Income Tax : Overview of tax concessions for Indian residents and domestic companies for AY 2026-27, covering lower corporate tax rates (15%-25...
Income Tax : Discover the benefits and workings of tax holidays, their impact on foreign investment, economic activities, and the key sections ...
Income Tax : Exemptions from tax, also known as non-taxable income, refer to the income that is not subject to income tax. This income may be e...
Income Tax : Due to COVID-19, the world is tremulous, which was not witnessed by the present generation. More than 4 million people have last...
Income Tax : Discover the tax exemption granted by CBDT to Singapore-based sovereign wealth funds. Explore the investment opportunities in Indi...
Income Tax : Analysis of tax exemptions for individuals vs corporations, middle-class benefits, and the impact of measures under the new tax re...
Income Tax : The government provides tax benefits to individuals and corporations. Recent budgets increased exemptions for middle-class taxpaye...
Income Tax : In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions,...
Income Tax : BJP leader Arun Jaitley on Friday advocated hike in income tax exemption limit, enhancement of excise limit for small industrial u...
Income Tax : A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh...
Income Tax : The High Court quashed the rejection of a university’s Section 10(46) application because no opportunity of hearing was granted....
Income Tax : ITAT Kolkata has allowed a Sikkimese proprietor to claim a tax exemption u/s 10(26AAA) despite using a wrong PAN. The tribunal cit...
Income Tax : Read the detailed analysis of the ITAT Kolkata judgment on Anudip Foundation vs. CIT, discussing the rejection of 80G final approv...
Income Tax : Punjab & Haryana High Court rules assessees aren't required to keep the department's e-portal open at all times to track actions. ...
Income Tax : The issue under consideration is whether the assessee being employee of Public Sector Undertaking (PSU) and Nationalised Banks tre...
Discover the tax exemption granted by CBDT to Singapore-based sovereign wealth funds. Explore the investment opportunities in India’s infrastructure sector.
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 […]
Find out how Section 80C & Sec 10(10D) allows you to save taxes and get a financial cover with life insurance. Learn about the deduction, exemption, and implications of surrendering the policy.
Learn about the adequacy of the allotment letter for claiming exemption under section 54F of the Income Tax Act, 1961. Understand the conditions and requirements for tax relief on capital gains.
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 not included in total […]
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)?
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 Act. Thus, the appeal filed by the assessee is allowed for statistical purposes.
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.
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. The present article tries […]
Provisions of section 10(34A) exempt any income arisen to the shareholder on account of buy back of shares as referred under section 115QA of the Income Tax Act. The exemption provisions of section 10(34A) of the Income Tax Act are explained in the present article. Understanding the provisions of section 10(34A) of Income Tax Act– […]
