Category: Income Tax

No disallowance for mistake in Transporters declaration details filed u/s 194C with Income Tax Authorities. Deduction is allowable if all conditions were fulfilled – ITAT   Prelude: Section 194C contains the provisions for deduction of tax at source on payments made to contractors. Sub section (6) provides an exception …

CBDT FAQ on taxation of LTCG on sale of equity shares u/s 112A as per Finance Bill 2018 proposals. The FAQ contains 24 questions and answers with examples Central Board of Direct Taxes (CBDT) has issued a Frequently Asked Questions (FAQs) regarding taxation of long-term capital gains proposed …

Non-compete fee is capital receipt. Section 28(va) not apply to compensation received in relation to a profession before amendment-High Court uphelds ITAT order Prelude: Section 28 of the Income Tax Act, 1961 (the Act) list outs the types of income which are chargeable to income tax under the …

Ungarbled and garbled pepper not two different commercial products. The process of garbling to make pepper edible does not give rise to a different distinct commodity so as to be entitled for deduction u/s 10B  ABCAUS Case Law Citation: ABCAUS 2190 (2018) (02) HC The Issue: The issue …

Deductions u/s 80-JJAA of The Income-Tax Act Extended To Footwear And Leather Industry To Help Employment Generation  The Union Minister for Finance and Corporate Affairs, Shri Arun Jaitley has proposed to extend the benefits under Section 80-JJAA of the Income-tax Act to footwear and leather industry. While presenting the …

Long-term capital gains on sale of equity shares taxable @ 10% – New section 112A applicable from AY 2019-20 Under the existing provisions, long term capital gains arising from equity shares of a company or an unit of equity oriented fund or an unit of business trusts is exempt …

Tax Relief to Senior Citizens in Budget 2018-19. Health insurance premium,  medical treatment of specified diseases, interest income and non deduction of tax at source (A) Deductions in respect of health insurance premium and medical treatment Section 80D, inter-alia, provides that a deduction upto Rs 30,000/- shall be allowed …

Requirement to obtain Permanent Account Number enlarged for entities Section 139A has been amended to provide that entities (other than individuals) shall apply for a PAN if it enters into a financial transaction of Rs. 250000/- or more in a financial year. Also applying for PAN has been made …

Standard deduction of Rs. 40000/- for salaried employees for the AY 2019-20 is reintroduced in the Budget 2018-19 Proposals presented in Lok Sabha today As per the speech of the Finance Minister, the standard deduction is being made available in lieu of transport and reimbursement of miscellaneous medical allowance. Presently, …

Budget 2018-19 Highlights of Income Tax Proposals The Finance Minister has presented the Union Budget 2018 today in Lok Sabha. The major highlights of his Income Tax Proposals are as under, more shall be updated as soon as they are announced. For Income Tax benefits/exemptions given in Interim Budget …