Tax Guru28m
Impact of Clubbing of Income on Tax Liability: Case law and Examples
1. No Legal Impediment for Paying Rent to Spouse: There is no legal bar under the Income Tax Act in paying rent to the spouse ...
Tax Guru28m
Amendment of Note 3 of Chapter 98 in First Schedule to Customs Tariff Act 1975
On September 19, 2024, the Government of India issued Notification No. 62/2024-Customs (N.T.) under the Customs Tariff Act, 1975, aimed at clarifying the definition of “laboratory chemicals.” The ...
Tax Guru40m
Amount withdrawn from reserve to be reduced while computing book profit u/s. 115JB: ITAT Mumbai
ITAT Mumbai held that when the reserve/provisions created in the year where the assessee has increased the book profit u/s. 115JB of the Act, the assessee is entitled to reduce the amount withdrawn ...
Tax Guru1h
Section 35: Auroville Foundation Recognized for Research Tax Benefits
In exercise of the powers conferred by clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (43 of 1961) read with Rules 5C and 5E of the Income-tax Rules, 1962, the Central ...