Exemption u/s 10(26) - Exemption to individual members of ...

Income Tax

March 22, 2024

Exemption u/s 10(26) - Exemption to individual members of Scheduled Tribes - Whether a partnership firm, formed by individual partners who are entitled to an exemption u/s 10(26), can claim the same exemption. - The tribunal observed that under the Income Tax Act, a partnership firm is treated as a separate and distinct entity from its partners. The Act expressly includes firms in the definition of "person" for the purpose of tax assessment, making them separately assessable entities. - The exemption u/s 10(26) of the Income Tax Act, specifically granted to individual members of Scheduled Tribes, cannot be extended to partnership firms, even if they are solely constituted of such individuals.

View Source

← Previous Next →

Exemption u/s 10(26) - Exemption to individual members of ...

Income Tax

March 22, 2024

You may also like:

Exemption u/s 10(26) - denial of exemption relief to the two partnership firms that was formed by two tribal individuals - sec. 10(26) pre-possess “any person” who is...

Exemption u/s 10(26) - scope and ambit of the words “residing” in the opening portion of section 10(26) - A member of Scheduled Tribe is bound to obtain a certificate...

Exemption of payment of Income Tax u/s 10(26) - right of member of a Scheduled Tribe - scope of expression “residing in any area specified” - The petitioner is indeed...

Exemption u/s 10(26) - income of Scheduled Tribe residing in Specified Areas - applicable to income of an individual or extended to a group of individuals of same family...

Members of the scheduled tribe residing in other part of the country other than the one and specified under section 10(26) of the Act are not entitled to the benefit of...

Exemption u/s 10(26B) - The assessee is a body viz., incorporated under the Companies Act and formed to achieve or promote the interests of the members of the Scheduled...

Obligation to file return of income - Assessee being a member of a scheduled tribe - All that was required of her upon receiving the several notices was to demonstrate...

Disallowance of deduction claimed u/s 80-IB(10) - When the third party individuals are partners in the assessee-firm apart from the children of the land owners, the...

Exemption u/s 10(26B) - The assessee which is financed and established by the Government for promoting the interest of the members of the scheduled tribes living in the...

Partnership firm - deduction u/s 40(b) - AO observed that partnership firms could not exist with artificial persons alone - there is nothing in that section to conclude...

Rejection of registration of a partnership firm constituted by the petitioner - whether LLP can be treated as a person which can be permitted to form a partnership with...

Exemption u/s.10(2A)- amount received by a retired partner from its earstwhile partnership firm - assessee company was not at all partner in the said firm. - exemption...

Status of assessee as "AOP" instead of "partnership firm" - The assessee firm was comprised of four individual partners who were representing their respective firms -...

Taxing the right person - land transaction done by the partnership firm - assessment in the hands of partners or partnership firm - sale consideration received by...

Exemption from GST or not - renting out of immovable properties to the Social Welfare Department of Maharashtra Govt, for residential accommodation of girls from the...

Quick Updates: