Sponsored
    Follow Us:

Section 12

Section 12 of Income Tax Act, 1961

Latest Articles


FAQs on taxation of charitable or religious trusts under Income Tax Act, 1961

Income Tax : AQs on charitable trusts, covering registration under Section 12AB, income tax rules, donation management, audit requirements, and...

August 23, 2024 4518 Views 0 comment Print

Section 12,12A, 12AA, 12AB: Analysis, Registration Procedure, Exemption & FAQs

Income Tax : Understand the income of trusts or institutions, including registration, exemptions, and FAQs. Learn about Sections 12A, 12AA, and...

June 7, 2024 9897 Views 0 comment Print

Understanding Section 43B(h) | Impact on MSME Payments

Income Tax : Understand the impact of Section 43B(h) on businesses: Learn about deductions for MSME payments and the importance of timely payme...

April 2, 2024 12030 Views 3 comments Print

Rent received from the Government Hostel is taxable under GST

Goods and Services Tax : Learn about the tax implications of renting property to government hostels. Get insights from the Telangana AAR ruling and underst...

February 27, 2024 1521 Views 0 comment Print

Assessment of Charitable and Religious Trusts and Institutions

Income Tax : Analyzing the complexities of non-profit sectors globally, this guide on Assessment of Charitable and Religious Trusts and Institu...

February 2, 2024 10011 Views 0 comment Print


Latest Judiciary


‘Income from leasing of property’ was ‘Income From Business” not “Income from House property”

Income Tax : Assessee was engaged in the business of purchasing and renting properties, as also the entire income of the assessee was based on ...

October 28, 2024 1260 Views 0 comment Print

Assessment Order Quashed for Breach of Section 23(4) MVAT Provisions

Goods and Services Tax : Bombay High Court quashed the assessment order on account of breaching statutory provisions of section 23(4) of the MVAT; violatio...

October 26, 2024 195 Views 0 comment Print

SC held broken period interest on securities should be allowed as revenue expense

Income Tax : The securities were treated as stock­-in-­trade in the hands of assessee. The amount received by assessee on the sale of the sec...

October 24, 2024 384 Views 0 comment Print

Proceedings u/s. 130 cannot be put in service if excess stock found at time of survey: Allahabad HC

Goods and Services Tax : Allahabad High Court held that if excess stock is found at the time of survey, then proceedings under sections 73/74 of the GST Ac...

October 24, 2024 195 Views 0 comment Print

Bank’s Claim for non- rural bad debt write off u/s 36(1)(vii) was allowable without adjusted against provisions for bad and doubtful debts.

Income Tax : Section 36(1)(vii) of ITA applied separately to non-rural debts, while Section 36(1)(viia) of the tax statute only applied to rura...

October 21, 2024 321 Views 0 comment Print


ITAT held revision u/s 263 could not address issues beyond limited scrutiny under CASS

August 22, 2024 429 Views 0 comment Print

Assessee-partnership firm had filed its income tax return declaring income. The case was selected for limited scrutiny, focusing on the issues such as investment in immovable property and share capital/other capital.

Deputy Commissioner of Income Tax held guilty u/s. 12 of Contempt of Courts Act, 1971

August 20, 2024 4149 Views 0 comment Print

Allahabad High Court held Deputy Commissioner of Income Tax guilty under section 12 of the Contempt of Courts Act, 1971 and imposed fine of Rs. 25,000 along with simple imprisonment for a period of one week.

Avoidance application timelines under IBC Regulation 35A is not mandatory: Delhi HC

August 17, 2024 1356 Views 0 comment Print

Delhi High Court held that timelines under Regulation 35A of the CIRP Regulations, 2016 for filing avoidance application are directory and not mandatory in nature.

Propagation of vedic thoughts and philosophy eligible for approval u/s. 80G: ITAT Bangalore

August 10, 2024 108 Views 0 comment Print

ITAT Bangalore held that propagation of vedic thoughts and philosophy is not religious activity but are more concerned with the life style of the human beings and therefore is eligible for approval under section 80G of the Income Tax Act.

Section 33-C(1) Industrial Disputes Application Rejection for Incorrect Name Unjustified: Bombay HC

August 8, 2024 135 Views 0 comment Print

Held that the proprietorship concern may run on whatever name it has and the same has no legal entity, however, the Proprietor of such concern is the person who is liable for legal action.

State Bar Councils Can’t Charge Fees Above Prescribed Limit: SC

August 8, 2024 609 Views 0 comment Print

Supreme Court held that State Bar Councils (SBCs) cannot charge an enrolment fee or miscellaneous fees above the amount prescribed in Section 24(1)(f) of the Advocates Act, 1961.

NIIT Foundation conducting systematic and formal instruction, schooling or training qualifies as education activities u/s 2(15)

July 31, 2024 324 Views 0 comment Print

Delhi High Court held that affiliation with and recognition by a regulatory authority are not essential attributes of education under Section 2(15) of the Income Tax Act. NIIT Foundation engaged in conducting systematic and formal instruction, schooling or training qualifies u/s. 2(15).

No limitation under Industrial Disputes Act, 1947 for making a reference: Bombay HC

July 27, 2024 366 Views 0 comment Print

Bombay High Court held that industrial dispute existed when the reference was made by the appropriate Government under section 2-A of the Industrial Disputes Act, 1947. Further, Industrial Disputes Act, 1947 doesn’t provide any limitation for making a reference.

Customs duty and interest payable even when confiscated goods are redeemed after payment of fine: Supreme Court

July 26, 2024 495 Views 0 comment Print

Supreme Court held that owner of the goods has liability to pay customs duty and interest even after confiscated goods are redeemed after payment of fine and other charges under section 125 of the Customs Act.

Delhi HC Denies Tax Exemption to Trust Charging Capitation Fee

July 9, 2024 240 Views 0 comment Print

Explore the Delhi High Court’s judgment on ITSC’s conclusive nature for AY, assessing reassessment under Section 148 of the Income Tax Act, 1961. Full text and detailed analysis included.

Sponsored
Sponsored
Search Post by Date
November 2024
M T W T F S S
 123
45678910
11121314151617
18192021222324
252627282930