Tax Deductions: Deduction under section 80HHC with respect to depb-interpretation and controversy regarding section 28(iiid) and third proviso to section 80HHC(3)

In order to claim the benefit that its income is not included in total income, Charitable & Religious Trusts and Institutions are required to obtain registration under section 12AA of the Income Tax Act, 1961 (hereinafter called ‘Act’). Prior to section 12AA coming into force, such trusts were required to obtain registration under section 12A. Recent amendments…

Legislature had introduced section 50C under the Income Tax Act, 1961 by the Finance Act, 2002 making it applicable with effect from 1.4.2003. Section 50C prescribes deeming provision to substitute value of sale consideration in certain situation, in the case of sale/transfer of land or Building or both held in the nature of ‘capital asset’….

Income Tax Act, 1961 (hereinafter called ‘ITA’) seeks inter alia to tax global income of a resident-taxpayer and also provides for the levy of penalty in case of concealment, under reporting or misreporting of such income. If foreign sourced income chargeable to tax  including any income in relation to any foreign asset has gone untaxed, such income can…

The Government has introduced Income Declaration Scheme, 2016 which has come into force from 1st June, 2016. The scheme provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all to 45% of such undisclosed…

Section 143(1) of the Income Tax Act, 1961, being part of Chapter XIV titled as “Procedure For Assessment”, permits Central Processing Centre (‘CPC’ in short) to make adjustments by way of disallowance and addition to the total income or loss in terms of sub clauses (i) to (vi) to clause (a) of sub section (1) of…

The Government has introduced a scheme “Income Declaration Scheme, 2016” which has come into force from 1st June, 2016. The scheme provides an opportunity to persons who have not paid due taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all to 45% of…