Income Tax Benefits on Various Plans of LIC for FY 2015-16 IMPORTANT INCOME TAX BENEFITS AVAILABLE UNDER VARIOUS PLANS OF LIFE INSURANCE FOR ASSESSMENT YEAR 2016-17/FINANCIAL YEAR 2015-16 1) Deduction allowable from Income for payment of Life Insurance Premium (Sec. 80C). (a) Life Insurance premia paid in order to effect or to keep in force […]
Tag Archives: Income Tax updates
Disallowance of bad debts in case of running account with the party is justified Citation of the Case:- Amar Enterprise vs. ITO (ITAT Ahmedabad), Income tax (Appeal) no. 2520 of 2011, Date of Judgment: 05/06/2015 Brief of the Case ITAT Ahmedabad held In the case of Amar Enterprise vs. ITO that in the present case, […]
Govt not to intervene to monetize gold held by charitable/religious institutions Press Information Bureau Government of India Ministry of Finance 04-December-2015 17:14 IST Clarification on Media Reports on Gold Monetization Scheme Some sections of the media have reported that Government will directly intervene to monetize the gold held by charitable, religious and other institutions. It […]
E-Sahyog Project; Aims at Reducing Compliance Cost, Especially for Small Taxpayers The Government has launched ‘E-Sahyog’ project on a pilot basis. It is aimed at reducing compliance cost, especially for small taxpayers. The objective of ‘e-Sahyog’ is to provide an online mechanism to resolve any mismatch or discrepancy in information as per Income-tax return of […]
On the basis of Partnership Deed Income from Renting of Godown cannot be treated as Business income The Commissioner of Income Vs. M/s. Sileman Khan Mahaboob Khan (Andhra Pradesh High Court) , I.T.T.A. No.316 OF 2003 , Date of Decision-11-03-2015 The respondent-assessee is a partnership Firm engaged in export of Tobacco. The respondent- assessee filed […]