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...
Rent Deduction U/s 80GG Utility Section 80GG, of Income Tax Act 1961-2020 An assessee not being person claiming deduction of House Rent Allowance (HRA) or by whatever name its called u/s 10(13A) is eligible to claim deduction under this section. Conditions to be met for this deduction : Assessee or his spouse or minor child […]
Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or education organisation or in contemplation of death of the donor. Also, in case an individual receives any gift from any local authority as specified under the Act, the same would not be taxable.
The issue under consideration is whether the AO need to conduct an Inquiry into Factual Situation as to activities of assessee society to determine eligibility of deduction u/s 80P?
Service charges received by assessees from the foreign enterprises did not qualify for deduction in view of clause (iii) of the Explanation to Section 80O as the services rendered by respective assessees were the ‘services rendered in India’ and not the ‘services rendered from India’ and merely having a contract with a foreign enterprise and mere earning foreign exchange did not ipso facto lead to the application of s. 80O of the Act.
Deduction Under Section 80D In Relation To Health Insurance Premium/Medical Expenditure & A Few Important Points To Be Kept In Mind Before Investing In A Health Insurance Policy! Medical or Health Insurance is gaining popularity in India these days. After the spread of COVID-19 pandemic, having a health insurance policy has become inevitable! Medical emergencies […]
Extract of Section – 80TTA – Deduction in respect of interest on deposits in savings account 80TTA. (1) Where the gross total income of an assessee (other than the assessee referred to in section 80TTB), being an individual or a Hindu undivided family, includes any income by way of interest on deposits (not being time […]
All about NPS (National Pension Scheme) of Section 80CCD(1B) of the Income Tax Act, 1961 With this article, I am going to answer a few questions which come in your mind before making a proactive investment in NPS (National Pension Scheme) along with the deduction under section 80CCD(1B). Q 1. What does Section 80CCD talk […]
What stand customer can take if Bank demand Form 15CA but service is not taxable? In such cases, the possible recourse is to submit a declaration in form of a note to Bank stating the nature of remittance and reason as to why it is not chargeable to tax and consequently exempted from the submission of Form 15CA.
The amount donated towards charity attracts deduction under section 80G of the Income Tax Act. Section 80G has been in the law book since financial year 1967-68 and it seems it’s here to stay. Several deductions have been swept away but the tax sop for donations appears to have survived the axe. The main features of tax benefit with respect to charity are as follows:
ANALYSIS OF SECTION 80JJA A. Applicability of Section 80JJA 1. This section applicable to all assesses i.e. corporate and non-corporate assessee. It is also applicable to non-resident carrying on business in India. 2. This section applies to any assessee to whom section 44AB applies i.e. applicable to a person who is required to get his […]
