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Apex court, under the income tax act, if the educational trusts or societies make a profit then the same shall not be entitled to claim for the exemption. The bench of Chief Justice of India UU Lalit, Justices S Ravindra Bhat, and PS Narasimha mentioned that these educational trusts or societies must only be related […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the capital gain exemption beneath section 54B of the Income Tax Act, 1961 could not claim the agricultural land purchased in the name of the taxpayers’ wife. The taxpayer, Mr Karamvir, during the time of furnishing his return of income has claimed a […]
We all know about the very known saying “saving a penny is earning a penny”. Hence we could save on the taxes and raise the income with the property planning on our taxes. People who are not aware of Income-tax compliance permit the tax deduction along with the exemptions upon the additional expenditure excluding insurance […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, ruled that rural agricultural land taken via Government for business activity u/s 2 (13) is qualified for Exemption. The taxpayer, Shri Jitendra Shanabhai Patel secures his income from the salary, capital gain, and income from additional sources. The taxpayer would pay the income tax return showing the […]
To provide support to the small business and makes the entrepreneurs strengthen the union budget 2022-23 must begin to start the other Indian startup-friendly schemes and exemptions in tax for simplifying the business, innovation spending, and diminishing the compliance costs. Upgraded reforms, policy assistance, and support mechanisms to build effective solutions for the incompleted fiscal […]
Income Tax Advantage Upon HRA for WFH Towards salaried individuals, the tax exemption upon the house rent allowance (HRA) is an essential advantage. HRA has arrived through the portion of the salary and can be claimed through the employees residing on rent. There are multiple salaried persons, specifically young ones who live far from the […]
According to the Limit in section 269ST of IT Act relaxed, from 01.04.2021 to 31.05.2021. PAN AADHAAR required the hospitals or medical facilities that are giving treatment to covid-19 patients can take cash payments exceeding Rs 3 lakh. Latest Update 01st January 2023 Co-operative societies and the definition of dealership/distributorship for the purposes of clause […]
A tweet of TMC MP Mahua Moitra created chaos across the media and general public as to whether the income of non-resident Indian citizens working in Gulf Countries is subject to Income tax or not. Thereafter, Finance minister Nirmala Sitaraman clarified the issue with her tweet that amendment in the Finance Act, 2021 “liable to […]
Beneath section 10(46) of the Income Tax Act 1961, the Central Board of Direct Taxes (CBDT) declared the income of the Haryana state pollution control board is privileged. The central government has a permit beneath section 10(6) for the income tax act declared ‘Haryana State Pollution Control Board’ (PAN AAAJH0446F), a board controlled through the […]
