Taxation of proceeds of high premium unit linked insurance policy (ULIP) Clause (10D) of section 10 of the Act provides for the exemption for the sum received under a life insurance policy, including the sum allocated by way of bonus on such policy in respect of which the premium payable for any of the years… Read More »
Constitution of Dispute Resolution Committee for small and medium taxpayers The Central Government has consciously adopted a policy to make the processes under the Act, which require interface with the taxpayer, fully faceless. In this backdrop, new schemes for faceless assessment, for faceless appeal at the level of Commissioner (Appeals) and for faceless imposition of… Read More »
Increase in safe harbour limit from 10% to 20 % for home buyers and real estate developers selling such residential units Section 43CA of the Act, inter alia, provides that where the consideration declared to be received or accruing as a result of the transfer of land or building or both, is less than the… Read More »
Exemption for LTC Cash Scheme [As per Finance Bill 2021] Under the existing provisions of the Act, clause (5) of section 10 of the Act provides for exemption in respect of the value of travel concession or assistance received by or due to an employee from his employer or former employer for himself and his… Read More »