Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Forum Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database More...
Extracts
Home List
← Previous Next →

Exempted Income u/s 10 - Assessee Specific

Income Tax - Exemptions and Deductions - 01 - EXEMPTED INCOMES (SEC 10) Income tax act provides multiple tax exemptions to a Person. A lot of such exemptions fall under section 10 of income tax act. ASSESSEE SPECIFIC EXEMPTIONS Section Particulars (For conditions / details see the relevant clauses) Limit of Exemption Exemption available to 10(2) Receipt of any sum out the Income of the HUF - Subject to Section 64(2) Entire Amount Individual being member of HUF 10(2A) Share of Income from the Fir .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

(for altitude above 15,000 feet) Individual - Members of Armed Forces 10(14) Highly active field area allowance is granted to members of armed forces (Subject to certain conditions and locations) Up to 4,200 per month Individual - Members of Armed Forces 10(14) Island Duty Allowance is granted to members of armed forces in Andaman and Nicobar and Lakshadweep group of Island (Subject to certain conditions and locations) Up to 3,250 per month Individual - Members of Armed Forces 10(17) Daily allow .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

a commodity or service Fully Exempt Local Authority 10(21) Any income of an approved Research Association - approved for the purposes of Section 35(1)(ii) or (iii) Fully Exempt Approved Research Association 10(22B) Income of News Agency Fully Exempt News Agency 10(23A) Income of professional Institutions Fully Exempt As notified 10(23AA) Any income received by any person on behalf of any Regimental Fund or Non-Public Fund established by the armed forces of the Union for the welfare of the past a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y Exempt Institutions established for development of Khadi and Village Industries 10(23BB) Income of an authority established for the development of khadi or village industries in the State. Fully Exempt Board established by state 10(23BBA) Income of any body or authority which provides for the administration of public religious or charitable trusts or endowments Fully Exempt Body or authority 10(23BBB) Income of the European Economic Community - under the notified scheme Fully Exempt European E .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Fully Exempt CERC 10(23BBH) Income of the Prasar Bharati Fully Exempt Prasar Bharati 10(23D) Income of Mutual Fund Fully Exempt Mutual Fund 10(23DA) Income of a securitisation trust from the activity of securitisation Fully Exempt Securitisation Trust 10(23EA) Contributions received from recognised stock exchanges and the members thereof Fully Exempt Investor Protection Fund 10(23EB) Income of the Credit Guarantee Fund Trust for Small Industries Fully Exempt Such Trust 10(23EC) Contributions re .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nture capital undertaking Fully Exempt Venture capital company or venture capital fund 10(23FBA) Any income other than the income chargeable under the head Profits and gains of business or profession Fully Exempt Investment fund 10(23FC) Interest from SPV and Dividend income Fully Exempt Business trust 10(23FCA) Renting or leasing or letting out any real estate asset Fully Exempt Business trust, being a real estate investment trust 10(24) Income from house property and Income from other sources .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

idend or interest on securities: Fully Exempt Sikkimese 10(26AAB) Any Income Fully Exempt Agricultural produce market committee or board 10(26B) Any income Fully Exempt Corporation established for promoting the interests of the SC/ST/BC 10(26BB) Any income Fully Exempt Corporation set for for promoting the interests of the members of a minority community. 10(26BBB) Any income Fully Exempt Corporation established for the welfare and economic upliftment of ex-servicemen 10(27) Any income Fully Exe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Excise duty credit on finished stock at additional place of business.

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Forum: GST rates on mobile recharge business

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Forum: 3B mistake

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version