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Income Tax Deduction

Income Tax Deduction u/s 80G excluding Category D shall be allowed on the Basis of Claims made in Income Tax Return: Dept

Taxscan Team

The income tax department, through its official portal has informed the taxpayers that the deduction under section 80G of the Income Tax Act, 1961...

Income Tax Deduction for Expenses on Covid-19 Treatment: CBDT Notifies Conditions and Form [Read...

Relief to Ecocat India: ITAT allows Income Tax Deduction towards In-House Research and Developments...

Amended Provisions relating to Income Tax Deduction towards Contribution to ESI and PF Applicable...

Amended Provisions relating to Income Tax Deduction towards Contribution towards ESI and PF not...

Interest on Security Deposit with MSEDCL eligible for Income Tax Deduction: ITAT [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that the interest on security deposit with MSEDCL is eligible for income tax deduction under section 80P(2) of the Income Tax Act,...

Homebuyers cannot avail this Income Tax benefit from April 1st: Know the Details

If you are looking to buy an affordable house by taking a home loan, this is the right time to apply and get your loan sanctioned before March 31, or else you will loose benefit of Rs 1.5 lakh...

Course Fee paid to Harward Business School for Director allowable as Business Expenses of Company: ITAT allows Income Tax Deduction [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the course fee paid to Harward Business School for the director is allowable as business expenses of the Company and...

Bonafide Deduction Claim does not attract Income Tax Penalty: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the income tax penalty under section 271(1)(c) of the Income Tax Act, 1961 cannot be levied on ground that the assessee...

Deposit in 'no-lien/escrow account' will not constitute 'Actual Payment', No Income Tax Deduction allowable: Orissa High Court [Read Order]

A division bench of the Orissa High Court has held that deposit of amount in 'no-lien/escrow account' will not constitute 'actual payment' under Section 43-B of the Income Tax Act, 1961. The bench...

No Income Tax Deduction payable on Pharmaceutical Companies gifting Freebies to Doctors: Supreme Court [Read Judgment]

The Supreme Court has held that no Income Tax Deduction is payable on Pharmaceutical Companies gifting freebies to doctors. The Central Board of Direct Taxes (CBDT) issued a circular5, which...

Fertilizer Subsidy Income derived from Business of Industrial undertaking eligible for Income Tax Deduction: ITAT grants relief to Tata Chemicals [Read Order]

In a major relief to the Tata Chemicals, the Income Tax Appellate Tribunal (ITAT), Mumbai Bench has ruled that Fertilizer Subsidy income derived from business of industrial undertaking eligible...

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