Section 10AA provides a deduction from total income of such profits and gains derived by an assessee being an entrepreneur from the export of articles or things or services for certain consecutive assessment years.
Section 12A of the Income Tax Act, 1961 is the stepping stone for every charitable organization. It enables non-profit entities such as Charitable Trusts, Non-Profit Organization, Welfare Societies, Religious Institutions, etc. to claim full tax exemption as per Section 11 and 12 of the Income Tax Act, 1961.
Discussing the Deductions Allowable from Taxable Income to Individuals and HUF as per Chapter VIA of the Income Tax Act, 1961.
Let us discuss the incomes that are exempt from tax and the deductions from taxable income that are available to Individuals and HUF under the Income Tax Act.
Central Government has come up with a new section 12AB in Union Budget 2020. It mandates the requirement of re-registration of 12AA and re-approval of existing 80G and 10 of all existing Charitable / Religious Institutions.
Discussing all about the application for registration of a charitable trust or institution U/S 12A in Form 10A or 10AB of the Income Tax, Act 1961.
Discussing the extended timelines for due date compliances in the Income Tax Act in a tabular format and the launch of the new e-filing portal of the Income Tax department.
The process of examining the return of income by the Income Tax department is called “Assessment”. Let us discuss various assessments under the Income Tax Act. ..
Section 132(4) of the act has been put in place by the legislature consciously so as to enable the authorized officer to collect such evidence by recording statements during the course of the search.
In wake of the COVID-19 pandemic and in the interest of taxpayers, CBDT has extended time limits for various compliances. Same has been discussed in this article.
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