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 MoreIncome 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 MoreIncome Tax - There are a numerous scholarships available to students for studies. The Universities, Colleges, Schools offer scholarship to meritorious students on the basis of their last performance. Some NGOs also award scholarships to needy and poor students to pursue their studies. Some Old Boys Associations also award certain scholarships. The Cen...
Read MoreIncome Tax - In line with the objective to promote the long term investments and add fuel to India’s growth story of Infrastructure sector, the Finance Act, 2020 had amended the Income Tax Act, 1961 and inserted a new section 10(23FE) to grant 100% income-tax exemption to the income of a notified SOVEREIGN WEALTH FUND (‘SWF’) in...
Read MoreIncome Tax - 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 [...
Read MoreIncome 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 MoreIncome 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 MoreIncome 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 MoreIncome 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 MoreIncome 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 MoreCIT 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 MoreSandip 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. ...
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