incometax – Lawcutor

Income tax deductions on certain transactions can only be claimed after actual payment

On Wednesday, The Supreme Court had observed that Explanation 3C to Section 43B of the Income Tax Act, 1961 is only clarificatory and meant to hold back the misuse of…

Supreme Court: Section 80 of Income Tax Act provides for deduction

Assessee is in the business of generation of power& also deals with purchase and distribution of power. In this case assessee asked for deduction under section 80-IA of the Act.…

Madras HC dismisses income tax proceedings against MP Karti Chidambaran and wife Srinidhi

Justice N Satish Kumar of the Madras HC dismissed the Income Tax assessment proceedings against Sivaganga Member of Parliament Karti Chidambaran and Srinidhi Chidambaran stating that the proceedings filed were…

Lok Sabha passes taxation bill extending time limit

In the ongoing monsoon session, the lower house of the parliament has passed the Taxation reforms bill, 2020 that seeks to provide relaxations on certain provisions by extending the time…