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...
Income, by way of contribution from a depository, of the Investor Protection Fund set up by the depository in accordance with the regulations prescribed by SEBI will not be included while computing the total income
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.
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 said at a national level meeting with the state cooperative ministers here.
Direct Taxes Code Bill, 2009, could soon set the tone for all our future wealth-creation decisions. If enacted, the bill will not only change the amount of tax you pay, but also transform how you invest, borrow and spend your money. While most tax breaks may be taken away, the process of filing taxes will be simpler.
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:
The government is exploring an increase in the income-tax exemption limit for individuals to compensate for the high recent inflation, but revenue considerations and the fact that the limit was hiked sharply in 2008-09 could force it to maintain status quo or give just a token hike. The proposal has figured in the preliminary discussions , as the policymakers debate ways to give some relief to households from high inflation.
A dozen private nursing homes and hospitals today lost their approval granted under Section 17(2) of the Income Tax Act on the basis of an assessment conducted by the Department of Income Tax, Chandigarh. According to Chief Commissioner (Chandigarh region) P K Chopra, this has been done after it came to the notice that hospitals and nursing homes reviewed were not employing adequate number of medical staff (doctors and nurses) required under the prescribed rule.
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 introduction of “blending” as “manufacture” with effect from 10.2.2006.
The model legislation for the introduction of goods and services tax (GST) will have a provision for registration of individuals and companies which pay the tax.The registration will be done through a uniform PAN-linked business identification number. The Department of Revenue in the Ministry of Finance had recently sent a proposal to state governments for making the 10-digit permanent account number (PAN) the starting point for registering GST payees.
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 Institute of Chartered Accountants of India (ICAI)
