Taxation
Section 54EE- Capital Gain Not To Be Charged On Investment In Units Of A Specified Fund
The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. Section 54EE talks about the long-term capital gain exempted when invested in long-term assets. One can claim this exemption by following a few conditions. Following assets are not considered […]
Alka Pranjal
December 15, 2023 at 12:35 PM
Section 44AF Special Provisions for Computing Profits and Gains of Retail Business
Sub Section 01- In the case of an assessee engaged in retail trade of any goods or merchandise, regardless of anything to the contrary contained in sections 28 to 43C, a sum equal to 5% of the total turnover on account of such business in the previous year, or, as the case may be, a […]
Yashika Thakran
December 15, 2023 at 12:13 PM
Section 33AB of Income Tax Act, 1961: Development account of Tea, Coffee and Rubber
An amount deposited into a ‘Deposit Account’ or ‘Special Account’ for the utilization of the same for the specified purpose is allowed as a deduction under section 33AB. A deduction under section 33AB of the Income Tax Act is available to an assessee carrying on a business in India of growing and manufacturing tea, coffee, […]
Jain Saloni
October 28, 2022 at 07:24 AM
Section 33ABA of income Tax Act, 1961: Site restoration Fund
#incometax #incometaxlaws #deduction #section80C #specialcompanies #incometaxact1961 #taxation The Site Restoration Fund Section 33ABA and Rule 5AD are applicable to all assessees or taxpayers engaged in the business of: prospecting for petroleum or natural gas; extraction or production of petroleum or natural gas; or both in India. The Central Government has entered into an agreement with […]
Harshit Jain
October 25, 2022 at 01:04 PM