Input tax credit conditions remain constitutionally valid, with eligible recipient claims considered under GST circulars and retrospective filing dead...
Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
Life Insurance Policy - In order to prevent the misuse it is proposed that premium or aggregate of premiums (other than ULIP) in a year exceeding ₹5 Lakh shall be exempt if income from policy received on the death of the insured person. Otherwise shall be taxable u/h other sources such amendment has been made by adding a proviso to sec 10(10D).
Life Insurance Policy - In order to prevent the misuse it is proposed that premium or aggregate of premiums (other than ULIP) in a year exceeding ₹5 Lakh shall be exempt if income from policy received on the death of the insured person. Otherwise shall be taxable u/h other sources such amendment has been made by adding a proviso to sec 10(10D).
Note: It is a system-generated summary and is for quick reference only.
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