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...
Finance : The Government has exempted interest and capital gains earned by FPIs on Government securities from income tax with effect from 1 ...
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 : 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...
Tax paid by the Government or Indian concern on certain income of a foreign company – Section 10(6A), 10(6B), 10(6BB) and 10(6C) Provisions of section 10(6A), section 10(6B), section 10(6BB) and section 10(6C) of the Income Tax Act provides various exemption towards tax paid by the Government / Indian concern on certain types of income of […]
Provisions of section 10(6) of the Income Tax Act covers the following exemptions – 1. Section 10(6)(ii) – Remuneration received as an official of various offices or remuneration received as a trade commissioner or other official representative 2. Section 10(6)(vi) – Remuneration received as an employee of the foreign enterprise. 3. Section 10(6)(viii) – Remuneration […]
Discover the exemptions towards interest to non-residents under Section 10(4) & 10(4B) of the Income Tax Act. Learn about the categories eligible and the types of exemptions available.
Provisions of section 10(2A) of the Income Tax Act exempts share of profit received by a partner in the total income of the partnership firm/LLP. The main objective of granting the exemption,under section 10(2A) to the share of profit received by the partner, is the avoidance of double taxation. The present article meticulously explains the […]
Understand the provisions of section 10(2) of the Income Tax Act and the exemption available for co-parceners from Hindu Undivided Family income.
Mr. Sanghai had sold a commercial property, which was a long term asset and invested the same in purchase and construction of a flat in a apartment in Mumbai, within the one year of sale of asset and claimed deduction u/s 54F of income tax act, but later the builder has not completed the possession of the apartment within 3 years and the apartment remained under construction even after 3 years. The period of 3 years is lapsed without any mistake of Mr. Sanghai Now?
As per section 10 (1), any agricultural income earned by the person during any previous year is exempted from tax. Under the present article, we would understand the provisions of section 10 (1) of the Income Tax Act. The article covers the definition of the term ‘Agricultural Income’ and treatment of agricultural income’.
Discover the most important exemptions under the Income Tax Act Section 10. Learn about various categories of income that are exempt from taxation.
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
Pharmaceutical companies have received some relief in the recent favorable decisions such as Aishika Pharma (P.) Ltd. which have allowed tax deduction of expenses in the nature of sales promotion, marketing and distribution expenses which would otherwise be outright disallowed by tax authorities due to Circular No. 5/2012 dated 1-8-2012 issued by the Central Board of Direct Taxes (‘CBDT’) which cites such expenses as inadmissible as per Section 37(1) of the Income-tax Act, 1961 (the ‘Act’).
