Deduction available towards expenditure on specified business under section 35AD of the Income Tax Act is briefly explained in the current article. Article explains Provisions of section 35AD of the Income Tax Act, Conditions for claiming deduction under section 35AD, Amount of deduction available under section 35AD and List of specified business covered under section […]
The present article covers deduction available under section 35ABB of the Income Tax Act for obtaining a licence for operating telecommunication services. The article briefly explains the treatment on the transfer of the licence and also treatment in case of amalgamation/ demerger. Deduction as per section 35ABB of the Income Tax Act– The provisions of […]
Section 36 – Other Deductions Section 36 of the Indian Income Tax Act, 1961, provides a list of explicit deductions for computing income arising from profession or business. Section 36 of the Income Tax Act elucidates the expenses which are allowed as deductions from the income earned from profession or business. illustrative list of expenses […]
Capital expenditure incurred by the telecommunication company for acquiring use of spectrum is allowable as a deduction under section 35ABA of the Income Tax Act. Notably, the deduction is allowed over the period of time the spectrum remains in use. The deduction provisions of section 35ABA are briefly taken up and explained in the current […]
Provisions of section 35 of the Income Tax Act, 1961 covers deduction allowable towards expenditure on scientific research. The provisions are briefly explained in the present article. Deduction towards revenue expenditure on scientific research [Section 35(1)]- Following table briefly explains the deduction available under section 35(1) on revenue expenditure for scientific research- Type of expenditure/ […]
Learn how to claim deduction under section 33ABA of the Income Tax Act for site restoration funds. Understand the conditions and provisions for eligibility.
An amount deposited into ‘Deposit Account’ or ‘Special Account’ for utilization of the same for the specified purpose is allowed as a deduction under section 33AB. Deduction under section 33AB of the Income Tax Act is available to an assessee carrying on business in India of growing and manufacturing tea, coffee or rubber. The present […]
Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in holding that interest and salary received by the assessee from firms in which he was a partner cannot be construed as business income u/s. 28(v) and therefore not eligible for applying the presumptive interest rate of 8% under section 44AD of the Act?
Supreme Court grants Arnab Goswami interim bail, faulting Bombay HC for failing to protect personal liberty and conduct a prima facie FIR review in abetment case.
Section 194-IB is all about TDS applicability on rent income in the hand of Individual and HUF. Many people got confused between Section 194-I and Section 194-IB. Also many people are unaware about compliance part of this hence today I am writing this all inclusive article on Section 194-IB which will include everything from basic section, its compliance, any correction on traces, obtaining TDS certificate, etc. So, let’s get started!
