Tag: Income tax Deductions

A claim for deduction can not be denied merely for not filing return of income within due date specified u/s 139(1) in absence of any specific provision – ITAT ABCAUS Case Law Citation:ABCAUS 3724 (2023) (04) ITAT Important Case Laws relied upon:M/s. Saffire Garments Vs. Income Tax OfficerCIT …

Phasing out of income tax deductions and exemptions in Budget 2016-17 The Finance Minister in his Budget Speech, 2015 had indicated that the rate of corporate tax will be reduced from 30% to 25% over the next four years along with corresponding phasing out of exemptions and deductions. …