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 »
Assessment on Non-Existent Entity Post-Amalgamation is Void Ab Initio Facts The Entities: The assessee-company (RIL) and two other entities, RRPPL and RRPPPL, originally filed their respective income tax returns for AYs 1993-94 to 1995-96. The Amalgamation: Subsequently, RRPPL and RRPPPL were amalgamated with RIL. As a result of this merger, the two companies ceased to… Read More »
Deduction in Respect of Royalty Income [Section 80QQB] • A resident individual author (including joint authors) can claim deduction for deriving income by: Lump-sum consideration for the assignment or grant of his copyright interest in any book; Royalty or copyright fees for such book; Non-refundable advance payment of royalties/copyright fees. • Deduction is allowed for… Read More »