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...
Exemption : ‘solely for the purpose of education’ -What does it Mean?
May 19, 2013 by
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...
Section 10(23)(c): What is Meaning of Education ?
May 19, 2013 by
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...
Deduction u/s 80CCG : 10 Points to Simplify Deduction under RGESS
May 17, 2013 by
Deduction u/s 80CCG is given for investment in Rajiv Gandhi Equity Saving Scheme (RGESS) . The deduction under 80CCG of the Income Tax Act is in addition to Rs 1 lakh under section 80C. But this deduction could noot become popular on account of too many restriction and conditions. Finance Act 2013 has brought in...
Interest to Foreign Branch of Banks Liable to TDS !
May 16, 2013 by
Section 195 of the Income Tax Act provides for withholding of tax on payment of any sum which is taxable under I.T.Act to a non resident. Banks will not remit unless the tax issue is solved. Therefore, when loan is borrowed from any foreign branch of bank in India and interest is either paid of...
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