Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
The amendment to the Income-tax Rules adds clarifications to Form No. 10CCF (Annexure A) requiring that for units qualifying as IFSC insurance offices the term "gross income" in item 6 be read as profit and gains as computed under section 44 and the First Schedule of the Income-tax Act, and permitting item 9 (gross eligible income) to be submitted as nil where such profits are so computed. The rules take effect on publication in the Official Gazette.
The amendment to the Income-tax Rules adds clarifications to Form No. 10CCF (Annexure A) requiring that for units qualifying as IFSC insurance offices the term "gross income" in item 6 be read as profit and gains as computed under section 44 and the First Schedule of the Income-tax Act, and permitting item 9 (gross eligible income) to be submitted as nil where such profits are so computed. The rules take effect on publication in the Official Gazette.
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