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...
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 […]
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.
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.
Discover the exemption towards income for administering charitable or religious institutions under section 10(23BBA) of the Income Tax Act.
Understanding the scholarship exemption under Section 10(16) of the Income Tax Act. Learn how scholarships granted for education costs can be exempt from income tax.
Provisions of section 10(15) of the Income Tax Act provides exemption towards various Interest Income. The provisions of said section 10(15) are explained in the present article. Interest Income exempted under section 10(15) of Income Tax Act, 1961 Section 10(15) of the Income Tax Act consists of various sub-sections through which various interest income are […]
Learn about Income Tax Act Section 10(14) and the exemptions it provides for prescribed allowances and benefits granted to employees.
Understand the benefits of approved superannuation funds and the tax exemptions available under section 10(13) of the Income Tax Act.
Exemption for amount received from Statutory and Recognized Provident Fund Provisions of section 10(11) of the Income Tax Act exempts any payment received from the ‘Statutory Provident Fund’, whereas, provisions of section 10(12) of the Income Tax Act exempts the accumulated balance payable to an employee participating in the ‘Recognized Provident Fund’. The present article […]
As we know, various benefits are attached to the life insurance policy, and tax benefit is one such key benefit. The tax benefit is available in terms of income tax deduction and income tax exemption. Provisions of section 80C offer the income tax deduction, whereas, provisions of section 10(10D) provides the income tax exemption. Under […]
