The article in this issue of Direct Tax Amicus discusses elaborately the recent amendment in Section 11 of the Income Tax Act, 1961 vide Finance Act, 2023, with effect from 1 April 2024. Noting that a charitable entity was allowed to accumulate a maximum of 15% of its income...

The article in this issue of Direct Tax Amicus discusses the labyrinth of exemption available to charitable institutes under the Income Tax Act, 1961. Considering the changing landscape of the exemption regime, right from Finance...

Amongst various tax amendment proposals announced this year, proposal for taxing ‘cash’ benefits and perquisites is likely to have a wide-reaching impact on the taxpayers, especially in Amongst various tax amendment proposals announced this year, proposal for taxing ‘cash’ benefits and perquisites is likely to have a wide-reaching impact on the taxpayers, especially in...

Income derived from Trust property has been exempt under Income-tax laws since the Act of 1886. Tracing the legislative history in respect of income from property held under trust, the author examines amendments made by Finance Act, 1970;

It gives me great pleasure to address you through this 100th issue of Direct Tax Amicus. I have always believed that the wealth of knowledge should be shared.

The charitable trusts/institutions enjoy substantial income-tax benefits and hence are often subject to detailed scrutiny to ensure that commercial concerns are kept outside the boundaries of the tax-exempt status.

Lately, in the context of dividend income, the applicability of MFN clause has been a subject matter of dispute between the taxpayers and the Revenue authorities. The controversy revolves around the fact that the dividend income is taxable in India at the rate of 5%...

The same income of an entity can become liable to tax in two countries, leading to harsh consequences. To provide relief, the assessees are allowed to claim credit of the tax paid in a foreign country against the tax liability in India, provided that such foreign income is also taxable under the Income Tax Act, 1961 in India. The article in this issue ...

One of the issues of wide interest and contemplation is whether a foreign company is liable to file a return in India when there is income accruing or arising in India but the same is not liable to tax, either because of an exemption under the Income...

The Income Tax Act, 1961 provides for various benefits for trusts which are established for charitable or religious purposes and are registered under the said Act.