A hospital will not be regarded as a charitable institution if it gives treatment for few poor patients while collecting fee from others who can afford. Section 2(15) of the Income-tax Act – Charitable Purpose.
Institute of Franciscan Missionaries of Mary v. Commissioner, Coimbatore City Municipal Corporation, [2022] 137 taxmann.com 378 (Mad)
CBDT made return filing mandatory if, i) total sales, turnover or gross receipt of business exceeds Rs. 60 lakh during the previous year or total gross receipts of profession exceeds Rs. 10 lakh during the previous year or if TDS/TCS exceeds Rs. 25,000 during the previous year (Rs. 50,000 for individual aged 60 years or more), or aggregate deposit in one or more saving bank account of the person is Rs. 50 lakh or more during the previous year.
Notification G.S.R 307 (E) [No. 37/2022/F.NO: 370142/01/2020 – TPL (Part 1)], Dated
21-4-2022.
The amount in challenge before ITAT & HC is what is relevant for determining tax effect below which Department appeal to HC is barred by CBDT Circular.
Late sh. Gyan Chand Jain v. Commissioner of Income Tax [2022] 137 taxmann.com 323 (SC)
EPFO releases circular clarifying computation of Interest on P.F. Contributions exceeding prescribed limit.
Circular No: WSU/6(1) 2019/Income Tax/Part-I (E-33306) [05-04-2022].
Canada, United Kingdom of Great Britain and Northern Ireland, and United States of America notified u/s 89A of Income-tax Act – Export Turnover – Tax relief in relation to.
Notification S.O. 1568(E) [No. 25/2022/F. No: 370142/7/2022-TPL], Dated 4-4-2022.
Forex fluctuation on repayment of foreign currency loans taken to purchase capital equipment for leasing/HP activity, is deductible u/s 37(1).
Wipro Finance Ltd. v. Commissioner of Income-tax [2022] 137 taxmann.com 230 (SC) [12-04-2022].