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section 56

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Meaning of relatives​ Under Income Tax Act, 1961

Income Tax : Explore the definition of 'relative' under various Income Tax Act provisions and its implications for exemptions, deemed income, a...

September 7, 2024 3450 Views 1 comment Print

Tax Treatment of Income from Other Sources

Income Tax : Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guide...

September 6, 2024 251443 Views 9 comments Print

Taxability of Gift received by an individual or HUF with FAQs

Income Tax : Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like fro...

August 27, 2024 370038 Views 60 comments Print

Angel Tax Removal: A Boon for Startups?

Income Tax : The removal of Angel Tax is a major relief for startups. Discover implications, benefits, and potential downsides of this signific...

August 4, 2024 1812 Views 1 comment Print

Assessing Officer’s Power to challenge Valuations [wrt Section 56(2)(viiib)]

Income Tax : In Section 56(2)(viib) of Income Tax Act, Assessing Officer's wide discretion on valuation faces constraints from rules and tribun...

June 15, 2024 1935 Views 0 comment Print


Latest News


Sunset of Section 56(2)(viib) Provisions: No Tax on issue of share exceeding FMV

Income Tax : Finance Bill 2024 proposes the sunset of Section 56(2)(viib) from April 2025, eliminating the tax on shares issued above face valu...

July 23, 2024 672 Views 0 comment Print

Suggestions on proposed changes to Rule 11UA of Income-tax Rules, 1962

Income Tax : Amendment to section 56(2)(viib) of Act extending the applicability of section to issue of shares to non-residents has been made a...

June 1, 2023 1578 Views 0 comment Print

CBDT proposes changes to Rule 11UA ANGEL TAX & to notify Excluded Entities

Income Tax : CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to  notify Excluded Entities In the Finance Act, 2023, ...

May 20, 2023 2757 Views 0 comment Print

IMB certification is not a prerequisite to avoid angel tax

Income Tax : IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (...

March 25, 2022 3867 Views 0 comment Print

Representation to FM to Widen Scope of Benefit of 20% for flats

Income Tax : Representation for widening the scope of benefit in case of difference in agreement price and Circle Rate of property is upto 20 p...

November 14, 2020 14820 Views 3 comments Print


Latest Judiciary


Section 56(2)(x) not apply to conveyance deed executed on 31.03.2017: ITAT Mumbai

Income Tax : ITAT Mumbai held that since deed of conveyance executed on 31.03.2017, provisions of section 56(2)(x) of Income Tax Act are not ap...

November 2, 2024 570 Views 0 comment Print

Deduction u/s 80P(2)(a)(i) was allowable on interest income from surplus funds in Bank Deposits

Income Tax : Interest income from bank deposits is eligible for deduction under Section 80P(2)(a)(i) as the funds in the voluntary reserves whi...

October 17, 2024 456 Views 0 comment Print

Electricity Dept Can’t Withdraw State Industrial Policy Benefits Based on Audit Objection

Corporate Law : Once the State Government had extended the benefit under the particular scheme, the same could not be withdrawn by the Electricity...

October 16, 2024 285 Views 0 comment Print

Deduction u/s. 80P(2)(a)(i) allowable on income earned for providing credit facilities to members: ITAT Bangalore

Income Tax : ITAT Bangalore held that the co-operative societies providing credit facilities to its members is entitled to deduction u/s 80P(2)...

September 28, 2024 486 Views 0 comment Print

Section 50C applies only to sellers and not to buyers: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad rules that Section 50C applies to sellers, not buyers, and clarifies the retrospective effect of Section 56(2)(vii)...

September 26, 2024 5322 Views 0 comment Print


Latest Notifications


Assessment of Startup Companies involving application of section 56 (2)(viib)

Income Tax : Notification regarding Income-tax Act Section 56(2)(viib) and assessment of Startup Companies. Clarifications for assessing recogn...

