section 35

PGBP Additions and Deductions

Income Tax - Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as per books’: 1. Depreciation as per BOOKS 2. Income tax in BOOKS (including duty, cesses, late fee, or any other payments related to income tax liability) 3. 30% sum payable to residents on which TDS […]...

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Section 35 Deduction for expenditure on scientific research

Income Tax - 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) ...

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Decoding the End of Perpetuity Regime for NGOs, Charitable Trusts etc.

Income Tax - The Finance Act 2020 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Section 8 Companies including educational, medical and/or religious institutions complying with the certain rules of registration under the Income Tax Act, 1961 (the Act). The registrations were perpetuity in nat...

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Income Tax Benefits related to Research & Development expenses

Income Tax - ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending crores of rupees on research and development. Similarly if businessmen carry out such R&D, etc. activity, then is there any provision of Income Tax which benefits him?...

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How to Request for Intimation Order u/s 143(1)/154/16(1)/35

Income Tax - After the Income Tax Return is processed by CPC, taxpayer receives Intimation at their registered email ID. If the taxpayers request to resend the Intimation, they can simply put request on E-filing portal. The steps to raise the request to resend the Intimation u/s 143(1)/154/16(1)/35: Step 1 Logon to ‘e-Filing’ Portal www.in...

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Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions

Income Tax - Deferrement of Procedure for Approval/ Registration/Notifications of certain entities U/s 10(23C), 12AA, 35 & 80G of Income Tax Act, 1961 till 01st October,2020 The Finance Act, 2020 has introduced certain new compliance burdens on Charitable Trusts and Exempt Institutions. The Budget 2020 has amended certain provisions of the Inc...

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Section 35(2AB): DSIR guidelines should not deal with allowability of any expenditure: ICAI

Income Tax - A plain reading of Section 35(2AB) of the Act may suggest that the weighted deduction is not with respect to expenditure on scientific research on in house R&D facility as approved by the prescribed authority. ...

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Budget 2010-11: Weighted deduction on payments made to associations engaged in research in social science or statistical research and exemption in respect of the income of such associations

Income Tax - Section 35 of the Income-tax Act provides for deduction in respect of expenditure on research and development. The existing provisions of section 35(1)(ii) provide for a weighted deduction from business income to the extent of 125 per cent of any sum paid to an approved and notified scientific research association or to a university, coll...

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Deduction Claimed as R&D Expense For Development on Mechanism to Produce Customised Products Allowed

Harsha Engineers Ltd. Vs DCIT (ITAT Ahmedabad) - The issue under consideration is whether deduction can be claimed under Research and Development (R&D) for Amount incurred towards development on a mechanism to produce customised products?...

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Deduction u/s 35(2AB) of pre-amended period allowed without issue of form No. 3CL from DSIR

Omni Active Health Technologies Ltd Vs ACIT (ITAT Mumbai) - Omni Active Health Technologies Ltd Vs ACIT (ITAT Mumbai) The issue under consideration is whether the deduction u/s 35(2AB) towards research and development expenditure claimed by assessee is justified in law? In present case, the assessee claimed deduction u/s 35(2AB) being 200% of amount incurred...

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Deduction u/s 35(2AB) can’t denied, merely because of no approval of expenditure

Advance Enzyme Technologies Ltd. Vs ACIT (ITAT Mumbai) - Once R&D facility has been recognized by competent authority, then deductions provided u/s 35(2AB) cannot be denied, merely for the reason that approval of expenditure for impugned year in prescribed form has not been received from competent authority....

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Deduction u/s 80G cannot denied merely because such payment forms part of CSR

First American (India) Pvt. Ltd Vs ACIT (ITAT Bangalore) - The issue under consideration is that whether the expenditure incurred for CSR will also be qualified for deduction under section 80G?...

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Expenditure on expansion of share capital is capital expenditure irrespective of Expansion or creation of new assets

M/s. Mascon Technical Services Limited Vs The Commissioner of Income Tax III (Madras High Court) - Whether expenditure incurred to meet out the need for working funds in which expansion of share capital was undertaken, is capital expenditure even when the purpose for which expenditure was incurred did not result in creation of an asset or benefit due to intervention by an external agency....

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New Procedure for registration, approval U/s.10(23C), 12AA, 35 & 80G deferred

Release ID: 1622387 - (09/05/2020) - CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would b...

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RBI circular on Credit Information Companies (Regulation) Act, 2005- Circular No. UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated – December 3, 2009

RBI/2009-10/246 UBD.BPD (PCB).Circular No.25/09.11.200/2009-10 - (03/12/2009) - UBD.BPD (PCB).Cir No.25/09.11.200/2009-10 Dated - December 3, 2009 The Government had in exercise of powers conferred by Section 35 of the Act issued (Removal of Difficulties) Order, 2008 dated January 24, 2008 extending the last date for taking membership of at least one credit information company ...

