Income Tax : Explore the definition of 'relative' under various Income Tax Act provisions and its implications for exemptions, deemed income, a...
Income Tax : Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guide...
Income Tax : Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like fro...
Income Tax : The removal of Angel Tax is a major relief for startups. Discover implications, benefits, and potential downsides of this signific...
Income Tax : In Section 56(2)(viib) of Income Tax Act, Assessing Officer's wide discretion on valuation faces constraints from rules and tribun...
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...
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...
Income Tax : CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities In the Finance Act, 2023, ...
Income Tax : IMB Certificate of Eligible Business is not a pre-requisite to avail the benefits of non-application of the provisions of clause (...
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...
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...
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...
Corporate Law : Once the State Government had extended the benefit under the particular scheme, the same could not be withdrawn by the Electricity...
Income Tax : ITAT Bangalore held that the co-operative societies providing credit facilities to its members is entitled to deduction u/s 80P(2)...
Income Tax : ITAT Ahmedabad rules that Section 50C applies to sellers, not buyers, and clarifies the retrospective effect of Section 56(2)(vii)...
Income Tax : Notification regarding Income-tax Act Section 56(2)(viib) and assessment of Startup Companies. Clarifications for assessing recogn...
Income Tax : CBDT) amends Income Tax Rule 11UA regarding valuation of unquoted equity shares for tax purposes. Learn about changes in this amen...
Income Tax : Details of Sixteenth Amendment to Income Tax Rules (2023) on computation of income chargeable under life insurance policies as per...
Income Tax : In the Finance Act, 2023, an amendment was introduced in this provision to bring the consideration received from non-residents wit...
Income Tax : CBDT issued Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of th...
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.
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.
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.
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).
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.
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.
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.
Explore the definition of ‘relative’ under various Income Tax Act provisions and its implications for exemptions, deemed income, and more.
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.
Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guidelines.