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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...
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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 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.
Mumbai ITAT rules gift from non-resident brother exempt from tax for Abul Wais Abdus Salam, overturning previous additions to income.
Accordingly, the interest on deposits would qualify for deduction under the said section. Appellant Cooperative society is entitled for deduction u/s 80P as claimed in the return.
ITAT Ahmedabad held that addition on account of interest income earned on fixed deposits from Banks and rental income earned by the Society are eligible to set off of maintenance expenses. Thus, addition deleted.
Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like from relatives, on marriage, or as inheritance.
Madras High Court held that compensation paid to ESOP holders qualifies as perquisite and hence taxable under the head ‘salary’. The same cannot be treated as capital receipt.
