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Income Tax Deduction

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

Varda Marakkar

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

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...

Compensation awarded under MV Act must compute after Deduction of Income Tax: Andhra Pradesh High...

Employers should make Timely Deposit of EPF/ESI for claiming Income Tax Deduction u/s 36(1)(va):...

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...

Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wife's name out of Bank Loan [Read Order]

In the recent case, the Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Income-tax Assessing Officer ( AO ) to allow the claim of the assessee under Section 54F of the Income...

Gujarat HC quashes Income Tax Reassessment Proceedings initiated after 4 years on Deduction Claim u/s 80IA(4)(iv)

The Gujarat High Court quashed the Income Tax reassessment proceedings initiated after 4 years on deduction claim under Section 80IA(4)(iv) of the Income Tax Act, 1961. The assessee, Facets Gems...

Allegation of Bogus Donation: ITAT Allows Income Tax Deduction u/s 35 (1)(ii) in Absence of Material Evidence [Read Order]

In a recent case related to the allegation of bogus donation, the Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) allowed Income Tax deduction under section 35 (1) (ii) of the Income Tax Act,...

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