Tax Exemption

Expenditure Related to Exempt Income

Income Tax - 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 […]...

Read More

Tax 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 More

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 More

Section 10(37) Exemption towards Capital Gain arising on Compulsory Acquisition of Urban Agricultural Land

Income Tax - 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. T...

Read More

Section 10(34A) Exemption towards income received by a shareholder on buy back of shares

Income Tax - 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– [...

Read More

Factoring 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 More

Commerce 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 More

Budget 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 More

High 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 More

It 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 More

Section 10(23AA) Exemption Allowed to whom- HC Analyses

CIT Vs Army Wives Welfare Association (Allahabad High Court) - 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 fund established by the armed forces of the Union for the welfare of the past and present members....

Read More

Reopening 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 More
Sorry No Post Found

Recent Posts in "Tax Exemption"

Expenditure Related to Exempt Income

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 […]...

Read More
Posted Under: Income Tax |

Tax Free / Exempt Income Under Income Tax Act, 1961

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 More
Posted Under: Income Tax | ,

Income Tax Benefits to Residents & Indian Companies

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 More
Posted Under: Income Tax | ,

Section 10(37) Exemption towards Capital Gain arising on Compulsory Acquisition of Urban Agricultural Land

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. T...

Read More
Posted Under: Income Tax |

Section 10(34A) Exemption towards income received by a shareholder on buy back of shares

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– [...

Read More
Posted Under: Income Tax |

Keyman insurance policy – detailed analysis

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....

Read More
Posted Under: Income Tax |

Exemption for dividend income received from Indian Company | Section 10(34)

In simple terms, a dividend is the distribution of the profit of the company among its shareholders. The dividend income referred to in section 115-O of the Income Tax Act is exempt under section 10(34) of the Income Tax Act. The exemption provisions of said section 10(34) are taken up and explained in the present […]...

Read More
Posted Under: Income Tax |

Section 10(32) Exemption | Income of minor clubbed with parent

Exemption under section 10(32) of the Income Tax Act comes into play only when the income of a minor child is clubbed (i.e., added) into the income of his parent in terms of section 64(1A). The exemption provisions of section 10(32) are covered under the present article....

Read More
Posted Under: Income Tax |

Section 10(23AA) Exemption Allowed to whom- HC Analyses

CIT Vs Army Wives Welfare Association (Allahabad High Court)

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 fund established by the armed forces of the Union for the welfare of the past and present members....

Read More

Exemption towards income for administration of Charitable or Religious Institution

Exemption towards income for administration of the Charitable or Religious Institution Any income of the specified body or authority which is established for the administration of the specified institution is exempted under section 10(23BBA) of the Income Tax Act. The provisions of the said exemption section 10(23BBA) are explained in the...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,991)
Company Law (6,658)
Custom Duty (8,023)
DGFT (4,368)
Excise Duty (4,399)
Fema / RBI (4,406)
Finance (4,652)
Income Tax (34,773)
SEBI (3,719)
Service Tax (3,604)

Search Posts by Date

October 2020
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031