Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Exemption u/s 80E - only as much of tax under the MAT provisions ...


Section 80E Exemption: Tax Deduction for Business Profits from Taxable Securities Transactions Under MAT, Subject to Section 88E Conditions.

September 9, 2015

Case Laws     Income Tax     AT

Exemption u/s 80E - only as much of tax under the MAT provisions which relates to the income, though based on book profit, attributable to the profits of the assessee's business arising from taxable securities transactions, would stand to be allowed, in view of the qualifying condition of section 88E - AT

View Source

 


 

You may also like:

  1. Exemption from tax under Section 115-O - Tax on distributed profit / Dividend Tax - Once it is held that the amount distributed or paid by Petitioner by way of dividend...

  2. Deduction u/s 80IA on the enhanced expenditures made to sub-contractors - The issue of the claim of higher deduction on the enhanced profits has been a contentious one....

  3. The High Court held that the deduction u/s 33AC for creating a reserve to acquire new ships must be factored in while computing the deduction u/s 80-I, which is based on...

  4. Taxable income to tax u/s 44BB v/s Section 44DA read with section 9(l)(vii) - The profit from this income was estimated at 25% and offered to tax at 40% plus applicable...

  5. Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

  6. ITAT affirmed that insurance companies are eligible for exemptions under sections 10(38), 10(15), and 10(34) for profits from sale of shares/securities, interest on...

  7. Set off of brought forward business loss of earlier years - We also see no conflict in an income being taxable under the head profits and gains from business or...

  8. Rebate u/s 88E – deduction of STT paid from the income tax computed u/s 115JB at book profit - Rebate u/s 80E available to the assesse - AT

  9. MAT - Rectification of mistake - Deduction of prior period items from book profit - section 115JA - HC

  10. Income deemed to accrue or arise in India - offshore supply of design and engineering inextricably linked with manufacturing and supply of equipment, not taxable as Fees...

  11. Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

  12. The ITAT adjudicated multiple tax issues for an insurance company. Key holdings include: (1) dividend income must be offered on gross basis; (2) payments to auto dealers...

  13. The ITAT dismissed the appellant's claim for concessional tax rate of 10% under section 112A on long-term capital gains (LTCG) arising from redemption of Market Linked...

  14. Tribunal went wrong in allowing deduction under section 80HH and Section 80-I from the gross total income before granting deduction under section 35(2) of the Act,...

  15. Banks are required to maintain a Statutory Liquidity Ratio (SLR) by purchasing government securities. RBI guidelines categorize securities as Held-to-Maturity (HTM),...

 

Quick Updates:Latest Updates