Tax Exemption
Income Tax Benefits to Residents & Indian Companies
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 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...
Read MoreTax Free / Exempt Income Under Income Tax Act, 1961
Income 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) A...
Read MoreDeduction under section 80C and Tax Planning
Income Tax - Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of prov...
Read MoreExemption from payment of GST
Income Tax - Under Section 11 of the CGST Act,2017 the Central or the State Governments are empowered to grant exemptions from tax, subject to the following conditions: (i) Exemption should be in public interest...
Read MoreBCAS Suggestions on Draft Notification on Taxation of shares
Income Tax - The draft of the notification to be issued under third proviso to section 10(38) is, in principle, a step in the right direction. We would like to suggest a few changes to the same in order to bring greater clarity and prevent unnecessary and unintended harassment to genuine investors....
Read MoreFactoring services may soon be exempt from stamp duty
Income Tax - The government plans to offer stamp duty exemption for sale of accounts receivables, allowing businesses to encash sales made on credit and ensure a healthy cash flow. The finance ministry will facilitate this change by moving a new bill to regulate ...
Read MoreCommerce Ministry to set up committee to simplify EOU procedures
Income Tax - The Commerce Ministry today said it will set up a committee to recast the export-oriented unit scheme so that the scheme remain attractive even after the end of tax sops in 2011. "EOUs should be re-modeled because challenges and environment have cha...
Read MoreBudget for next year may take back excise exemption given to around 250 items
Income Tax - The finance ministry is looking into the possibility of phasing out some exemptions from the Centre’s excise list in the next Budget. The move is part of the transition exercise to the goods & services tax regime, slated to come into force next finan...
Read MoreHigh Court dismisses petition challenging tax exemption MLAs of Punjab
Income Tax - The Punjab and Haryana High Court on Monday dismissed a petition challenging tax exemption to Members of the Legislative Assembly (MLAs) of Punjab. Dismissing the petition filed by one Manmohan Singh of Ludhiana, a division bench today held that there was no illegality in the exemption from payment of tax granted to MLAs. ...
Read MoreIt department challenged deduction u/s. 80RR claimed by fashion designer Tarun Tahiliani
Income Tax - Is Tarun Tahiliani, one of India’s leading fashion designers, an artiste? Those who admire his creations might think so, but not the income-tax [I-T] department. It’s been almost a decade now since the I-T first objected to Tahiliani seeking tax exemption on his foreign income for being an “artiste”, and it still continues to disp...
Read MoreReopening not permissible on the ground of expense which was not claimed by Assessee
Sandip Bhikhubhai Padsala Vs. ITO & Anr. (Gujarat High Court) - Assessee sold 3,10,000 shares and claimed resulting gains as exempt under section 10(38). AO denied the exemption on the ground that as the shares were not held by the assessee for more than 12 months period, therefore, same could not be considered as long-term capital assets. ...
Read MoreRecent Posts in "Tax Exemption"
FAQs on Housing Loan & Income tax benefit
Income Tax Benefits to Residents & Indian Companies
Tax Free / Exempt Income Under Income Tax Act, 1961
Reopening not permissible on the ground of expense which was not claimed by Assessee
Sandip Bhikhubhai Padsala Vs. ITO & Anr. (Gujarat High Court) -
Deduction under section 80C and Tax Planning
Exemption from payment of GST
BCAS Suggestions on Draft Notification on Taxation of shares
Draft notification on Exemption on LTCG – A strike or spare?
Exemption on Income arising out of Maintenance Money of ‘Minor’- Report
Analysis of Recent Pre-Budget Amendment in Service Tax
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