Income-tax Exemption

Budget LIVE: Ahead of Lok Sabha elections, Finance Minister Nirmala Sitharaman will be presenting the interim budget on February 1, catch all the Budget related updates here

Possible loss of tax exemption for educational institutions that are making profits puts the question of charity back in focus

"Our Constitution reflects a value which equates education with charity. That it is to be treated as neither business, trade, nor commerce, has been declared by the pronouncement of this very court"

The Union Budget is expected to focus on employment generation, increase in limits for basic tax exemption, standard deduction, medical expenses, and certain social security investments

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Section 2 (24) of the Income-Tax (I-T) Act deals with gifts received that will be treated as a person's income, while Section 56 (2) deals with both the taxation and exemptions on them

Experts see the Budget announcement positive for investments both in InvITs and the toll-operate-transfer mode (TOT)

The new regime is simple, one has to see the exemptions one was taking earlier and compare the new tax rates without those exemptions, the Revenue Secretary said

Tax changes on ISPRL will be effective April 1

SC to hear plea seeking no tax exemption for political parties

When the GST is enforced, exemptions from central excise on tea, coffee, food might go

Private universities can claim income-tax exemption only on two conditions: Firstly, an educational institution or a university must be solely for the purpose of education and without any profit motive. Secondly, it must be wholly or substantially financed by the government. Both conditions must be satisfied under Section 10(23C) (iiiab) of the Income Tax Act before exemption can be granted, the Supreme Court ruled in the case, Visvesvaraya Technological University vs CIT. The university's claim under this provision was rejected by the revenue authorities, leading to the appeal. The court noted that during a short period of a decade (1999-2010) the university had generated a huge surplus of about Rs 500 crore collecting fees under different heads. "The expenditure incurred represented only a minuscule part of the fees collected," the judgment observed. None of the benefits granted to the university has gone to the students. It expanded from 64 engineering colleges to 194. The gover