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Income Tax Deduction

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

Manu Sharma

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...

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...

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

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...

Budget 2024-25: No Income Tax Deduction u/s 37 for Settlement Amount if Paid for any Violation of Law [Read Bill]

According to Section 37 of Income Tax Act any business expenditure, excluding the capital expenditure and the individuals personal expenses, that is spent entirely for the business operations shall...

Budget 2024-25 - Income Tax - Income Tax Deduction - Violation of Law - Budget 2024 - budget 24 - budget 24 updates - TAXSCAN

Are You Concerned of Income Tax Liability? Know More on Income Tax Savings Scheme

India offers various income tax savings schemes to help individuals and entities reduce their tax liabilities while encouraging savings and investments. Saving income tax in India can be achieved...

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