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Notification No. 64/2009 – Income Tax Dated 1/9/2009

Notification No. 64/2009 - Income Tax - (01/09/2009) - Notification No. 64/2009 - Income Tax It is hereby notified for general information that the organization P.S.G. & Sons Charities for the unit P.S.G. College of Technology, Coimbatore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the...

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Notification No. 63/2009 – Income Tax Dated 31/8/2009

Notification No. 63/2009 - Income Tax - (31/08/2009) - Notification No. 63/2009 - Income Tax It is hereby notified for general information that the organization Centre for Development of Advanced Computing, Pune has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income tax Act, 1961 (said A...

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Notification No. 56/2009 – Income Tax Dated 9/7/2009

Notification No. 56/2009 - Income Tax - (09/07/2009) - Notification No. 56/2009 - Income Tax It is hereby notified for general information that the organization Man Made Textile Research Association, Surat has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), r...

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Recent Posts in "section 35"

PGBP Additions and Deductions

Profits and Gains of Business or Profession (PGBP) Additions and Deductions Following things should be added to ‘Net Profit as per books’: 1. Depreciation as per BOOKS 2. Income tax in BOOKS (including duty, cesses, late fee, or any other payments related to income tax liability) 3. 30% sum payable to residents on which TDS […]...

Read More
Posted Under: Income Tax |

Section 35 Deduction for expenditure on scientific research

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) ...

Read More
Posted Under: Income Tax |

Deduction Claimed as R&D Expense For Development on Mechanism to Produce Customised Products Allowed

Harsha Engineers Ltd. Vs DCIT (ITAT Ahmedabad)

The issue under consideration is whether deduction can be claimed under Research and Development (R&D) for Amount incurred towards development on a mechanism to produce customised products?...

Read More

Deduction u/s 35(2AB) of pre-amended period allowed without issue of form No. 3CL from DSIR

Omni Active Health Technologies Ltd Vs ACIT (ITAT Mumbai)

Omni Active Health Technologies Ltd Vs ACIT (ITAT Mumbai) The issue under consideration is whether the deduction u/s 35(2AB) towards research and development expenditure claimed by assessee is justified in law? In present case, the assessee claimed deduction u/s 35(2AB) being 200% of amount incurred towards scientific research. The perusa...

Read More

Deduction u/s 35(2AB) can’t denied, merely because of no approval of expenditure

Advance Enzyme Technologies Ltd. Vs ACIT (ITAT Mumbai)

Once R&D facility has been recognized by competent authority, then deductions provided u/s 35(2AB) cannot be denied, merely for the reason that approval of expenditure for impugned year in prescribed form has not been received from competent authority....

Read More

Deduction u/s 80G cannot denied merely because such payment forms part of CSR

First American (India) Pvt. Ltd Vs ACIT (ITAT Bangalore)

The issue under consideration is that whether the expenditure incurred for CSR will also be qualified for deduction under section 80G?...

Read More

Decoding the End of Perpetuity Regime for NGOs, Charitable Trusts etc.

The Finance Act 2020 has brought in some dynamic changes in respect of the exempted Trusts, Societies, NGOs, Charitable Trusts, Section 8 Companies including educational, medical and/or religious institutions complying with the certain rules of registration under the Income Tax Act, 1961 (the Act). The registrations were perpetuity in nat...

Read More
Posted Under: Income Tax |

Deferment for Approval/ Registration of Charitable Trusts & Exempt Institutions

Deferrement of Procedure for Approval/ Registration/Notifications of certain entities U/s 10(23C), 12AA, 35 & 80G of Income Tax Act, 1961 till 01st October,2020 The Finance Act, 2020 has introduced certain new compliance burdens on Charitable Trusts and Exempt Institutions. The Budget 2020 has amended certain provisions of the Inc...

Read More
Posted Under: Income Tax |

New Procedure for registration, approval U/s.10(23C), 12AA, 35 & 80G deferred

Release ID: 1622387 09/05/2020

CBDT has decided that the implementation of new procedure for approval/ registration/notification of certain entities shall be deferred to 1st October, 2020. Accordingly, the entities approved/ registered/ notified under section 10(23C), 12AA, 35 and 80G of the Income-tax Act, 1961 (the Act) would be required to file intimation within thr...

Read More

Income Tax Benefits related to Research & Development expenses

ISRO succeeded in Mars mission by launching the largest rocket GSLV Mark III in space after lot of efforts and spending crores of rupees on research and development. Similarly if businessmen carry out such R&D, etc. activity, then is there any provision of Income Tax which benefits him?...

Read More
Posted Under: Income Tax | ,

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