Deduction u/s 35AD is available towards any capital expenditure, wholly and exclusively, incurred for carrying on a specified business. This deduction has been applicable since AY 2010-11.
Section 40A(2) of the Income Tax Act lays down provisions for the disallowance of certain payments to relatives. Let us discuss persons covered u/s 40A(2)(b).
There are a number of deductions available under various sections that will bring down your taxable income. In this article, we have discussed some deductions under chapter VIA that a taxpayer can claim.
The implication of section 194Q in the Income Tax Act, 1961 is one of the several desperate attempts of the Government to increase the flow of revenue into the exchequer.
In this article, we have given a complete step-wise tutorial on how one can correct their name in their Aadhaar Card, in person, via post or online.
In case a deduction has already been claimed on an accrual basis in any earlier previous year, it will not be allowed again in the year in which it is actually paid.
According to Section 194O, an e-Commerce operator is required to deduct TDS for facilitating any sale of goods or providing services through an e-Commerce participant.
India first introduced an equalisation levy in 2016, when it charged 6% of consideration for online advertisement services, earned by non-residents from an Indian resident carrying on a business.
Due to the COVID-19 pandemic situation in India, CBDT, as well as CBIC, have provided various relaxations in Direct Tax and Indirect Tax. Let us discuss the same.
As per section 35D of the Income Tax Act, 1961, preliminary expenses incurred prior to the commencement of business, extending an existing business, setting up a new unit etc. are eligible to be amortized.
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