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Income Tax Deduction

Comparing Income Tax Deductions/Exemptions under the Old and New Regimes: 80C, 80D, LTA, HRA and More

Avinash Kurungot

The Indian tax system continues to effect changes to its tax system every year. One of the most important choices that taxpayers have to make while...

Income Tax Deductions Every Salaried Person Should Know: Here's 2025 Update

Assessee Still Eligible for Section 54F Income Tax Deduction even when Sale Deed Executed after Two...

Govt. Approval Not Mandatory for Enterprises Claiming S. 80IC Income Tax Deductions in Notified...

Broken Period Interest on Securities Considered as Stock-in-Trade is Revenue in Nature: Supreme...

ITAT Orders Review of S.80I Income Tax Deduction Claim by Windmill Business amidst Conflicting Precedents [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) of Ahmedabad recently remanded a case involving a Section 80IA deduction claim by a company engaged in windmill power business amidst conflicting precedents...

ITAT directs AO to recompute Penalty on Incorrect Income Tax Deduction u/s 54EC [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) directed the assessing officer to re-compute the quantum of penalty on incorrect income tax deduction under...

Land Sale Value to be Determined as on Date of Agreement for Income Tax Deduction u/s 50C: Karnataka HC [Read Order]

The Karnataka High Court rejected the appeal filed by revenue was not meritorious and held that the revenue has no discretion to adopt any date other than the date of agreement in question. In...

Compensation awarded under MV Act must compute after Deduction of Income Tax: Andhra Pradesh High Court [Read Order]

The Andhra Pradesh High Court held that compensation awarded under Motor Vehicle Act, 1988 computed after deduction of income tax. The court enhanced the amount of compensation once allowed and...

Employers should make Timely Deposit of EPF/ESI for claiming Income Tax Deduction u/s 36(1)(va): ITAT [Read Order]

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that employers should deposit Employee State Insurance ( ESI ) and Provident Fund ( PF ) on or before the due date as a condition...

S.54F Income Tax Deduction for LTCG can be claimed when Invested in Residential Property: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) contended that Section 54F of the Income Tax Act, 1961 allows for a deduction on long-term capital gains when these gains are...

ITAT allows weighted Income Tax Deduction u/s 32(2AB) wrt expenses incurred on clinical trials [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) allowed the weighted deduction in respect of the expenses incurred on clinical trials and held that the assessee is entitled to...