Income Tax : Explains key deductions under Chapter VI-A and highlights frequent taxpayer errors, including documentation lapses and section-wis...
Income Tax : Understand tax deductions for paying family's home or education loans. Learn conditions for claiming benefits, including borrower ...
Income Tax : Section 80E of the Income Tax Act provides deduction towards interest paid on loan taken for higher education. The current article...
Income Tax : Learn about key deductions under Section 80 for Income Tax Returns (ITR) filing. Explore benefits, limits, and eligibility criteri...
Income Tax : The Income Tax Act's Section 80, which gives taxpayers several deductions to lower their taxable income, is one of its most import...
Income Tax : The Tribunal examined whether cost of acquisition could be fixed on assumptions. It held that government-notified MVR rates must b...
Income Tax : Karnataka High Court held that revision petition u/s. 264 of the Income Tax Act wrongly dismissed by holing that delay in filing r...
Income Tax : ITAT Kolkata deletes the Section 271(1)(c) penalty against Asit Kumar Dutta. The Tribunal ruled that an incorrect deduction claime...
Income Tax : ITAT Mumbai held that income by way of interest on loans given for residential purposes for period less than 5 years is eligible f...
Income Tax : LOAN AND ADVANCES –Interest free funds available with the assessee is in excess of amount advanced to sister concern. There is n...
Income Tax : Notification No. 79/2010-Income Tax Section 80E of the Income-tax Act, 1961- Deduction - In respect of interest on loan taken for ...
LOAN AND ADVANCES –Interest free funds available with the assessee is in excess of amount advanced to sister concern. There is no nexus between the interest bearing funds and the money so advanced to sister concern which has been established by AO. In view of the same, a presumption will arise in favour of assessee that interest free funds have been utilized for advancing such advance to sister concern.
The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season.
Admission season is on and it’s that time of the year when every student is hoping to get in to a good college to pursue their higher studies. Once the admissions are sorted the next challenging step is to arrange the finances. The admission fee for higher studies is usually not a small amount and […]
Notification No. 79/2010-Income Tax Section 80E of the Income-tax Act, 1961- Deduction – In respect of interest on loan taken for higher education – Financial institution notified for purpose of section 80E(3)(b)
