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Income Tax - Highlights / Catch Notes

Home Highlights November 2016 Year 2016 This

Addition treating the donation received as professional income - ...

Income Tax

November 15, 2016

Addition treating the donation received as professional income - settlement of the disputes between the workers and their employers - the amounts so received by the assessee cannot be treated as business or profession, consequently should have been treated as exempt u/s 10(24) - AT

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  1. Damages/compensation received - nature of receipt - the amount received towards compensation/damage for settlement of dispute is capital receipt, hence not taxable.

  2. Retainership fess - no relationship of an employer & employee - The fees received by assessee did not fall under the category of “Salary” but required to be taxed as...

  3. Non charitable activities - assessee failure to prove the donations received are corpus donations - not having registration u/s 12A - additions and disallowance confirmed - AT

  4. Salary income - additions towards difference between returned income and as per 26AS - there was dispute between employee and employer therefore, it was necessary for...

  5. The donations received for specific purpose of acquiring the capital assets are tied up grants and cannot be treated as income u/s 2(24)(ii)(a) - AT

  6. GST on donations - the donations received without any instruction would not be taxable however where the donor is clearly receiving identifiable benefits in return...

  7. Reopening of assessment u/s 147 - If it is found by the Assessing Officer on such verification that the amount in question represents the sale proceeds of investments...

  8. Non deduction of TDS on payment for professional fees as towards directors salary - Unless employee employer relationship exists, no TDS u/s 194J before 1.7.2012 - AT

  9. Unaccounted professional charges received in cash - Addition u/s 28 - AO is completely erred in making addition towards difference amount of professional charges on the...

  10. Disallowance of donation - Donation for scientific research u/s 35(1) - there is no evidence brought on record to show that the assessee has got back the donation money...

 

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