Income tax amendments broaden perquisites disallowance, refine deductions and introduce a deduction for blind resident individuals. Amendments to the Income Tax Act revise definitions and account nomenclature, prescribe standard conveyance maintenance allowances where conveyance allowance is not paid, permit deduction of local taxes borne by owners for tenant occupied property, and introduce a disallowance for employer expenditure that provides benefits, amenities or perquisites to employees subject to specified exclusions and an income threshold exemption. Chapter VIA deductions are reorganised, including a new deduction for totally blind resident individuals and revised dividend and income deduction treatments. A new schedule enumerates specified goods and machinery relevant to deduction rules.
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Income tax amendments broaden perquisites disallowance, refine deductions and introduce a deduction for blind resident individuals.
Amendments to the Income Tax Act revise definitions and account nomenclature, prescribe standard conveyance maintenance allowances where conveyance allowance is not paid, permit deduction of local taxes borne by owners for tenant occupied property, and introduce a disallowance for employer expenditure that provides benefits, amenities or perquisites to employees subject to specified exclusions and an income threshold exemption. Chapter VIA deductions are reorganised, including a new deduction for totally blind resident individuals and revised dividend and income deduction treatments. A new schedule enumerates specified goods and machinery relevant to deduction rules.
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