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Income Tax - Highlights / Catch Notes

Home Highlights July 2016 Year 2016 This

Rate of tax - Maximum Marginal Rate (MMR) - If there is ...

Income Tax

July 4, 2016

Rate of tax - Maximum Marginal Rate (MMR) - If there is violation of Section 13 read with Section 11, MMR can be applied only to that sum which was considered u/s 13 and benefit of Section 11 shall be allowed for remaining amount

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  1. Exemption u/s 11 - undue benefit in lieu of salary and allowances to the persons specified u/s 13(3) - In the present case, even if it is held that there is violation of...

  2. Exemption u/s 11 - even in case there is violation of Sec 13, the entire income of the trust is not liable to be taxed at maximum marginal rate (MMR) but only the...

  3. Exemption u/s 11 - Contravention of Section 13(1)(d) - Since dividend income is exempt, no income remains taxable at Maximum Marginal rate - HC

  4. Denial of tax exemption computation u/s 11 - taxability of income at maximum marginal rate, as per proviso to section 164(2) - interest free loans to interested persons...

  5. Violation of section 13(1)(d) r.w section 11(5) - Centre to be taxed on maximum marginal rate or not - once it has been held that the exemption granted by the order of...

  6. Entitlement to exemption u/s 11 - there is a violation of sec. 13(1)(c) of the Act as the assessee invested funds in a limited company where the trustee is the Managing...

  7. Exemption u/s 11 - Violation of section 13 - Surplus fund not applied for charitable purpose - accumulation of funds - AO directed to o grant exemption to the assessee...

  8. Charitable Institution - alleged violation of Section 13(1)(c)(ii) read with Section 13(3) on belief that society was for the private benefit of the members - HC

  9. The trust is discretionary trust. Hence, it is liable to be assessed as per the provisions of Sec.164(1) at maximum marginal rate.

  10. The benefit of exemption u/s. 11 of the Act would not be denied on the entire income of the assessee. It is only the investments or deposits made in violation of...

 

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