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    Manuals Income Tax
    What are the cases where any sum received for life insurance policy u/s 10(10D) shall be exempt.
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Manuals Income Tax
What are the cases where any sum received for life insurance policy u/s 10(10D) shall be exempt.
Show AI Summary
Life insurance exemption under section 10(10D) lists categories where policy receipts are fully tax-exempt from income tax.
Exemption under Section 10(10D) covers amounts received on life insurance policies in defined categories: proceeds on insurance of a dependent handicapped person, proceeds under key man policies, and proceeds where annual premiums exceed specified proportions of the actual capital sum assured for policies issued in particular periods; proceeds under the premium ratio exceptions are stated to be fully exempt if received on the death of the person.
Manuals Income Tax
What type of incomes shall be exempted u/s 10(8)?
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Income exemption under Section 10(8): foreign government remuneration for duties in India and foreign-sourced taxable income.
Exemption under Section 10(8) covers two categories where agreements provide relief: remuneration paid by the foreign State for duties performed in India, and any other income arising outside India that the individual is required to tax as income or social security tax in that foreign State.
Manuals Income Tax
What are the conditions specified u/s 10(23A) for claiming exemption on Income of some Professional ...
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Exemption for professional institutions under section 10(23A) requires Central Government approval and exclusive application of income to objects.
Exemption under section 10(23A) requires that an institution apply its income, or accumulate it for application, solely to the objects for which it is established, and that the institution be approved by the Central Government; both conditions are cumulative for claiming the exemption.
Manuals Income Tax
What are the conditions as specified u/s 10(21) to avail exemption of any income of a research assoc...
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Exemption for research association income requires exclusive application to objects and permitted investments with corpus exceptions.
Exemption requires that the research association apply its income, or accumulate it, wholly and exclusively to its objects, and that funds not be invested or deposited during the previous year except in forms permitted for trusts; exceptions to the investment restriction include assets forming part of the corpus, accretions to shares forming the corpus, and voluntary contributions maintained in kind such as jewellery or furniture.
Manuals Income Tax
As per section 10(19A), if the annual value of any one palace in the occupation of a former ruler, i...
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Letting of former ruler's palace results in taxable income under section 10(19A), not eligible for exemption.
If any palace or portion occupied by a former ruler is let out, the rent or annual value of that let-out portion is not exempt and is taxable rather than eligible for the exemption applicable to former rulers.
Manuals Income Tax
Whether any amount received as family pension by any member of the family of an individual who has b...
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Family pension exemption shields dependents of government servants or decorated servicemen from taxable income under income tax law.
Any amount received as family pension by members of the family of an individual who has been in Government service or has been awarded the Vir Chakra is fully exempted under the relevant income tax provision, and therefore excluded from the recipient's taxable income as an assessee-specific exemption.
Manuals Income Tax
A partner of the firm/LLP receives interest on capital and remuneration from the firm/LLP. Whether s...
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Share of profit exemption: interest on capital and partner remuneration are not covered under the provision.
The exemption is confined to a partner's share of profit from the firm or LLP and does not extend to interest on capital or to remuneration paid to the partner; such receipts must therefore be treated separately from the profit-share exemption.
Manuals Income Tax
Whether an amount received by an Individual (a co-parcener to the HUF) from this HUF would be taxabl...
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Exemption for HUF distributions may not apply where clubbing rules apply, affecting taxability of co parcener receipts.
Amounts received by an individual co parcener from the HUF are exempt in the hands of the assessee under the general exemption for such receipts, subject to the overriding provision dealing with clubbing or attribution of income which can limit that exemption.
Manuals Income Tax
Change in accounting policy - When is to be changed - What should be the basis for change in account...
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Accounting policy change requires reasonable cause and substance-over-form treatment to reflect a true and fair view.
Accounting policies must present a true and fair view of the state of affairs and income; treatment and presentation must follow substance over legal form; an accounting policy shall not be changed without reasonable cause, and any change must serve faithful representation for income computation and disclosure.
Manuals Income Tax
Accrual of income - Scope of ICDS - If there is conflict between Section 5 and Section 145, which wo...
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Accrual versus accounting method: accrual-based charge under residency provisions overrides cash-basis bookkeeping for taxing income.
Where income has become taxable under the substantive provision governing non-resident receipts, that charging provision prevails over a taxpayer's cash-basis accounting; Section 145 is a machinery provision to effectuate the charge and cannot be used to defeat or nullify the substantive charge so as to allow taxable income to escape tax.
Manuals Income Tax
ICDS - Accrual basis of Accounting - Accrual of income versus Receipt of income
Show AI Summary
Accrual of income: recognition occurs when a vested right and debtor liability arise, not necessarily on actual receipt.
ICDS I explains that accrual of income arises when a vested right to receive payment emerges and a corresponding liability is created on the other party; postponement or non-receipt does not prevent accrual, though non-receipt may justify separate deductions or claims. Accrual and arisal denote an inchoate right prior to actual receipt, while receipt denotes physical collection, and for tax accounting the existence of the right and the debtor's liability are the operative tests for accrual-based recognition.
Manuals Income Tax
Bad debts out of income recognised on the basis of ICDS but not yet recognised in books of account
Show AI Summary
Deduction for bad debts allowed where income recognised under ICDS but not recorded in accounts is later irrecoverable.
Where a debt included in income on the basis of Income Computation and Disclosure Standards but not recorded in the accounts becomes irrecoverable, Finance Act, 2016 permits the debt (or part) to be allowed as a deduction in the year it becomes irrecoverable and deems that the debt has been written off in the accounts for the purposes of the deduction.
Manuals Income Tax
Applicability of ICDS for the purpose of disallowance u/s 40(a)(i) and 40(a)(ia)
Show AI Summary
Applicability of ICDS: timing of TDS entries determines whether expenditure is disallowable under TDS disallowance provisions.
ICDS apply only to computation of income under Profit & gains from business or profession and Income from Other Sources. For Sections 40(a)(i) and 40(a)(ia), disallowance depends on whether tax was deductible and whether an entry creating that liability or deduction existed in the year expenditure was claimed; absence of such an entry negates disallowance, while prior-year deduction of tax prevents disallowance in the year of allowance.
Manuals Income Tax
Applicability of ICDS on TDS
Show AI Summary
ICDS exclusion from TDS timing: TDS deduction timing and taxable expenditure follow book credit or payment date.
ICDS does not affect TDS mechanics: the time for TDS (date of credit in books or date of payment) and the expenditure amount subject to deduction are determined by the books of account or payment date, not by ICDS computation of allowable expenditure.
Manuals Income Tax
Maintenance of Books of accounts for the purpose of ICDS
Show AI Summary
ICDS compliance: prepare ICDS-based financials and reconciliations to ensure taxable income computation aligns with disclosure standards.
Differences between accounting under ICDS and other accounting frameworks can materially affect taxable income and subsequent years' computations; taxpayers should quantify divergences and account for consequential tax adjustments. Practically, maintain parallel ICDS-based profit and loss and balance sheet statements and prepare a detailed reconciliation with primary accounting records to ensure all ICDS adjustments are considered. Auditors must certify that computation of total income complies with ICDS, making transparent documentation of adjustments and reconciliations necessary for audit certification and tax compliance.
Notifications GST
Levy of GST - Reverse Charge on Legal Services - Services provided by an individual advocate includi...
Show AI Summary
Reverse charge on legal services broadened to include advisory and representational work under GST notifications.
Corrigenda amend reverse-charge entries to treat "services provided by an individual advocate including a senior advocate or firm of advocates by way of legal services, directly or indirectly," as taxable, and add an Explanation that "legal service" includes advice, consultancy, assistance in any branch of law and representational services, thereby broadening the scope beyond representational services before courts, tribunals or authorities.
Case Laws VAT / Sales Tax
Reversal of Input Tax Credit - In GST / VAT era, emergence of by-product which is exempt during manu...
Show AI Summary
Reversal of input tax credit: sale of exempt by products triggers reversal under VAT/GST credit rules.
Reversal of input tax credit is triggered by the sale of goods produced incidentally during manufacture, not by their status as by products. The statutory credit regime aims to prevent double taxation by granting input credit for inputs used in manufacture, but the legislature determines the extent and conditions of credit. A provision that uses the terms 'goods' and 'sale' does not distinguish by products from final products, so where the incidental output is marketable and sold for consideration, reversal rules apply.
Case Laws Income Tax
Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassm...
Show AI Summary
Capital gain valuation under section 50C on transfer of contractual rights challenged as inappropriate and commercially onerous.
Application of section 50C to a transfer of rights under a power of attorney, where no possession or control of the immovable property passed and no stamp authority value was adopted, was contested; the assessing officer's adoption of an enhanced valuation for computing short term capital gains was regarded as inappropriate and characterised as harassment, and that addition was reversed on appeal.
Manuals Income Tax
Whether it is required to disclose a change in the accounting policies if it has no material effect ...
Show AI Summary
Accounting policy change disclosure required when future material effect is expected; disclose at adoption and when it first becomes material.
Change in accounting policies that has no material effect in the current previous year but is reasonably expected to have material effect later must be disclosed: (a) in the previous year in which the change is adopted; and (b) in the previous year in which the change has material effect for the first time.
Manuals Income Tax
ICDS-I provides that an accounting policy shall not be changed without ’reasonable cause’. The t...
Show AI Summary
Change in accounting policy: permitted only for reasonable cause and where AS 5 requires it or improves financial presentation.
A change in accounting policy will be treated as reasonable if it meets the criterion established by AS 5: the change is permissible only where it is required by statute, necessary for compliance with an accounting standard, or results in a more appropriate presentation of the enterprise's financial statements.

