What is Bond Washing & Is There Any Tax Provision Against it ?

bond washing

Bond washing is the popular name for a tax evasion practice under which a person tries to pass on the interest income arising on a security or bond to another person. This is resorted to by certain high net-worth individuals or entities  , who try to minimise the taxable income ,...

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Carry forward of loss despite filing late return possible !

carry forward of losses

The claim of carry forward of loss is attached to the condition that the income tax return should be submitted u/s 139(3)which clearly provides condition of filing return u/s 139(1) for carry forward of business loss or capital loss .It is also be noted that section 139(1) provides specific dates within which a certain type...

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Meaning of “not for the purpose of profit” for Exemption to educational insututes

The condition that the exemption to educational institution under section 10(23)(c) of the Income tax Act  is allowed only when the educational institution is run “not for the purpose of profit ”  like the condition “solely for the purpose of education” , often is the source of controversy. The courts have , however , held that the each case...

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Exemption : ‘solely for the purpose of education’ -What does it Mean?

The tax exemption to an educational institutes or schools or college is allowed only if the educational institution or school or college are solely for the purpose of the education. The  questions are generally raised by the department about allowance of exemption , when the educational institute also earns certain other income which is not...

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Section 10(23)(c): What is Meaning of Education ?

Education is defined as  one of the charitable purpose for which exemption u/s 11 or 12 or 10(23)(c) can be claimed  by an assessee. The definition of “charitable purpose” given u/s 2(15) is as under : includes relief of the poor, education, medical relief, 57[preservation of environment (including watersheds, forests and wildlife) and preservation of monuments or...

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