Tax Exemption

Exemption towards commuted value of pension Section 10(10A)

Income Tax - Provisions of section 10(10A) provide exemption towards the commuted value of a pension. Under the present article, we would understand the exemption available under section 10(10A) of the Income Tax Act. However, before understanding the exemption, it is important to understand the term ‘commuted pension’ and ‘uncommuted pension’...

Read More

Exemption- Section 10(8A) & section 10(8B) of Income Tax Act

Income Tax - An exemption under section 10(8A) and section 10(8B) of the Income Tax Act are interconnected. Section 10(8A) provides exemption towards remuneration / fee and other income received by the ‘consultant’. Whereas, section 10(8B) provides exemption towards remuneration / fee and other income received by the employee of the consultant. Ex...

Read More

Section 10(7) Perquisites/allowances exemption to Govt employees serving outside India

Income Tax - Exemption towards perquisites or allowances paid by the Government to its employees serving outside India Section 10(7) of the Income Tax Act exempts any perquisites / allowances which are paid or allowed, outside India, by the Government to its employees for providing services outside India. The current article explains the exemption pro...

Read More

Exemption on Tax paid by Govt or Indian concern on certain income of a foreign company

Income Tax - Tax paid by the Government or Indian concern on certain income of a foreign company – Section 10(6A), 10(6B), 10(6BB) and 10(6C) Provisions of section 10(6A), section 10(6B), section 10(6BB) and section 10(6C) of the Income Tax Act provides various exemption towards tax paid by the Government / Indian concern on certain types of income...

Read More

Section 10(6) Remuneration received by an individual who is not a citizen of India

Income Tax - Provisions of section 10(6) of the Income Tax Act covers the following exemptions – 1. Section 10(6)(ii) – Remuneration received as an official of various offices or remuneration received as a trade commissioner or other official representative 2. Section 10(6)(vi) – Remuneration received as an employee of the foreign enterprise. 3....

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

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"

Exemption towards commuted value of pension Section 10(10A)

Provisions of section 10(10A) provide exemption towards the commuted value of a pension. Under the present article, we would understand the exemption available under section 10(10A) of the Income Tax Act. However, before understanding the exemption, it is important to understand the term ‘commuted pension’ and ‘uncommuted pension’...

Read More
Posted Under: Income Tax |

Exemption- Section 10(8A) & section 10(8B) of Income Tax Act

An exemption under section 10(8A) and section 10(8B) of the Income Tax Act are interconnected. Section 10(8A) provides exemption towards remuneration / fee and other income received by the ‘consultant’. Whereas, section 10(8B) provides exemption towards remuneration / fee and other income received by the employee of the consultant. Ex...

Read More
Posted Under: Income Tax |

Section 10(7) Perquisites/allowances exemption to Govt employees serving outside India

Exemption towards perquisites or allowances paid by the Government to its employees serving outside India Section 10(7) of the Income Tax Act exempts any perquisites / allowances which are paid or allowed, outside India, by the Government to its employees for providing services outside India. The current article explains the exemption pro...

Read More
Posted Under: Income Tax |

Exemption on Tax paid by Govt or Indian concern on certain income of a foreign company

Tax paid by the Government or Indian concern on certain income of a foreign company – Section 10(6A), 10(6B), 10(6BB) and 10(6C) Provisions of section 10(6A), section 10(6B), section 10(6BB) and section 10(6C) of the Income Tax Act provides various exemption towards tax paid by the Government / Indian concern on certain types of income...

Read More
Posted Under: Income Tax |

Section 10(6) Remuneration received by an individual who is not a citizen of India

Provisions of section 10(6) of the Income Tax Act covers the following exemptions – 1. Section 10(6)(ii) – Remuneration received as an official of various offices or remuneration received as a trade commissioner or other official representative 2. Section 10(6)(vi) – Remuneration received as an employee of the foreign enterprise. 3....

Read More
Posted Under: Income Tax |

Exemptions towards interest to non-residents | Section 10(4) & 10(4B)

As we know, section 10 of the Income Tax Act covers a list of income which do not form part of the total income. The present article highlights the following sections exempting interest to non-resident – 1. Section 10(4)(i) – Interest from notified bonds or securities; 2. Section 10(4)(ii) – Interest from the amount standing [&helli...

Read More
Posted Under: Income Tax |

Section 10(2A) Exemption towards share of income from firm/LLP

Provisions of section 10(2A) of the Income Tax Act exempts share of profit received by a partner in the total income of the partnership firm/LLP. The main objective of granting the exemption,under section 10(2A) to the share of profit received by the partner, is the avoidance of double taxation. The present article meticulously explains t...

Read More
Posted Under: Income Tax |

Deduction under section 80C and Tax Planning

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 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 | ,

Browse All Categories

CA, CS, CMA (4,561)
Company Law (5,621)
Custom Duty (7,678)
DGFT (4,172)
Excise Duty (4,342)
Fema / RBI (4,065)
Finance (4,216)
Income Tax (32,442)
SEBI (3,369)
Service Tax (3,541)

Search Posts by Date

April 2020
M T W T F S S
« Mar    
 12345
6789101112
13141516171819
20212223242526
27282930