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 … [Continue reading]
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, … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
Filing of Return: Asset & Liabilities as on 31st March 2013 Required Now !
May 14, 2013 by
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 … [Continue reading]
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