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Income Tax

Modes of filing of ITR: Amendments to Rule 12 of the Income Tax Rules 1962

1 February, 2024

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Notification No. 19/2024 - Dated: 31-1-2024 - Income-tax (Amendment ) Rules, 2024

The notification outlines amendments to the Income-tax Rules 1962, specifically relating to rule 12 in sub-rule (3), detailing the conditions and manners for individuals and Hindu Undivided Families (HUFs) to furnish their income tax returns. Key points include:

  • Mandatory Electronic Filing: Individuals or HUFs whose accounts require auditing under section 44AB must file their returns electronically, either with a (A) digital signature or (B) through electronic verification.
  • Special Provisions for Seniors: Individuals aged 80 years or more can file returns in specific forms (SAHAJ or SUGAM) either with (A) digital signature or (B) through electronically with verification code or (C) through electronically and thereafter submitting the
    verification of the return in Form ITR-V; or (D) in paper form.
  • General Filing Options: Other cases allow for electronic filing with (A) digital signatures, (B) electronic data transmission with verification code, or (C) through electronically and thereafter submitting the verification of the return in Form ITR-V.

This amendment aims to streamline tax return processes, enhancing security and efficiency through digital means while accommodating seniors with flexible filing options.

Further this notification has substituted the Forms for filing of income tax return namely ITR-1, ITR-3 and ITR-5.

 

Full Text:

Notification No. 19/2024 - Dated: 31-1-2024 - Income-tax (Amendment ) Rules, 2024

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Acts Income Tax
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