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Income Tax Deduction

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

Yogitha S. Yogesh

The Calcutta High Court has held that interest earned on surplus lending funds is attributable to banking business and allowable for deduction under...

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

Income Tax Deduction u/s 80HHC Had to Be Given Without Reducing S. 80IB Deduction: Madras HC Follows...

Think Twice Before Faking Income Tax Deductions: Govt Tightens Penalties and Prosecution

Income Tax Deduction u/s 10AA Cannot Be Denied for Delay in Filing Form 56F: Madras HC Dismisses...

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

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 filing their returns is whether to opt for the old...

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

The Indian tax system offers two ways for salaried individuals to calculate their income tax: the new tax regime and the old tax regime. Starting from the financial year 2025–26 (Assessment Year...

Assessee Still Eligible for Section 54F Income Tax Deduction even when Sale Deed Executed after Two Years: ITAT [Read Order]

In a significant ruling, the Pune Bench of the Income Tax Appellate Tribunal (ITAT) has held that an assessee is still eligible for a deduction under Section 54F of the Income Tax Act, 1961, even if...

Govt. Approval Not Mandatory for Enterprises Claiming S. 80IC Income Tax Deductions in Notified Special Zones: Delhi HC [Read Order]

In a recent judgment, the Delhi High Court ruled that enterprises claiming deductions under Section 80IC of the Income Tax Act are not required to obtain government approval if they operate in...

Broken Period Interest on Securities Considered as Stock-in-Trade is Revenue in Nature: Supreme Court allows Income Tax Deduction [Read Judgement]

The Supreme Court has recently held that broken period interest incurred on securities treated as stock-in-trade is in the nature of revenue expense and that Income Tax Deduction can be allowed on...

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...