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Income Tax Deduction

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...

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

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

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

Budget 2024-25: No Income Tax Deduction u/s 37 for Settlement Amount if Paid for any Violation of...

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

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,...

Income Tax Deduction not Available on Expenditure Incurred for Overseeing Project of Holding Company: Telangana HC [Read Order]

In a significant case, the Telangana High Court has held that income tax deductions cannot be availed on expenditures incurred for overseeing the project of holding a company. The bench noted that...

Calcutta HC allows Income Tax Deduction u/s 80-IC(2)(a)(i) for the Manufacture of Mouth Freshener (Pan Masala Without Tobacco) [Read Order]

In a recent case, the Calcutta High Court allowed the deduction under section 80-ic(2)(a)(i) of the Income Tax Act for the manufacture of Mouth Freshener ( Pan Masala Without Tobacco ) Unicorn...

ITAT allows Income Tax Sec.80P Deduction to Co-operative Society on Interest Earned from Co-operative Bank [Read Order]

In a matter related to Income Tax deduction, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the deduction under Section 80P(2)(d) of the Income Tax Act, is...

Loss out born from Sale of Govt Securities by Bank is Business Loss: ITAT allows Income Tax Deduction [Read Order]

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that loss out born from sale of govt securities by bank is business loss and allowed the income tax deduction is allowable under...

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