Income Tax : The article explains how Section 80M applies only to domestic dividends, leaving foreign subsidiary dividends fully taxable in Ind...
Income Tax : We know that before Finance Act, 2020 a dividend received from a domestic company is exempt in the hands of shareholders. Because ...
Income Tax : Salient Features on Deduction us 80M with other ancillary aspects of the Income Tax Act, 1961 Amidst high expectations the Finance...
Income Tax : A. Existing Provisions relating to dividend taxation: (i) Tax implication in the hands of company: Under the existing laws, even t...
Income Tax : 1) Deductions u/s 80M is a Deduction not an exemption. The very basic difference between exemption & deduction is that losses ...
Income Tax : Delhi HC held interest on borrowings for strategic shareholding may qualify under Section 36(1)(iii). Matter remanded to AO to ver...
Income Tax : The ITAT held that CSR expenditure disallowed under Section 37(1) does not automatically bar deduction under Section 80G where sta...
Income Tax : The Tribunal held that donations qualifying under Section 80G do not become ineligible merely because they are incurred as part of...
Income Tax : Eempt income, which were disallowed under Section 14A could not be automatically added back to compute the book profit for Minimum...
Income Tax : Denial of the 15% rate through summary processing was held invalid. Eligibility under section 115BAB requires examination and hear...
In present facts of the case, the Hon’ble Tribunal held that expenses made pertaining to Club Membership fees shall be allowed as business expenditure.
ITAT Delhi held that reopening of assessment under section 147 of the Income Tax Act unjustified in absence of failure on the part of the assessee to disclose fully and truly all the material facts.
The law is now well settled that for the purpose of deduction u/s.80M of the Act, only actual expenditure incurred has to be taken into consideration and there cannot be any estimate of expenditure that could be made thereon.
We know that before Finance Act, 2020 a dividend received from a domestic company is exempt in the hands of shareholders. Because company declaring dividend is required to pay Dividend Distribution Tax (DDT) under provisions of Section 115O of the Income Tax Act,1961 before crediting amount of dividend into account of shareholders. Many business houses […]
Salient Features on Deduction us 80M with other ancillary aspects of the Income Tax Act, 1961 Amidst high expectations the Finance Bill, 2020 was presented by Hon’ble Finance Minister before The House of Parliament on 1st February 2020. The Finance Bill, 2020 proposes 104 amendments including Re-Taxation of Dividend Income in the hands of Recipient […]
A. Existing Provisions relating to dividend taxation: (i) Tax implication in the hands of company: Under the existing laws, even though dividend constituted income in the hands of the shareholders, the tax on such dividend was payable by the company which declared dividend, @ 15% of the gross dividend under section 115-O (plus surcharge and […]
1) Deductions u/s 80M is a Deduction not an exemption. The very basic difference between exemption & deduction is that losses from the sources of income which is otherwise exempted had no tax treatment & however losses from a income which a allowed as deduction shall have tax treatment in accordance with the provisions of […]
In Finance Bill, 2020 (Bill) , one of the Biggest move of the government was abolishing the DDT charged u/s 115-O of the Income Tax Act , 1961 (the Act). However government has inserted/ amended certain sections to make the Dividend income taxable in the hands of receiver by removing Section 10(34) of the Act. […]
The Union Budget 2020 (‘Budget 2020’) was presented by the Honorable Finance Minister on 1 February 2020. All had set their eyes to witness what this Budget would unveil for reviving Indian economy. At the introduction of the speech, the Honorable FM mentioned that the existing Government wishes to open up vistas for a vibrant […]
