Income Tax Tax Deductions related News, Article, Notification, Judgments covering all section Including Section 80C, 80D, 80TTA, 80HHC, 80JJA
Income Tax : Explore Section 80JJAA of Income Tax Act, encouraging job creation in India. Learn about conditions, deductions, and benefits for ...
Income Tax : Learn about TDS on property purchase under Section 194IA of the Income Tax Act, 1961. Get insights on requirements, payment proces...
Income Tax : Discover everything about Income Tax Deduction under Section 80C - eligibility, qualifying investments, maximum deduction, and mor...
Income Tax : Learn about Deduction u/s 80JJAA: Who's eligible, how much is allowed, and what it means for additional employee costs. Expert ins...
Income Tax : Explore the worthiness of investing in NPS under Section 80CCD deduction for salary individuals/HUFs. Learn about tax benefits, re...
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 : ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of...
Income Tax : Expanding the scope of deduction and its eligibility u/s. 80CCG The existing provisions of section 80CCG, inter-alia, provide th...
Finance : LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity ...
Income Tax : Gujarat High Court allows income tax deduction for payment clearing mortgage, dismissing Revenue’s appeal under section 263. Ful...
Income Tax : Read the detailed analysis of Laxminarayana Suvarna Credit Co-operative Society Ltd. Vs ITO (ITAT Bangalore) on the eligibility of...
Income Tax : Detailed analysis of Alubound Dacs India Private Limited vs. DCIT case before ITAT Mumbai regarding the allowance of Section 80G d...
Income Tax : In Purnasons Pvt. Ltd vs. ITO, ITAT Kolkata rules on the allowance of deductions under Section 80M of the Income Tax Act when divi...
Income Tax : Bombay HC in Hindustan Export & Import Corporation Private Limited Vs DCIT held that sharing newspaper cuttings alone did not meet...
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...
Income Tax : Circular No. 13/2023-Income Tax: The government allows condonation of delay for filing returns of income claiming deduction u/s 80...
Income Tax : CBDT issued Notification No. 34/2023-Income Tax, dated May 30, 2023 & introduces amendments to rule 11AA of Income-tax Rules, ...
Income Tax : Submission of certificate for claiming deductions U/s. 80G of the Income-tax Act, 1961 in respect of donation made by an employee ...
Jai Mica Supply Co Pvt Ltd Vs CIT (Kolkata High Court)- We do not find any substance in the contention of Mr. Khaitan that there were conflicting views on this point when the notice under Section 263 of the Act was issued.
Vishal Tools & Forgings Private Limited v CIT (ITAT Amritsar)- DEPB is an incentive. It is given under Duty Exemption Remission Scheme. Essentially, it is an export incentive. No doubt, the object behind DEPB is to neutralize the incidence of customs duty payment on the import content of export product. This neutralization is provided for by credit to customs duty against export product. Under DEPB, an exporter may apply for credit as percentage of FOB value of exports made in freely convertible currency. Credit is available only against the export product and at rates specified by DGFT for import of raw materials, components etc..
A government committee has suggested raising interest rates on Post Office savings bank deposits to four per cent, a suggestion that could benefit lakhs of small depositors. The Committee on Small Savings also recommended linking returns on other small savings schemes with interest rates on government securities. It has also suggested that Kisan Vikas Patra (KVP) be withdrawn and annual investment limit for the popular Public Provident Fund (PPF) be raised to Rs 1 lakh from Rs 70,000 at present.
The contention that under section 80-I(6) the profits derived from one industrial undertaking cannot be set off against loss suffered from another and the profit is required to be computed as if profit making industrial undertaking was the only source of income, has no merit.
In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number 80/2010, dated the 19th October, 2010, to be published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii), in paragraph 1 for “annuity plan of the ICICI Prudential Life Insurance Company Limited”, read “annuity plan of the TATA AIG Life Insurance Company.”
Addl. CIT v Weizmann Ltd. ITAT, Mumbai * As long as the assessee has sufficient interest free funds, the presumption to be taken is that the investments are made out of such interest free funds. Mere fact of allowing interest free advance at a rate lower than the rate on which borrowings are made, cannot justify the disallowance of interest on borrowed funds. The CIT(A) was justified in making ad-hoc disallowance on account of foreign travelling expenses since the complete details of expenses were not provided by the assessee.
India’s largest insurer LIC today said its infrastructure bond issue is unlikely to hit markets this fiscal as it is still working out the modalities. We are working on a plan to come out with infrastructure bonds… It is unlikely to happen in the
If the facts of the case are tested on the ratio of aforesaid decisions, in our considered opinion, the Id. Commissioner cannot deny renewal of registration on the ground that the assessee had claimed double deduction in respect of depreciation as well as capital expenditure i or had not applied the requisite income for the objects. If the assessee had claimed certain depreciation to which it was not entitled the recognition under section 80-G cannot be denied.
In the light of the concurrent findings recorded by Commissioner (Appeals) as well as the Tribunal, it is apparent that the assessee had bona fide made a claim for deduction under section 80IA of the Act, which came to be rectified by filing a revised return withdrawing the claim and that as such there was no concealment or furnishing of inaccurate particulars of income on the part of the assessee. Moreover, the notice under section 154 of the Act issued by the Assessing Officer also does not remotely indicate anything to that effect. In the circumstances, Commissioner (Appeals) was justified in setting aside the penalty imposed under section 271(1) (c) of the Act.
Infrastructure Development Finance Company Limited (IDFC) has announced a public issue of its second tranche of secured, redeemable, long term infrastructure bonds having tax benefits under Section 80CCF of the Income Tax Act, 1961
