As a taxpayer, you might be claiming various expenses and exemptions to lower your income tax liability, but do you know that there are certain deductions that you can’t claim unless you have actually paid for them. In this article will understand those deductions and discuss the income tax provisions laid out under Section 43B […]
Understand the deduction provisions of Section 35E of the Income Tax Act for expenditure on prospecting or extraction/production of certain minerals.
Discover how section 35DDA of the Income Tax Act allows for deduction of expenditure under voluntary retirement schemes. Learn about the conditions and amount available for deduction.
Section 35DD Deduction towards expenditure incurred during amalgamation or demerger Much amount of expenditure is incurred during amalgamation or demerger of any undertaking. In order to facilitate the company to claim the same, deduction towards such expenditure is allowed under section 35DD of the Income Tax Act. The provisions of section 35DD are briefly taken […]
Section 44AA of the Income Tax Act specifies the books of accounts that an assessee is required to maintain for Income Tax. Section 44AA together with Rule 6F lays down the provisions concerning maintaining these books of accounts. As per this section, every person carrying on Legal, Medical, Engineering, Architectural, Accountancy, Technical consultancy, Interior decoration, […]
Article explains Category of the person eligible for claiming deduction under section 35D, The extent of deduction allowable under section 35D, List of preliminary expenditure allowable as a deduction under section 35D and Some noteworthy points related to deduction under section 35D. Amortization of preliminary expenditure is allowed as deduction under section 35D of the […]
Section 35CCD of the Income Tax Act provides deduction towards expenditure incurred on the skill development project. Whereas, rule 6AAF of the Income Tax Rules provides the guidelines to be followed by the company in order to notify the skill development project. Further, rule 6AAG provides the conditions to be satisfied by the skill development […]
Section 38 – Building, etc., partly used for business, etc., or not used exclusively Section 38 of the Income Tax Act deals with the deductions related to buildings, etc., partly used for business, etc., or not exclusively so used. The provisions contained in this section provides in summarized in two parts: 1. Deductions with respect […]
Expenditure incurred towards notified agricultural extension project is allowed as a deduction under section 35CCC of the Income Tax Act. Notably, the guidelines for approval of such agricultural extension project is covered under rule 6AAD of the Income Tax Rules, whereas, the conditions are prescribed under rule 6AAE. The entire provisions relating to deduction available […]
According to Section 37 of the Income Tax Act, 1961, any expenditure not being the expenditure allowed under Sections 30 to 36 and not of capital or personal nature and which are expended exclusively for the purposes of the business or profession are allowed while computing the income from business or profession. Conditions laid out […]
