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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 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...
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...
The information about the asset and liabilities were available to income tax department through return of income only in case of persons who were required to file audit reports and were required at the time of scrutiny of returns. However recent amendments brought in by CBDT vide notification no. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 brought...
The lending and borrowing facilities are given to non resident Indians by the Reserve Bank of India. However, the lending and borrowing by an NRI is limited to “close relatives” of the NRI. The meaning of close relative is also explained to have same meaning as given for Relative in section 6 of the Companies Act. As per this, the Meaning of “relative”...
The tax deduction u/s 80DDB of the Income Tax Act provides relief to tax payers who are individual … [Read More...]
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
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