Income Tax Tax Deductions related News, Article, Notification, Judgments covering all section Including Section 80C, 80D, 80TTA, 80HHC, 80JJA
Income Tax : The eligibility period for startup tax exemption has been extended to March 31, 2030. Startups must meet DPIIT and compliance cond...
Income Tax : Understand how Chapter VIII reshapes deductions with strict conditions, structured sections, and limits. Learn key compliance rule...
Income Tax : The issue concerned whether deductions under section 80GGC could be denied solely on investigation inputs alleging accommodation e...
Income Tax : The issue highlights that automated messages questioning donation deductions lack clarity on mismatches, forcing donors to revise ...
Income Tax : Know about TAN under Section 203A of the Income Tax Act—its purpose, applicability, application process, forms, penalties, and k...
Income Tax : This explainer breaks down how Section 80G deductions work and who can claim them. It highlights deduction categories, qualifying ...
Corporate Law : Finance Bill 2024 updates Section 80G to reflect "National Sports Development Fund" and changes approval procedures for charities....
Income Tax : Learn about the amended provisions allowing non-government employers to deduct up to 14% of employee salaries for pension scheme ...
Income Tax : Section 35AC of the Income Tax Act, as amended by the Finance Act, 2016, provides that no deduction under this section shall be al...
Income Tax : Press Information Bureau Government of India Ministry of Finance 26-November-2015 09:44 IST Date for sending comments by the stake...
Income Tax : The Tribunal upheld deletion of disallowance where the tax authority failed to produce direct evidence linking the taxpayer to any...
Income Tax : Bombay High Court granted interim relief to a co-operative credit society, restraining coercive tax recovery in a Section 80P dedu...
Income Tax : The High Court found no mistake apparent on record to warrant rectification under Section 254, holding that the Tribunal's decisio...
Income Tax : ITAT Panaji ruled that cooperative societies can claim a deduction under Section 80P even if they filed their return late, but onl...
Income Tax : The ITAT has denied a deduction under Section 80ID for Ramesh Bhatia HUF, ruling that a previously used hotel building doesn't qua...
Income Tax : CBDT corrigendum adds Sikkim to the list of eligible states for income tax deductions under Section 80-IE for North-Eastern undert...
Income Tax : CBDT issues corrigendum adding Sikkim to Schedule 80-IE for income tax deductions under Section 80-IE for North-Eastern undertakin...
Income Tax : TDS on agents commission reduced from 5% to 2% as per the Finance Bill 2024. New rate effective from October 1, 2024, under Sectio...
Company Law : NFRA issues order penalizing CA Pawan Jain and Mis Kumar Jain & Associates for lapses in issuing reports under Income Tax Act for ...
Income Tax : Check out Income Tax Notification 57/2023 issued by the Ministry of Finance, offering tax deduction relaxation for ship lease paym...
Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80P for AYs 2018-19 to 2022-23.
ITAT Pune held that interest income earned by the cooperative society from the investment with cooperative banks qualifies for deduction under section 80P(2)(d) of the Income Tax Act.
Explore the benefits of Section 80EEB, providing a deduction for interest paid on loans for Electric Vehicles (EVs). Understand the eligibility criteria, quantum of deduction, and conditions for availing this tax benefit. Stay informed about the latest tax incentives as India pushes for a 30% EV replacement by 2030.
ITAT noted that Interest income was earned on NSC, fixed deposit/certificate of bank as a result of a mandatory business requirement as per the West Bengal Cooperative Societies Act. Therefore, the interest earned from these deposits was indeed a business income, making it eligible for deduction under Section 80P(2)(a)(i).
ITAT Hyderabad in case of Telangana State Chapter Indian Radiological & Imaging Association vs ITO held that application for approval u/s. 80G(5) cannot be rejected solely for selecting wrong form.
Review the details and consequences of the ITAT Ahmedabad’s ruling in Jetalpur Seva Sahkari Mandali Limited vs DCIT that income from commercial activity cannot be claimed as a deduction under Section 80P of the Income Tax Act.
The tribunal examined previous precedents such as The Vainganga Nagari Sahakari Pat Sanstha Ltd. Vs. ITO, and found the deduction on interest income received from nominal members has been allowed in these cases. Furthermore, the tribunal took into account that the Kerala Act and Maharashtra Act consider ‘Nominal Members’ within the ambit of ‘Members’, thereby making such interest income eligible for deduction u/s 80P(2)(a)(i).
The ITAT Chandigarh has allowed the appeal of Sard Dogri Co-operative against the disallowance of deduction claimed under section 80P of the Income Tax Act. The disallowance was made by the CPC Bangalore while processing the return of income under section 143(1) on the ground that the return was not filed within the due date.
The ITAT Bangalore has allowed the appeal of Dunichand Khitri Raja against the disallowance of a claim for deduction under section 80-IA of the Income Tax Act. The ITAT held that the delay in filing Form 10CCB, due to technical glitches beyond the assessee’s control, should not bar the claim of deduction.
Discover the tax advantages of home loans under the Income Tax Act, 1961. Explore Sections 24B, 80C, 80EE, and 80EEA, which offer deductions for interest on loan borrowed, principal repayment, and additional deductions. Gain insights into eligibility criteria and maximize your tax benefits.
