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Income Tax Deduction

Bonus to Co-operative Societies by KMF is 'Dividend', Eligible for Income Tax Deduction: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the nature of the bonus paid by the Karnataka Milk Federation (KMF) is a...

Freebies to Doctors: Income Tax Deduction to Pharma Companies can’t be denied invoking CBDT...

CBDT notifies Donations to ‘Shri Ram Janmbhoomi Teerth Kshetra’ eligible for Income Tax Deduction...

Kerala High Court upholds IT Deduction to Future Expenses in respect of a Liability that accrued...

Budget 2019: Additional Deduction of up to Rs.1.5 lakh for Interest Paid on Loans for Purchase of...

Remuneration to Director in proportion to his Experience which has no bearing on his shareholding is not Dividend: ITAT [Read Order]

The Delhi ITAT, in a significant ruling, held that the remuneration paid to Director of company in commensuration with his experience which has no bearing on his shareholding, cannot be construed as...

Purchase of Land before Sale of Capital Asset ineligible for Income Tax Deduction: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be availed in case of purchase of land...

Manufacture of Herbal Products eligible for Income Tax Deduction: Madras HC [Read Judgment]

A two-judge bench of the Madras High Court has held that the manufacture of the herbal products would be eligible for deduction under Section 80IA of the Income Tax Act, 1961. The provision allows...

Film Production Unit eligible for Income Tax Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ), Chennai has held that a film production unit is eligible for income tax deduction under section 80IB of the Income Tax Act, 1961. The Assessing Officer...

Amendment to S. 80A(5) does not bar Assessee from revising Computation for Deduction: Delhi High Court [Read Judgment]

The Delhi High Court has held that the amended 80A (5) cannot be read as a stipulation barring and restricting the assessee from revising the computation/claim for deduction made in accordance with...

Bonus paid to Directors allowable as Deduction: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Bangalore bench has held that the payment of bonus to partners of a Company can be allowed as a deduction under section 36(1)(ii) of the Income Tax Act. The...

Deduction Claim accepted in Previous Years can’t be denied on ground of mere changes in Business: Delhi HC [Read Judgment]

A division bench of the Delhi High Court has held that a claim for deduction under section 10AA of the Income Tax Act which was accepted in previous years cannot be denied later due to a mere change...

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