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...
Learn about Section 80GG and how it allows individuals to claim a deduction for rent paid, even without receiving HRA.
Essential conditions to claim deduction under section 80JJAA: (a) Business of taxpayer should not be formed by splitting up or reconstructing of an existing business; (b) Business should not be acquired by tax payer as a result of transfer from another person or on account of business reorganization;
Indian Bank Employees Cooperative Credit Society Limited Vs ITO (ITAT Mumbai) Brief facts are that the assessee is The Indian Bank Employees Cooperative Credit Society Limited. On perusal of the profit and loss account and the computation of income, the Assessing Officer observed that the assessee has offered net income from business and profession at […]
ITAT held that interest earned on late payment from sundry debtors and VAT remission shown as miscellaneous income are eligible profit for deduction under section 80IE
Learn how to save taxes under Section 80C of the Income Tax Act 1961. Discover the deductions available and maximize your tax savings.
OnMobile Global Ltd. Vs ACIT (ITAT Bangalore) Section 80JJAA of the Act allows for deduction of additional wages paid to new workmen for an industrial undertaking. While the term “industrial undertaking” has not been defined in section 80JJAA of the Act, it has been defined in other provisions of the Act; like section 10(15) and […]
An Individual who has taken a loan for purchase of E-Vehicle from any Financial Institution and who has never owned an E-vehicle can avail such tax relief. Further, Interest payable on such loan would qualify for deduction under Section 80EEB.
Bhagyalaxmi Nagri Sahakari Patsanstha Meryadit Vs ITO (ITAT Pune) The first item is the commission income from MSEDCL amounting to Rs.60,363/-. The assessee has contended in its written submissions that similar issue came up for consideration before the Pune Tribunal in Banganga Nagri Sah. Patsanstha Ltd. (ITA No.873/PUN/2014) and the Tribunal, vide its order dated […]
Odisha Power Generation Corporation Ltd. Vs ACIT (Orissa High Court) In the instant case, the Assessee has no other source of income except through generation and sale of power. All its receipts and expenditure relate to a single activity of power generation. There is no dispute that it is an industrial undertaking covered under Section […]
The two-member bench held that transformation of articles to bring new articles into existence amounts to manufacturing and allowed deduction under section 80IC of the Income Tax Act, 1961.
