CBDT notifies IREDA Five Years Bonds for exemption under section 54EC of the Income Tax Act, 1961. Section 54EC of the Income Tax Act, 1961 provides exemption from capital gains tax when long-term capital gains (LTCG) from the sale of land or building (or both) are invested in …

ICAI issues Frequently Asked Questions (FAQs) on Guidance Note on Financial Statements of Non-Corporate Entities  The Accounting Standards Board of ICAI, last year in June 2022, had issued a Technical Guide on Financial Statements of Non-Corporate Entities recommending formats of financial statements of non-corporate entities so as to …

Organizing Garba event was not business within the meaning of section 2(15) to deny the benefit of exemption u/s 11 and 12 of the Income Tax Act, 1961 – SLP dismissed Organizing the event like Graba event cannot be termed as a business or trade within the meaning …

Govt. denies any directions given to Banks to close inactive PM Jan Dhan Yojana accounts No directions have been given to Banks to close inactive PM Jan Dhan Yojana accounts – says Govt. The other day, several news portal and social media reported that over 11 crore Bank …

When Trust had no activities, it was incumbent upon the CIT(E) to evaluate such explanation objectively then rejecting application for registration. In a recent judgment, ITAT Rajkot has held that when the trust has explicitly stated that it has not filed returns as it had no activities and …

Profit from exchange rate fluctuation is independent of export earnings. Fluctuations from the EEFC account does not fall within the meaning of “derived from” the export. In a recent judgment, Allahabad High Court has denied deduction u/s 80HHC following Supreme Court that the profit from exchange rate fluctuation …