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Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Benefits for Development Authority [W.e.f. 1st April, 2024] • ...

Income Tax

February 3, 2023

Benefits for Development Authority [W.e.f. 1st April, 2024] • Insertion of the new clause (46A) of section 10 of IT Act to exempt any income arising to a body or authority or Board or Trust or Commission, established under CG/SG Act with one or more of the specified purposes thereunder - amendment proposed in section 10(23C) & 11(7) of the Act.

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  1. Section 80IB(10) Clause (d) amended with effect from April 1, 2005, is prospective and not retrospective and hence could not be applied for the period prior to April 1, 2005 - AT

  2. Seeks to exempt imports of Yellow Peas [HS 0713 10 10] from applicable BCD and AIDC up to 31.03.2024 - Notification

  3. Renting of immovable property service provided by National Dairy Development Board to an educational institute would be exempted (if NDDB qualifies as ‘governmental authority’).

  4. Section 10(46) of the Income-tax Act, 1961 - Exemptions - Statutory Body/Authority/Board/Commission - Notified body or authority - National Skill Development Corporation....

  5. Removal of exemption of news agency under clause (22B) of section 10 - Exemption available to news agency withdrawn from 1st April 2024. - They will also be free from...

  6. Additional evidence - rule 46A - Appellate authority should not refuse to make enquiry in the case where facts and circumstances so demand - CIT(A) directed to consider...

  7. development and construction of residential flats - joint development agreement - benefit of Section 80IB(10) in proportion to the share to which they are entitled to...

  8. Disclosure of information respecting assessees - U/s 138(1) of IT Act 1961 - Central Government specifies Deputy Director General (Tech Development Division), Unique...

  9. Tax Incentives to International Financial Services Centre - (i) Time limit for exemption on Transfer of assets of the original fund, or its wholly owned SPV to a...

  10. Computation of minimum investment and exempt income for the purposes of clause (23FE) of section 10 of the Act - New Rule 2DCA inserted - Income-tax Rules, 1962

 

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