CA Sandeep Kanoi

The Finance Act, 2021 has inserted two new sections, namely, section 206AB and section 206CCA to the Income Tax Act. Both the sections are inserted to encourage regular income tax return filing. Further, both the sections impose higher deduction of TDS and/ or higher collection of TCS in case the specified person has not filed […]...

Section 194P to the Income Tax Act, 1961 is inserted vide the Finance Act, 2021. Provisions of section 194P provide conditional relaxation to the specified senior citizen from filing of an Income Tax Return. The entire provisions of the newly introduced section 194P are briefly explained in the present article. Meaning of term ‘specifie...

Since its inception, payment of interest under Goods and Services Tax (i.e., GST) has always been controversial. A wide amount of clarifications and amendments has been undertaken in the matter. However, notably, all are going to be at the standstill with the passing of the proposed Budget 2021 amendment. The present article covers the cu...

For reducing the income tax burden and for providing relief from tedious taxation work to the small taxpayers, the Indian government incorporated the presumptive taxation scheme under Section 44AD. Taxpayers opting for the presumptive taxation scheme can declare their income at the prescribed rate and aren’t required to maintain the boo...

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, Techn...

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 dev...

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 respe...

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 [&hel...

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 ...

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 curren...