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions, the Finance Act, 2017 amended the provisions of section 10 (38) of the Act to provide that exemption under this section for income arising on transfer of equity share acquired or on after 1st day of October, 2...

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Jaitley advocates hike in income tax & SSI exemption limit

Income Tax - BJP leader Arun Jaitley on Friday advocated hike in income tax exemption limit, enhancement of excise limit for small industrial units up to Rs 5 crore and immediate implementation of the Goods and Service Tax (GST) to help expand economic activity in the country. He said that The current income tax exemption for income of […]...

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Panel suggest increase in exemption limit to 3 lakh and in 80C deduction to 2.50 lakh

Income Tax - A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh rupees from the present 1.8 lakhs. It has also suggested hiking of deduction on savings to 2.5 lakh rupees....

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Sharad Pawar asks FM to consider income tax exemption to Indian cooperatives

Income Tax - Terming cooperatives as one of the strongest pillars of Indian agriculture, Farm Minister Sharad Pawar today said he has asked Finance Minister Pranab Mukherjee to consider income tax exemption to Indian cooperatives. "I have written a letter to the Finance Minister to look into the issue of I-T exemption to cooperative societies," Pawar ...

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Healthcare sector demand lesser import duty, Service tax exemption and lesser income tax rates

Income Tax - Health-care costs are skyrocketing and are going beyond the reach of a common man. The need of the hour is to bring this sector under different schedule with a special status and declare some very important tax rebates to this sector to reduce the ultimate cost to the patient:...

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Employee of PSU & Nationalised Banks Not Treated as Government Employee for Exemption u/s 10(10AA)

Kamal Kumar Kalia & Ors Vs Union Of India & Ors. (Delhi High Court) - The issue under consideration is whether the assessee being employee of Public Sector Undertaking (PSU) and Nationalised Banks treated as government employee for the purpose of exemption u/s (10AA)(i)?...

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Onus to prove that income falls under Exemption provisions Fully Lies on Taxpayer

Shamji Manekji Shah Vs DCIT (ITAT Mumbai) - ITAT reiterate that the assessee is seeking to claim exemption from income tax on gains arisen from sale of land on the ground that the land was an agricultural land used for agricultural purposes by the assessee and the onus is on the assessee to prove that its case strictly falls under exemption p...

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Section 10(23AA) Exemption Allowed to whom- HC Analyses

CIT Vs Army Wives Welfare Association (Allahabad High Court) - As per Section 10(23AA), the exemption can be for the income received by any person on behalf of any regimental fund or non-public fund established by the armed forces of the Union for the welfare of the past and present members....

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ITAT upheld tax on LTCG on sale of shares for substantial price hike in short time

Sanjay Bimalchand Jain L/H Shantidevi Bimalchand Jain Vs. Pr. CIT, Nagpur & Anr. (Bombay High Court At Nagpur Bench) - ITAT held that fantastic sale price was not at all possible as there was no economic or financial basis as to how a share worth Rs. 5 of a little known company would jump from Rs. 5 to Rs. 485. AO was justified in denying exemption under section 10(38) to assessee, being fantastic sale price was not...

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Reopening not permissible on the ground of expense which was not claimed by Assessee

Sandip Bhikhubhai Padsala Vs. ITO & Anr. (Gujarat High Court) - Assessee sold 3,10,000 shares and claimed resulting gains as exempt under section 10(38). AO denied the exemption on the ground that as the shares were not held by the assessee for more than 12 months period, therefore, same could not be considered as long-term capital assets. ...

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Recent Posts in "Income Tax Exemption"

Singapore based Sovereign Wealth Funds gets Tax Exemption from CBDT

In line with the objective to promote the long term investments and add fuel to India’s growth story of Infrastructure sector, the Finance Act, 2020 had amended the Income Tax Act, 1961 and inserted a new section 10(23FE) to grant  100% income-tax exemption to the income of a notified SOVEREIGN WEALTH FUND (‘SWF’)  in...

Read More
Posted Under: Income Tax |

Tax Incentive to Business / Service sector/ Industry on salary of new employees

Tax Incentive to Business / Service sector/ Industry on salary of new employees On Salary of Rs. 100/- avail tax benefit on Rs. 190/- :- Any business / service sector/ manufacturing industry can claim additional deduction of 30% of salary paid to additional employees, subject to fulfilment of certain conditions. This deduction of 30% of [...

Read More
Posted Under: Income Tax |

Section 80C & 10(10D) : Life Insurance Premium Deduction & Exemption

Section 80C & Sec 10(10D) : Life Insurance Premium Deduction & Exemption There are various options available for making Investment. But as a taxpayer, we always try to find an option that helps to save our taxes and at the same time gives our family financial cover. This article will discuss one of that Investment, […]...

Read More
Posted Under: Income Tax |

Is Allotment Letter Adequate enough for section 54F exemption

Whether The Allotment Letter Is Adequate Enough For Grant of Exemption U/S 54F of The Income Tax Act, 1961? Section 54F of the Income Tax Act, 1961 provides for exemption from tax on Capital gain on transfer of certain capital assets, in case of investment in residential house. While Section 54 grants relief from tax […]...

Read More
Posted Under: Income Tax |

CPC & issues in processing of Section 10(23C)(iiiad) exemption

Charitable Trusts having multiple educational institutions are facing many issues especially of exemptions u/s 10(23C)(iiiad) of the Income Tax Act, 1961, in processing of returns by CPC and in assessments. Following is an analysis of the section and the legal precedents. 1. The law Section 10(23C)(iiiad) reads as under – Incomes no...

Read More
Posted Under: Income Tax |

Employee of PSU & Nationalised Banks Not Treated as Government Employee for Exemption u/s 10(10AA)

Kamal Kumar Kalia & Ors Vs Union Of India & Ors. (Delhi High Court)

The issue under consideration is whether the assessee being employee of Public Sector Undertaking (PSU) and Nationalised Banks treated as government employee for the purpose of exemption u/s (10AA)(i)?...

Read More

Onus to prove that income falls under Exemption provisions Fully Lies on Taxpayer

Shamji Manekji Shah Vs DCIT (ITAT Mumbai)

ITAT reiterate that the assessee is seeking to claim exemption from income tax on gains arisen from sale of land on the ground that the land was an agricultural land used for agricultural purposes by the assessee and the onus is on the assessee to prove that its case strictly falls under exemption provisions as are contained in the 1961 A...

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Agricultural Income Analysis

Income is Agricultural only if it is from the following 3 sources: Any rent or revenue derived from land which is situated in India and is used for agricultural purposes....

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Posted Under: Income Tax |

Income Tax Benefits to Residents & Indian Companies

A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of a resident person, it extends certain benefits and privileges to a resident person as well, inter-alia, an option to compute income on presumptive basis...

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Posted Under: Income Tax | ,

Section 10(37) Exemption towards Capital Gain arising on Compulsory Acquisition of Urban Agricultural Land

Section 10(37) Exemption Towards Capital Gain Arising on Compulsory Acquisition of Urban Agricultural Land Provisions of section 10(37) of the Income Tax Act lays down certain conditions which need to be satisfied in order to avail exemption towards capital gain arising on account of compulsory acquisition of an urban agricultural land. T...

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Posted Under: Income Tax |

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