Income Tax : India's Income Tax Department initiates nationwide verification against bogus deduction and exemption claims, warning taxpayers of...
Income Tax : Learn about the meaning of donation under the Income Tax Act, 1961, and explore the types of donations, deductions, and conditions...
Income Tax : Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. ...
Income Tax : A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counterac...
Income Tax : Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is...
Income Tax : The issue was whether dividend income loses s.10(34) exemption due to violation of s.11(5). ITAT held that income excluded under C...
Income Tax : ITAT Delhi held that essential house fixtures like cupboards, modular kitchen, and beds are integral to habitability and can be in...
Income Tax : The ITAT reaffirmed that genuine statutory deductions cannot be denied solely due to technical defects or the absence of a specifi...
The issue was whether dividend income loses s.10(34) exemption due to violation of s.11(5). ITAT held that income excluded under Chapter III never enters s.11 computation, so dividend remains exempt.
ITAT Delhi held that essential house fixtures like cupboards, modular kitchen, and beds are integral to habitability and can be included in the cost of improvement. AO was directed to allow Rs. 3.50 lakh claimed in long-term capital gains computation.
The ITAT reaffirmed that genuine statutory deductions cannot be denied solely due to technical defects or the absence of a specific column in the ITR form. The Tribunal directed the to allow the deductions, including beyond the 10% limit for eligible specified donations.
India’s Income Tax Department initiates nationwide verification against bogus deduction and exemption claims, warning taxpayers of penalties and prosecution.
Learn about the meaning of donation under the Income Tax Act, 1961, and explore the types of donations, deductions, and conditions for claiming them in India.
Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.
A. Income Tax Act, 1961 discourages transactions in cash through several of its provisions. This is done with a view to- counteracting money laundering and tax evasion; encouraging transparent business practices; providing enabling environment for growth of transparent businesses; & easing of auditing and investigations. B. The provisions relating to cash transactions are broadly summarized […]
Keeping a check on cash transactions under income tax (with illustrations) INTRODUCTION: We come across a common saying ‘Cash is King,’ however idle cash can never generate any interest income, therefore channelizing the idle money into digital mode shall generate income. The Cashless economy is a system where majority of transactions take place by modes […]
A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The […]
In order to restrict cash transactions, the government has come out with several provisions and related rules to prohibit various types of cash payments in the Finance Acts. The effects of restrictions under provisions of income tax act are as follows: Restrict cash transactions by disallowances of expenses or deduction under chapter VIA of income […]
