Section 10(48A) of the Income Tax Act provides an exemption in respect of income earned by a foreign company on account of storage of crude oil in a facility in India and the subsequent sale of crude oil from that facility. This provision aims to encourage foreign investment in the oil and gas sector and […]
Indian Strategic Petroleum Reserves Limited (ISPRL) plays a crucial role in ensuring the energy security of India. It is a special purpose vehicle (SPV) created by the Government of India to store crude oil as a strategic reserve to meet any emergency requirements. To encourage and support the functioning of ISPRL, the Income Tax Act
A Notified Institution refers to any entity or body corporate established by the Central Government or State Government for the purpose of financing infrastructure and development. These institutions play a crucial role in mobilizing funds for infrastructure projects such as roads, railways, airports, power plants, and other essential facilities. The Central Government may notify an
Developmental financing institutions play a crucial role in promoting economic growth and development in a country. These institutions provide long-term funding for various developmental projects and sectors such as infrastructure, agriculture, and small and medium enterprises. To encourage the growth of these institutions, the Income Tax Act of India provides certain exemptions and benefits. One
Income of a Developmental Financing Institution (DFI) to be Exempt [Section 10(48E)] Read More »
Section 10(50) of the Income Tax Act, 1961 provides for exemption from income tax in the hands of a non-resident person in respect of any income which is chargeable to equalization levy. This exemption is intended to avoid double taxation. Equalization levy is a tax that is charged on certain online transactions, such as online
Exemption in respect of income chargeable to Equalization Levy [Section 10(50)] Read More »
Special Economic Zones (SEZs) have emerged as key drivers of economic growth and development in many countries. In India, SEZs have played a significant role in attracting investment, promoting exports, and creating employment opportunities. To provide further impetus to SEZs, the Indian government has introduced various special provisions, including Section-10AA of the Income Tax Act.
Political parties play a crucial role in any democratic society. They serve as the voice of the people, representing their interests and advocating for their rights. However, like any other organization, political parties require funds to function effectively and carry out their activities. In India, the regulation of political party funding is governed by Section
Incomes of Political Parties [Section-13A] Read More »
An Electoral Trust is a unique entity that plays a crucial role in the political funding of political parties in India. It is a non-profit organization that collects funds from individuals, corporates, and other entities and then distributes them to various political parties. The main objective of an Electoral Trust is to bring transparency and
Income of an Electoral Trust shall be Exempt [Section 13B] Read More »
Interest incomes which are exempt under section 10(15) could be explained with the help of the following table- Section Income Exemption to 10(15)(i) Interest, premium on redemption, or other payment on notified securities, bonds, certificates, and deposits, etc. (subject to notified conditions and limits) All assesses 10(15)(iib) Interest on notified Capital Investment Bonds notified prior
Interest Incomes which are Exempt under Section 10(15) Read More »
1. Agricultural Income [Section 10(1)] As per Section 10(1) of the Income Tax Act, agricultural income earned by an individual in India is exempt from tax. This includes any income that is generated from agricultural land, such as rent received from leasing out the land or income earned from the sale of agricultural produce. However,
EXEMPTED INCOMES [Section – 10, 10AA, 11 to 13A] Read More »
