section 24

Tax Benefits: Deductions under section 24b, 80EE & 80EEA

Income Tax - Explore deductions under Sections 24b, 80EE, and 80EEA of the Income Tax Act, 1961, for interest on borrowed capital or housing loans. Understand eligibility, limits, and implications...

Tax Benefits of Home Loans: Analysis of Sections 24B, 80C, 80EE and 80EEA

Income Tax - Discover the tax advantages of home loans under the Income Tax Act, 1961. Explore Sections 24B, 80C, 80EE, and 80EEA, which offer deductions for interest on loan borrowed, principal repayment, and additional deductions. Gain insights into eligibility criteria and maximize your tax benefits....

FAQs on Income from house property

Income Tax - Is rental income from sub-letting chargeable to tax under the head Income from house property? Ans: Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property....

How to Maximize Your Tax Savings on Home Loan Principal Repayments

Income Tax - Until a few years ago, homebuyers knew only one way of buying a home -- they saved and saved for years and when they had saved enough, they would invest in a home....

Section 80EE: Income Tax Deduction for Interest on Home Loan

Income Tax - Article delve into the details of Section 80EE, its eligibility criteria, and how to claim the deduction while optimizing your income tax return....

Tax Exemption on notional rent on second self-occupied house (Budget 2019)

Income Tax - While presenting interim Budget 2019-20 FM proposed to exempt the levy of income tax on notional rent on a second self-occupied house subject to It has been proposed to exempt the levy of income tax on notional rent on a second self-occupied house.  Currently, income tax on notional rent is payable if one has more […]...

Reassessment of income other than income for which AO had formed a reason is unjustified

Digamber Jain Atikshaya Keshtra VPO Bada Vs ITO (ITAT Jaipur) - ITAT Jaipur held that reassessment of income under section 147 of the Income Tax Act other than income in respect of which AO has formed a reason to believe that the income has escaped assessment is unsustainable in law....

Business Maintenance Expenses cannot be disallowed arbitrarily

Giri Buildwell Pvt. Ltd. Vs DCIT (ITAT Delhi) - ITAT Delhi's ruling on disallowing business expenses under Section 37 of the Income Tax Act. Analysis of Giri Buildwell Pvt. Ltd. vs. DCIT case. Learn more....

ITAT allows expenditure incurred on amenities provided to tenants against house property income

Bagaria More Co. Ltd Vs ADIT (ITAT Kolkata) - Analysis of ITAT Kolkata's landmark decision in Bagaria More Co. Ltd. vs ADIT, focusing on the treatment of the cost of amenities provided to tenants under Income from House Property....

PMLA: Bail rejected as satisfactory explanation regarding huge fixed assets & cash not furnished

Chandrama Prasad Singh Vs State of Bihar (Patna High Court) - Patna High Court held that as Petitioner failed to furnish satisfactory explanation regarding huge fixed assets and cash available with him, bail application of the Petitioner is rejected....

Section 24(b), 80C & 80D Deduction Can’t Be Denied for Not Claiming in ITR

Sandip Chattopadhyay Vs ITO (ITAT Kolkata) - In Sandip Chattopadhyay vs. ITO case, ITAT Kolkata ruled that deductions under sections 24(b), 80C, and 80D cannot be denied for not being claimed in ITR....

UBD (PCB) BPD Cir No. 34 /16.26.000/2009

RBI/2009-10/ 262 UBD (PCB) BPD Cir No. 34 /16.26.000/2009- 10 - (17/12/2009) - 2. With a view to disseminating information on the SLR status of a Government security, it has been decided that: (i) the SLR status of securities issued by the Government of India and the State Governments will be indicated in the Press Release issued by the Reserve Bank of India at the time of iss...

Recent Posts in "section 24"

Reassessment of income other than income for which AO had formed a reason is unjustified

Digamber Jain Atikshaya Keshtra VPO Bada Vs ITO (ITAT Jaipur)

ITAT Jaipur held that reassessment of income under section 147 of the Income Tax Act other than income in respect of which AO has formed a reason to believe that the income has escaped assessment is unsustainable in law....

Business Maintenance Expenses cannot be disallowed arbitrarily

Giri Buildwell Pvt. Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi's ruling on disallowing business expenses under Section 37 of the Income Tax Act. Analysis of Giri Buildwell Pvt. Ltd. vs. DCIT case. Learn more....

ITAT allows expenditure incurred on amenities provided to tenants against house property income

Bagaria More Co. Ltd Vs ADIT (ITAT Kolkata)

Analysis of ITAT Kolkata's landmark decision in Bagaria More Co. Ltd. vs ADIT, focusing on the treatment of the cost of amenities provided to tenants under Income from House Property....

PMLA: Bail rejected as satisfactory explanation regarding huge fixed assets & cash not furnished

Chandrama Prasad Singh Vs State of Bihar (Patna High Court)

Patna High Court held that as Petitioner failed to furnish satisfactory explanation regarding huge fixed assets and cash available with him, bail application of the Petitioner is rejected....

Section 24(b), 80C & 80D Deduction Can’t Be Denied for Not Claiming in ITR

Sandip Chattopadhyay Vs ITO (ITAT Kolkata)

In Sandip Chattopadhyay vs. ITO case, ITAT Kolkata ruled that deductions under sections 24(b), 80C, and 80D cannot be denied for not being claimed in ITR....

Writ Maintainable for Authority’s Jurisdictional Error & Violation of Natural Justice

Kalpataru Power Transmission Ltd Vs State of Maharashtra (Bombay High Court)

In present facts of the case, the Hon’ble High Court observed that writ under Article 226 would be maintainable if the Order has been passed beyond the Show Cause Notice as the action of an authority is wholly without jurisdiction and contrary to the principles of natural justice and in such case the Petitioners should not be relegated ...

Compensation under Land Acquisition Act cannot be altered if all relevant factors complied with

Mala Etc Vs State of Punjab And Others (Supreme Court of India)

In present facts of the case, the Hon’ble Supreme Court dismissed the appeal and upheld the Judgment of High Court, wherein adequate compensation was provided on Land Acquisition while considering the relevant factors such as determining the deduction for development charges, the nature of land, area under acquisition, whether the land ...

High Court doesn’t have power to modify arbitral award

Larsen Air Conditioning And Refrigration Company Vs Union of India & Ors. (Supreme Court of India)

Supreme Court held that the court is powerless to modify award and can only set aside partially, or wholly, an award. Accordingly, High Court has no reason to interfere with the arbitrator’s finding on interest accrued and payable....

Writ petition u/s 482 of Cr. P.C. in illegal excavation/ transportation of iron ore dismissed

Sri S. Muthaiah Vs State By CBI/ACB (Karnataka High Court)

Karnataka High Court dismissed the writ petition in case of illegal excavation/ transportation of iron ore as discretionary jurisdiction under section 482 of Cr. P.C. cannot be exercised....

Tax Benefits: Deductions under section 24b, 80EE & 80EEA

Explore deductions under Sections 24b, 80EE, and 80EEA of the Income Tax Act, 1961, for interest on borrowed capital or housing loans. Understand eligibility, limits, and implications...

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