Income Tax Exemption

Tax Free Income in India

Income Tax - Income on which tax not applicable 1. Agricultural Income 2. Receipts from Hindu Undivided Family 3. Share from a Partnership Firm or LLP 4. NRI Tax Free Incomes 5. Income Earned by Foreigners 6. Allowance for Foreign Service 7. Gratuities...

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Charitable Trusts De-Registration (Cancellation) drive in Maharashtra

Income Tax - The Hon’ble Charity Commissioner, Maharashtra State, Mumbai vide Notification dated DGIPR/2016-2017/4109 had notified the Special Drive, 2017 Scheme for speedy disposal of all the Change Reports (Change in Trustees / Properties) during the period 01/01/2017 – 31/01/2017. Mode details about the same can be read here:...

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Draft rules on Sec 10(38) exemption carve-outs by CBDT

Income Tax - Overall, the amendment in form of proviso to S. 10(38) is an anti-abuse measure, and a step forward to the Government’s agenda of cracking unaccounted money. Equally important is the Government’s commitment to notify genuine transactions that remain outside the fold of this amendment....

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Charity Commissioner, Maharashtra State Special Drive 2017

Income Tax - Charity Commissioner, Maharashtra State Special Drive 2017- For Filing of Audited Accounts and Change Reports under Bombay Public Trusts Act, 1950...

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Income Tax Benefits to Residents & Indian Companies

Income Tax - Resident Benefits allowable 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, deductions under Chapter VI-...

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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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Blending of tea for export by an industrial unit in SEZ area is a manufacturing activity which qualifies for exemption U/s. 10A/10AA

Girnar Industries Vs CIT (Kerala High Court) - The short question that arises for consideration is whether blending and packing of tea for export in the industrial unit in the Special Economic Zone amount to manufacture or production of an article qualifying for exemption under Section 10A of the Act, that is, during the period prior to introduc...

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In order to have a charity, you must have a source of income

ICAI Accounting Research Foundation Vs. DGIT (Exemption) [Delhi High Court] - ICAI won the Income Tax Exemption Case in the High Court - Scope of the term "Charitable Purpose" defined by the High Court - In order to have a charity, you must have a source of income - Section 10(23C)(iv) September 2, 2009. Director General of Income Tax (Exemption) has denied the exemption to I...

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Recent Posts in "Income Tax Exemption"

Tax Free Income in India

Income on which tax not applicable 1. Agricultural Income 2. Receipts from Hindu Undivided Family 3. Share from a Partnership Firm or LLP 4. NRI Tax Free Incomes 5. Income Earned by Foreigners 6. Allowance for Foreign Service 7. Gratuities...

Read More
Posted Under: Income Tax |

Charitable Trusts De-Registration (Cancellation) drive in Maharashtra

The Hon’ble Charity Commissioner, Maharashtra State, Mumbai vide Notification dated DGIPR/2016-2017/4109 had notified the Special Drive, 2017 Scheme for speedy disposal of all the Change Reports (Change in Trustees / Properties) during the period 01/01/2017 – 31/01/2017. Mode details about the same can be read here:...

Read More
Posted Under: Income Tax |

Draft rules on Sec 10(38) exemption carve-outs by CBDT

Overall, the amendment in form of proviso to S. 10(38) is an anti-abuse measure, and a step forward to the Government’s agenda of cracking unaccounted money. Equally important is the Government’s commitment to notify genuine transactions that remain outside the fold of this amendment....

Read More
Posted Under: Income Tax |

Draft notification to stop misuse of long term capital gain exemption

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...

Read More
Posted Under: Income Tax | ,

Charity Commissioner, Maharashtra State Special Drive 2017

Charity Commissioner, Maharashtra State Special Drive 2017- For Filing of Audited Accounts and Change Reports under Bombay Public Trusts Act, 1950...

Read More
Posted Under: Income Tax |

Income Tax Benefits to Residents & Indian Companies

Resident Benefits allowable 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, deductions under Chapter VI-...

Read More
Posted Under: Income Tax | ,

Tax on Dividend received from Specified Foreign Entities

Dividend received from foreign companies is taxable under the head Income from Other Sources at the rate applicable at assessee level. For example, foreign dividend received by an Indian company shall be taxable @ 30% plus Surcharge and Cess as applicable....

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Posted Under: Income Tax |

Suggestions to simplify income-tax law – Basis of charge and income exempt from tax

Suggestions regarding report of expert group to simplify income-tax law – Chapters II & III – Basis of charge and income exempt from tax 1. Introduction An attempt has been made in this article to offer some suggestions in respect of Chapters II & III – (Basis of charge and income exempt from tax) of […]...

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Posted Under: Income Tax |

Tax Implications: Political Party

AS REGARDS taxation of political parties, the income tax law prevalent in India has shown a kind and compassionate treatment. Section 13A of the Income-tax Act, 1961 confers tax-exemption to recognized political parties for income from house property, income by way of voluntary contributions, income from capital gains and income from othe...

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Posted Under: Income Tax |

Jaitley advocates hike in income tax & SSI exemption limit

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 […]...

Read More
Posted Under: Income Tax |
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