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GST council is speeding up to reexamine the exempting reinsurance business from GST. The same review is slated to emerge after the general elections spanning from April 19 to June 1, 2024, aimed at electing the 543 members of the lower house of Parliament, as per the report. The Council may furnish a clarification stressing […]
The Kerala High Court ruled that the land in question was utilized for agricultural purposes, which yielded agricultural income, which in turn was exempt from income tax u/s 10(1) of the IT (Income Tax) Act. No material produced by the petitioner is there that suggests that the loan amount claimed during the assessment year in […]
The tax benefits cannot be refused to the taxpayer because of an error made by the builder in assigning the apartment, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Rahul Chaudhary (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the petitioner cannot be penalized for the mistake executed […]
All India Institute of Medical Sciences (AIIMS) can claim GST Exemption on pure services obtained from Vendors, Telangana Authority of Advance Ruling (AAR) held. The bench of S.V. Kasi Visweswara Rao and Sahil Inamdar noted that the petitioner is not the Central Government but a “Governmental Authority” as it is made via the Government by […]
A senior government official informed Business Standard that in the forthcoming Interim Budget on February 1, Union Finance Minister Nirmala Sitharaman is considering the introduction of further tax waivers or exemptions exclusively applicable to the Old Income Tax regime. The proposed measures may involve extending income tax exemption thresholds to around Rs 7 lakh and […]
The Indian Chamber of Commerce (ICC) is qualified to claim exemption concerning its complete receipts the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) ruled. Rajesh Kumar (Accountant Member) has noted that the Indian Chamber of Commerce (ICC) does not engage in organizing meetings, seminars, and conferences for business purposes. Instead, these activities are […]
Taxpayers are encouraged by the Income Tax Department to correct any erroneous refund claims or exemptions. This can be done by submitting revised returns for the current assessment year and updating filings for previous assessment years. The deadline for filing Income Tax Returns (ITR) for the assessment year (AY) 2023-24 was July 31, 2023. If […]
Under Section 11 of the Income Tax Act, 1961 the income tax appellate tribunal (ITAT) Chennai bench ruled that exemptions must not be allotted when the activities of the trust are like trade, commerce, or business. The Taxpayer, SAE India, was registered Under Section 12AA of the Income Tax Act, 1961 from AY 2004-05 onwards. […]
The Kerala High Court has issued a directive regarding the Income Tax Returns (ITR) in cases where income tax returns were not filed due to a genuine belief in the exemption provided under Section 80P of the Income Tax Act, 1961. The current writ petitions contend the notices issued under Section 148 of the Income […]
