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    Manuals Income Tax
    Is it possible to claim LTA Twice in a Year u/s 10(5)?
    Manuals Income Tax
    Can the Leave travel concession u/s 10(5) be carried forward?
    Manuals Income Tax
    Can an individual claim the LTA u/s 10(5) in case of Switch of JOB?
    Manuals Income Tax
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    Manuals Income Tax
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Manuals Income Tax
Is it possible to claim LTA Twice in a Year u/s 10(5)?
Show AI Summary
Leave Travel Allowance (LTA) claim limited to one journey per year; two journeys in a block cannot both be claimed together.
Leave Travel Allowance (LTA) under section 10(5) permits two journeys in a block of four years, but the exemption can be claimed for only one journey in a single year, so both journeys cannot be claimed in the same year.
Manuals Income Tax
Can the Leave travel concession u/s 10(5) be carried forward?
Show AI Summary
Leave Travel Allowance carry forward permitted, claimable in first year of next block under income tax rules.
Carry forward of Leave Travel Allowance under the income tax exemption regime is permitted when the allowance remains unused and may be claimed in the first year of the next block, preserving the tax-exempt benefit for the taxpayer into the subsequent block.
Manuals Income Tax
Can an individual claim the LTA u/s 10(5) in case of Switch of JOB?
Show AI Summary
Leave Travel Allowance entitlement can be claimed from both current and former employer if prior LTA remains unutilized.
An individual who switches jobs may claim Leave Travel Allowance (LTA) from both the current employer and the former employer provided the former employer's LTA concession remains unutilized; the entitlement is limited to recovery of that unutilized salary-specific exemption and does not extend beyond the unutilized LTA benefit.
Manuals Income Tax
What type of expenses are covered under Leave Travel expense u/s 10(5)?
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Leave travel expense covers only the cost of travel; accommodation and meals are excluded from tax exemption.
Leave travel benefits under section 10(5) are confined to the cost of travel itself and do not extend to ancillary expenses; incidental outlays such as food, hotel accommodation, and similar subsistence expenses are excluded from the scope of the travel expense exemption.
Manuals Income Tax
Whether the exemption u/s 10(38) is avaliable if the transaction is undertaken on a stock exchange l...
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Exemption under section 10(38) available when transaction is on an IFSC exchange and consideration is in foreign currency.
Exemption from long term capital gains under 10(38) applies despite non payment of Securities Transaction Tax if the transfer is on a recognised stock exchange in an International Financial Service Centre and the consideration is paid or payable in foreign currency.
Manuals Income Tax
Whether Shares acquired as Gift from someone, are eligible for exemption u/s 10(38) at the time of s...
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Exemption under Section 10(38) applies to gifted shares on sale if the prior owner did not acquire them in a disqualifying manner.
Shares received as a gift are eligible for exemption under Section 10(38) on sale, provided the previous owner did not acquire the shares in a manner or under conditions that disqualify them from the exemption.
Manuals Income Tax
Whether an enhanced compensation by any court or other authority shall be included u/s 10(37)?
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Exemption for enhanced compensation confirms enhanced compensation falls within exempted compensation under income tax law.
Enhanced compensation is treated as part of "compensation" for the purposes of the exemption under 10(37); amounts characterized as enhanced compensation are encompassed by the exemption framework and are not taxable under that provision, as stated in the income tax manual guidance on exempted income.
Manuals Income Tax
Whether the income on transfer of units is also exempt u/s 10(35)?
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Income on transfer of units is not exempt under section 10(35); such transfer income remains taxable.
Income arising on the transfer of units is not covered by the exemption under 10(35); proceeds from disposal of units are not exempt under that clause and must be treated as taxable transfer income under ordinary tax provisions.
Manuals Income Tax
Whether the exemption u/s 10(34A) on income arising due to buyback of shares applies on Long Term Ca...
Show AI Summary
Exemption on buyback income applies irrespective of short term or long term capital gains for shareholders under income tax law.
The exemption on buyback income applies to a shareholder's receipt irrespective of the holding period; buyback proceeds are exempt from income tax in the shareholder's hands whether classified as short term or long term capital gains.
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 ...
Show AI Summary
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...
Show AI Summary
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...
Show AI Summary
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...
Show AI Summary
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...
Show AI Summary
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...
Show AI Summary
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...
Show AI Summary
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...
Show AI Summary
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.

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Income Tax

Section 11(3) Post-Amendment, Accumulated Income and the Sixth Year: Legal Interpretation, Procedural Bounds and Administrative Implications

10 November, 2025

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Prospectivity of tax amendments: changes to accumulation rules apply from their effective date, not to prior accruals.
Interpretation of section 11(3) concludes that, under the pre-amendment text, accumulated charitable funds could be applied in the year immediately ... Summary

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Acts Income Tax
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