Income Tax

News, Blog, Income Tax

August 18, 2021

Gratuity Amendment Act has no retro-effect; no exemption u/s 10 if enhanced gratuity received before 24-5-10

Case details: Krishna Gopal Tiwary … Continue reading “Gratuity Amendment Act has no retro-effect; no exemption u/s 10 if enhanced gratuity received before 24-5-10”

Blog, News, Income Tax

August 17, 2021

Taxability of rewards to Olympic heroes

Srinivasan Anand G. – [2021] … Continue reading “Taxability of rewards to Olympic heroes”

Blog, News, Income Tax

August 17, 2021

No denial of exemption just because trust failed to produce necessary records as same got destroyed during floods: HC

Case details: Morbi Plot Jain … Continue reading “No denial of exemption just because trust failed to produce necessary records as same got destroyed during floods: HC”

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August 16, 2021

NFAC issues SOPs for Penalties under Faceless Penalty Scheme, 2021

Circular No. 1/2021-22/439, dated 09-08-2021 … Continue reading “NFAC issues SOPs for Penalties under Faceless Penalty Scheme, 2021”

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August 16, 2021

ITAT allowed deduction of premium paid towards employee gratuity fund if such fund was duly approved in later year

Case details: ACIT v. Gujarat … Continue reading “ITAT allowed deduction of premium paid towards employee gratuity fund if such fund was duly approved in later year”

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August 13, 2021

Payment for surrogacy charges which to be paid to surrogate mothers is not liable to TDS u/s 194J: ITAT

Case details: Kiran Infertility Central … Continue reading “Payment for surrogacy charges which to be paid to surrogate mothers is not liable to TDS u/s 194J: ITAT”

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August 13, 2021

No reassessment to disallow provision for bad debts if AO duly called for all details during original assessment: ITAT

Case details: District Co-operative Central … Continue reading “No reassessment to disallow provision for bad debts if AO duly called for all details during original assessment: ITAT”

News, Blog, Income Tax

August 12, 2021

Cost of land purchased by Co. to provide parking space to shop owners of its mall eligible for deduction: ITAT

Case details: Crown International v. … Continue reading “Cost of land purchased by Co. to provide parking space to shop owners of its mall eligible for deduction: ITAT”

Blog, News, Income Tax

August 12, 2021

CBDT notifies Rule for computation of tax relief on Book Profits increased due to APA/Secondary Adjustments

Notification No. 92/2021, dated 10-08-2021 … Continue reading “CBDT notifies Rule for computation of tax relief on Book Profits increased due to APA/Secondary Adjustments”

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August 11, 2021

CBDT notifies rules to compute exemption & income taxable at concessional rates in hands of specified fund

Notification No. 90/2021, dated 09-08-2021 … Continue reading “CBDT notifies rules to compute exemption & income taxable at concessional rates in hands of specified fund”