The existing provisions of the section 88 of the Act relates to rebate on life insurance premia, contribution to provident fund, etc. 2. The said section has no relevance at present as it was sunset by the Finance Act, 2005 and section 80C was introduced for allowing deduction on various instruments listed therein.
Learn how the Extension of Income Tax exemption to Specified Undertaking of Unit Trust of India (SUUTI) impacts Budget 2023. Providing for alternative mechanism for vacation of office of the Administrator, as per the UTI Repeal Act, 2002.
Section 276A of the Act makes provision for prosecution with rigorous imprisonment up to two years in the case of a person, being a liquidator who fails to give notice in accordance with sub-section (1) of section 178, or fails to set aside the amount as required by subsection (3) of the said section or parts with any of the assets of the company or the properties in contravention of the provisions of the said section.
Accommodation shall be deemed to have been provided at a concessional rate if the value of the accommodation computed in the prescribed manner exceeds the rent recoverable from, or payable by, the assessee.
No section 10AA deduction to an assessee who does not furnish a return of income on or before the due date specified under section 139(1)
Section 43B of the Act provides, inter-alia, that any sum payable by the assessee as interest on any loan or borrowing from a Deposit taking Non-Banking Financial Company and Systemically Important Non-Deposit taking Non-Banking Financial Company shall be allowed as deduction on payment basis.
Clause (iv) of section 28 amended to clarify that it also applies to cases where benefit or perquisite provided is in cash or in kind or partly in cash and partly in kind.
Conditions are required to be satisfied in case of application for charitable or religious purposes to be satisfied while making application from corpus or loan or borrowing.
Understand the changes to TDS on payment of accumulated balance due to an employee per Budget 2023 with this blog post. Read now
Taxpayers can get TDS credit for income already disclosed in earlier returns with budget 2023. Learn how it can help you avoid TDS mismatch.
