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Income Tax Deduction

Is Your Donation Eligible for Income Tax Deduction u/s 80G? Income Tax Dept issues New FAQs

The Income Tax Department has issued FAQs to help donors understand when a donation is eligible for tax deduction and how to claim it correctly. The...

Bad Debt Income Tax Deduction for Rural Branch Advances to be Computed on Aggregate Average of...

Income Tax Deductions u/s 80IA and 80HHC can be Claimed Together Subject to 100% Profit Cap: Madras...

Income tax Deduction u/s 36(1)(viii) Limited to Profits ‘Derived From’ Long-Term Finance: Supreme...

Meals, Transport & Courier Expenses not Part of “Transfer of House Property”: ITAT Rejects NRI’s...

Permanent Fixtures become Part and Parcel of Building: ITAT Allows ₹20L Income Tax deductions to Senior Citizen on Total Improvement Cost [Read Order]

The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) recently held that expenditures incurred on permanent fixtures embedded into the structure of a residential property constitute part...

Civil, Plumbing & Electrical Charges Paid by Senior Citizen to Builder are Genuine Cost of Acquisition: ITAT Allows ₹11.35L Income Tax Deduction

The Bengaluru Bench of the Income Tax Appellate Tribunal (ITAT) recently held that civil, plumbing and electrical charges paid directly to the builder form part of the genuine cost of acquisition...

Relief to Zydus Head Diabetologist: ITAT quashes Revision u/s 263 on Income Tax Deduction for Political Donation, says AO Conducted Due Enquiry [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Ahmedabad Bench, has quashed the revisionary order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income Tax Act,...

Income Tax Deduction claim of Employees Contribution to PF or ESI is allowable only if deposited on or before statutory due date under ESI/PF Act: Delhi HC [Read Order]

The Delhi High Court has held that income tax deduction claim of an employee's contribution to Provident Fund, Employer's State Insurance and Labour Welfare Fund (PF , ESI) is allowable only if ...

Income Tax Deduction u/s 80 P allowable for Interest Earned on Surplus Lending Funds to Banking Business: Calcutta HC [Read Order]

The Calcutta High Court has held that interest earned on surplus lending funds is attributable to banking business and allowable for deduction under section 80 P of the Income Tax Act, 1961. ...

ITAT Rules in Favor of Co-op Society: Bank Interest Income Eligible for 80P Deduction [Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) held that interest income earned by primary co-operative societies from bank deposits qualifies for tax deduction under Section 80P(2)(a)(i),...

Income Tax Deduction u/s 80HHC Had to Be Given Without Reducing S. 80IB Deduction: Madras HC Follows SC Ruling [Read Order]

The Madras High Court has reaffirmed that deduction under Section 80HHC of the Income Tax Act, 1961 must be granted without reducing the amount allowed under Section 80IB. The first question...