Income Tax : A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of ...
Income Tax : Exemptions from tax, also known as non-taxable income, refer to the income that is not subject to income tax. This income may be e...
Income Tax : As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under...
Income Tax : Discover the importance of scholarships for students. Learn about the different types of scholarships available and their impact o...
Income Tax : Discover the tax exemption granted by CBDT to Singapore-based sovereign wealth funds. Explore the investment opportunities in Indi...
Finance : The government plans to offer stamp duty exemption for sale of accounts receivables, allowing businesses to encash sales made on c...
Corporate Law : The Commerce Ministry today said it will set up a committee to recast the export-oriented unit scheme so that the scheme remain a...
Excise Duty : The finance ministry is looking into the possibility of phasing out some exemptions from the Centre’s excise list in the next Bu...
Income Tax : The Punjab and Haryana High Court on Monday dismissed a petition challenging tax exemption to Members of the Legislative Assembly ...
Income Tax : Is Tarun Tahiliani, one of India’s leading fashion designers, an artiste? Those who admire his creations might think so, but not...
Income Tax : As per Section 10(23AA), the exemption can be for the income received by any person on behalf of any regimental fund or non-public...
Income Tax : Assessee sold 3,10,000 shares and claimed resulting gains as exempt under section 10(38). AO denied the exemption on the ground th...
A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of a resident person, it extends certain benefits and privileges to a resident person as well, inter-alia, an option to compute income on presumptive basis
Exemptions from tax, also known as non-taxable income, refer to the income that is not subject to income tax. This income may be exempt from tax for a variety of reasons, such as being below a certain threshold or being earned through certain sources. In this article, we will delve deeper into the concept of non-taxable income and the types of income that are exempt from tax.
As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act. As per section 2(1A), agricultural income generally means: (a) Any rent or revenue derived from land which is situated in India and is used for agricultural purposes. (b) Any income derived from such land by agriculture operations including processing of agricultural produce so as to render it fit for the market or sale of such produce.
Discover the importance of scholarships for students. Learn about the different types of scholarships available and their impact on education.
Discover the tax exemption granted by CBDT to Singapore-based sovereign wealth funds. Explore the investment opportunities in India’s infrastructure sector.
Tax Incentive to Business / Service sector/ Industry on salary of new employees On Salary of Rs. 100/- avail tax benefit on Rs. 190/- :- Any business / service sector/ manufacturing industry can claim additional deduction of 30% of salary paid to additional employees, subject to fulfilment of certain conditions. This deduction of 30% of […]
Every person whose total income of the previous year exceeds the maximum amount, which is not chargeable to income tax, is an assessee and chargeable to income tax in India at the rate or rates as may be prescribed in Finance Act and Income Tax for the relevant assessment year. We know that the in […]
Section 10(37) Exemption Towards Capital Gain Arising on Compulsory Acquisition of Urban Agricultural Land Provisions of section 10(37) of the Income Tax Act lays down certain conditions which need to be satisfied in order to avail exemption towards capital gain arising on account of compulsory acquisition of an urban agricultural land. The present article tries […]
Provisions of section 10(34A) exempt any income arisen to the shareholder on account of buy back of shares as referred under section 115QA of the Income Tax Act. The exemption provisions of section 10(34A) of the Income Tax Act are explained in the present article. Understanding the provisions of section 10(34A) of Income Tax Act– […]
A keyman insurance policy which has been assigned to any person during its term, with or without consideration, shall continue to be treated as a keyman insurance policy and consequently would not be eligible for any exemption under section 10(10D) of the Income-tax Act.
