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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 ,...
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...
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...
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...
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...
Disability deduction u/s. 80DD of the I.T Act for expenses on maintenance ,nursing or medical … [Read More...]
Capital gains exemption u/s 54 provides relief to a tax payer who gets gains on account of sale of … [Read More...]
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