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Income Tax Exemption

Finance Ministry enhances Income Tax Exemption for Gratuity

Ministry of Finance has enhanced the income tax exemption for gratuity under section 10 (10) (iii) of the Income Tax Act, 1961 to Rs. 20 lakhs. Shri...

Income Tax Exemption available for New House purchased in Foreign Countries: ITAT [Read Order]

Compulsory Acquisition of Urban Land eligible for Tax Benefit: ITAT [Read Order]

Budget 2019 Expectations: Govt may Double Income Tax Threshold Limit

Houseboat purchased for using as Residential House not eligible for Capital Gain Exemption: ITAT...

American School of Bombay eligible for Income Tax Exemption: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that the American School of Bombay is eligible for income tax exemption under the Income Tax Act. The Assessing Officer had...

No Income Tax Exemption to Urban Improvement Trusts: Supreme Court [Read Judgment]

A two-judge bench of the Supreme Court on Friday held that Urban Improvement Trusts constituted under the Rajasthan Urban Improvement Act, 1959 would not be entitled to tax benefit under section...

Income Tax Exemption to MIDC for payment on Land Lease Receipts: ITAT [Read Order]

In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Mumbai bench has granted relief to the Maharashtra Industrial Development Corporation (MIDC) and held that the entity is not liable...

CBDT Notifies Income Tax Exemption to Press Trust of India [Read Notification]

The Central Board of Direct Taxes (CBDT) has notified Income Tax Exemption to the Press Trust of India. The Press Trust of India Limited, New Delhi” as a news agency set up in India solely for...

Central Government Grants Income Tax Exemption to Three Foreign Companies [Read Notification]

The Central Government has notified the following 3 foreign companies and agreements, in order to exempt the income accruing or arising to these Foreign Companies on account of storage of crude oil in...

Society running several Educational Institutions should show Annual Receipts of Each Institutions Separately for Tax Exemption: J&K HC [Read Judgment]

While hearing the case of Vivekanand Society of Education and Research, High Court of Jammu and Kashmir recently held that if a charitable society is running several educational institutions, total...

Central Government Notifies Income Tax Exemption to SEEPZ Special Economic Zone Authority [Read Notification]

The Central Government, on 22nd December 2017, notified that the receipts received by the SEEPZ Special Economic Zone Authority which is constituted under the Special Economic Zone Act, 2005. is...

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