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Income Tax - Highlights / Catch Notes

Home Highlights September 2013 Year 2013 This

Exemption of Gross Interest u/s 10(15) - exemption under section ...

Income Tax

September 13, 2013

Exemption of Gross Interest u/s 10(15) - exemption under section 10(15) was to be allowed on gross interest and not on the net interest - AT

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  1. Exemption u/s 10(23C)(iv) - Charitable Institution u/s 2(15) - Nature of education and the conduct of the courses by the ICAI - exemption allowed - HC

  2. Interest earned on income-tax refund - AO directed to levy the tax on the interest of income-tax refund at 15% on gross basis.

  3. Exemption u/s 10(38) - LTCG - general insurance business - In the present assessment year the ld AO has himself allowed exemption u/s 10(15)(iv)(h) of the Act in regard...

  4. Exemption u/s 11 - accumulation of 15% of income - Form 10 can be filed before the conclusion of the assessment proceedings - AO should provide opportunity for...

  5. Exemption u/s 10(15)(iv)(f) - interest income - It was catastrophic to withdraw the exemption already granted u/s.10(15)(iv)(f) - Due to the withdrawal of the exemption...

  6. Netting of interest-unless funds are borrowed for making deposit to earn interest, such interest paid can't be allowed as deduction from interest income u/s 57

  7. Exemption u/s 11 - Accumulation of income - whether 15% accumulation for application in future has to be calculated on gross receipt or net receipt after deduction of...

  8. Charitable purpose u/s 2(15) - sale of unani medicines - charitable activity through - Hakims and Vaids - application of income and accumulation - order denying the...

  9. Exemption under section 10(22) of the Income-tax Act, 1961 - Scope of the word "education" used in Clause 15 of section 2 of the Act of 1961 - HC

  10. Exemption of interest income u/s. 10(15)(iv) - Interest earned on bonds issued by IIFCL - principle of consistency is applicable in the instant case - benefit of exemption allowed.

 

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