October 10, 2023 1764 Views 0 comment Print

Amendment of Income Tax Rule 11UA- Valuation of Unquoted Equity Shares

Income Tax : CBDT) amends Income Tax Rule 11UA regarding valuation of unquoted equity shares for tax purposes. Learn about changes in this amen...

September 25, 2023 20616 Views 0 comment Print

New Income Tax Rules on Taxation of Life Insurance Policy Receipts

Income Tax : Details of Sixteenth Amendment to Income Tax Rules (2023) on computation of income chargeable under life insurance policies as per...

August 16, 2023 14742 Views 2 comments Print

CBDT releases draft rule 11UA to implement amendment by Finance Act 2023

Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...

May 26, 2023 5775 Views 0 comment Print

CBDT Notifies Classes of Persons for Income Tax Purposes under Section 56

Income Tax : CBDT issued  Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of th...

May 24, 2023 5397 Views 0 comment Print


Latest Posts in section 56

Section 56(2)(x) not apply to conveyance deed executed on 31.03.2017: ITAT Mumbai

November 2, 2024 570 Views 0 comment Print

ITAT Mumbai held that since deed of conveyance executed on 31.03.2017, provisions of section 56(2)(x) of Income Tax Act are not applicable. Section 56(2)(x) is inserted by Finance Act, 2017 and effective only from 01.04.2017.

Deduction u/s 80P(2)(a)(i) was allowable on interest income from surplus funds in Bank Deposits

October 17, 2024 456 Views 0 comment Print

Interest income from bank deposits is eligible for deduction under Section 80P(2)(a)(i) as the funds in the voluntary reserves which were utilized for investment by the co-operative banks were the funds generated from the banking business.

Electricity Dept Can’t Withdraw State Industrial Policy Benefits Based on Audit Objection

October 16, 2024 285 Views 0 comment Print

Once the State Government had extended the benefit under the particular scheme, the same could not be withdrawn by the Electricity Department basing on the audit report. In absence of any evidence of theft being committed by assessee, the benefit of Intensive Policy could not be withdrawn.

Deduction u/s. 80P(2)(a)(i) allowable on income earned for providing credit facilities to members: ITAT Bangalore

September 28, 2024 486 Views 0 comment Print

ITAT Bangalore held that the co-operative societies providing credit facilities to its members is entitled to deduction u/s 80P(2)(a)(i) of the Income Tax Act. Thus, income earned on account of providing credit facilities is allowable as deduction u/s. 80P(2)(a)(i).

Section 50C applies only to sellers and not to buyers: ITAT Ahmedabad

September 26, 2024 5322 Views 0 comment Print

ITAT Ahmedabad rules that Section 50C applies to sellers, not buyers, and clarifies the retrospective effect of Section 56(2)(vii)(b) on property transactions.

3.25% Property Valuation Variation Within 10% Limit Under Section 56(2)(x)

September 26, 2024 417 Views 0 comment Print

ITAT Mumbai ruled in favor of Jitendra Vanigota, deleting the ₹595,000 addition under Section 56(2)(x) for AY 2020-21. Learn more about the case details and judgment.

Section 80P(2)(d) Deduction Allowed for Interest from Co-operative Bank Deposits

September 24, 2024 639 Views 0 comment Print

ITAT Ahmedabad held that interest income earned from deposits with Co­operative Banks shall be allowed as deduction u/s 80P(2)(d) of the Income Tax Act.

Meaning of relatives​ Under Income Tax Act, 1961

September 7, 2024 3450 Views 1 comment Print

Explore the definition of ‘relative’ under various Income Tax Act provisions and its implications for exemptions, deemed income, and more.

Interest from co-operative society and not co-operative bank is eligible for deduction u/s. 80P(2)(d): ITAT Bangalore

September 7, 2024 693 Views 0 comment Print

ITAT Bangalore held that interest/ dividend from co-operative society is eligible for deduction u/s. 80P(2)(d) of the Income Tax Act. However, if payer bank is co-operative bank then deduction u/s. 80P(2)(d) is not available.

Tax Treatment of Income from Other Sources

September 6, 2024 251443 Views 9 comments Print

Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guidelines.

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