List of exempt income Section Nature of Income Section 10(1) Agricultural income is exempt from tax, but if it exceeds Rs. 5,000 and non-agricultural income exceeds the exemption limit, the agricultural income is partially integrated into the total income of the assessee for taxation purposes. Section 10(2) Any sum received by an individual as a… Read More »
Income exempt from tax Introduction Under the Income-tax Act, income is generally taxable unless specifically exempted. Section 10 provides a comprehensive list of incomes that are excluded from the total income of the assessee and are, therefore, not chargeable to tax.
Bank of India Account Opening Form Bank of India Account Opening Form The provided documents consist of the Customer Request Form and the Account Opening Forms (for individuals and non-individuals) for Bank of India (BOI). These forms serve as comprehensive tools for managing banking relationships, from establishing a new account to modifying existing services. Below… Read More »
Deduction in Case of a Person Suffering from a Disability [Section 80U] • Resident individuals suffering from disability or severe disability can claim deduction under this section. • A flat deduction of Rs. 75,000 is allowed if the person is suffering from disability; Rs. 1,25,000 if suffering from severe disability. • Assessee must obtain a… Read More »
Deduction to Senior Citizens from Interest on Deposits [Section 80TTB] • Section 80TTB provides deduction to an individual being a resident senior citizen from interest income earned on bank deposits held with: Banking companies or institutions; Co-operative societies engaged in banking business (including land mortgage or land development banks); Post offices. • Partners or members cannot claim… Read More »
Deduction for Interest on Deposits in Savings Account [Section 80TTA] • Section 80TTA provides deduction to an individual or Hindu Undivided Family (HUF) from interest income earned on deposits in a savings bank account (excluding time deposits) held with: Banking companies or institutions; Co-operative societies engaged in banking business (including land mortgage or land development banks); Post… Read More »
Search Assessments & The Ten-Year Limitation: Correct Reckoning of the Relevant AY Facts The Search: A search under Section 132 was conducted on 08-02-2024. The Financial Year: This search fell within the Financial Year (FY) 2023-24. The Reference Point: The Assessment Year (AY) relevant to this search is AY 2024-25. The Dispute: The Department issued… Read More »
Limitation Period for Reassessment: HC Directions on Procedure vs. ‘Findings or Directions’ under Section 153(6) Facts The Reopening: The Department initiated reassessment proceedings against the Assessee for AY 2015-16 under Section 148. Writ Challenge: The Assessee challenged the reopening before the High Court. The Court disposed of the writ with specific directions to the Assessing… Read More »
Deduction in Respect of Royalty on Patents [Section 80RRB] • A resident individual, being a patentee, can claim deduction for royalty income received in respect of patents registered on or after 01-04-2003 under the Patents Act, 1970. • Royalty means consideration (including lump sum consideration) for: Transfer or granting of a licence of patent rights;… Read More »
Bar on Reopening Time-Barred Assessments: The Supremacy of the First Proviso to Section 149 Facts The Notice: The Revenue issued a reassessment notice under Section 148 in the year 2024 for Assessment Year 2013-14. The Regime Change: The notice was issued under the “New Reassessment Regime” introduced by the Finance Act, 2021, which theoretically allows… Read More »