Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights September 2014 Year 2014 This

Deduction u/s 80P(2)(a)(i) – Effect of amendment - banking or ...


Amendment to Section 80P(2)(a)(i) Explores Tax Deductions for Entities Providing Banking Services Without Proper Licenses.

September 5, 2014

Case Laws     Income Tax     AT

Deduction u/s 80P(2)(a)(i) – Effect of amendment - banking or credit facilities to its members - Whether the Assessee is a co-operative bank or not - If licence is not obtained it may be an illegal banking business under the other statute - exemption allowed - AT

View Source

 


 

You may also like:

  1. Dispute regarding non-payment/short payment of service tax, tax demand and interest u/ss 73(2) and 75, penalties u/ss 77 and 78 of the Finance Act, 1994, and extended...

  2. The assessee claimed deduction u/s 80P(2)(d) of the Income Tax Act for interest income earned on deposits with a Cooperative Bank. The Assessing Officer and CIT(A)...

  3. Service tax liability on foreign bank charges and finance costs paid in foreign currency. It discusses the absence of a service provider-recipient relationship between...

  4. Non-payment of service tax on management consultancy services, royalty services, intellectual property right services, business auxiliary services, and banking and...

  5. Deductibility of interest income from investments u/s 80P(2)(a)(i) of the Income Tax Act for a primary agricultural credit cooperative society. The key points are: The...

  6. Deduction u/s 80P(2)(a)(i) was denied by the Assessing Officer on grounds that the assessee society cannot be termed a mutual concern and principles of mutuality cannot...

  7. Goa government circular clarifying place of supply for data hosting services provided by Indian service providers to overseas cloud computing service providers. Key...

  8. Levy of service tax on ATM interchange fees received by State Bank of Hyderabad from SBI for deploying its ATMs in the shared network, and on notional consideration for...

  9. Eligibility of Deduction u/s 80P - bank interest earned from cooperative banks - The Appellate Tribunal found that even if the interest income is not considered as...

  10. Levy of service tax on services received from foreign bank - The Tribunal determined that the appellant was not receiving any direct services from the foreign banks that...

  11. Allowability of deduction u/s 80P(2)(d) for interest income from deposits/investments in a cooperative bank by a cooperative society. The assessee, a cooperative society...

  12. Adjustment of excess service tax paid with subsequent service tax liability - case of Revenue is that Rule 6 (3) of Service Tax Rules, 1994 do not provide for such...

  13. Service tax demand was made on a subcontractor for services provided in a Special Economic Zone (SEZ), on the grounds that the subcontractor failed to provide...

  14. Liability to pay service tax for services provided to a foreign entity. The appellant argued that their turnover within the domestic market was below the threshold...

  15. The circular clarifies the place of supply for data hosting services provided by Indian service providers to overseas cloud computing service providers. It addresses...

 

Quick Updates:Latest Updates