Income Tax

Section 42 of Income Tax Act, 1961: Special Provision for deduction in the case of business for oil

Section 42 of Income Tax Act, 1961: Special Provision for deduction in the case of business for oil

(1) Any agreement between the Central Government and any person for the association or participation of the Central Government or any person authorized by it in such business (which agreement has been laid on the table of each House of Parliament) with respect to any business consisting of the prospecting for, extraction from, or production […]

Santanu Ghosh

December 15, 2023 at 12:30 PM

Section 72A of Income Tax Act, 1961

Section 72A of Income Tax Act, 1961

Provisions relating to carry forward and set-off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc. Carry Forward of Business Loss and Unabsorbed Depreciation as per Section 72A: Section 72A allows carry forward of business loss and unabsorbed depreciation in case of: If certain requirements listed in section 72A are met, business […]

Vaswani Nishtha

December 15, 2023 at 12:18 PM

Section 13A- Special Provision Relating to Income of Political Parties

Section 13A- Special Provision Relating to Income of Political Parties

Section 13A of the Income Tax Act, 1961 contains a special provision with regards to the income of political parties. This section states when the income of political parties is not to be included in the total income of such political parties. As per Section 13A of the Act, the income of political parties is […]

Arpita Maharana

December 15, 2023 at 12:17 PM

Section 41 of Income Tax Act, 1961: Profits chargeable to tax

Section 41 of Income Tax Act, 1961: Profits chargeable to tax

(1) Where a loss, expense, or trading liability incurred by the assessee (hereinafter referred to as the first-mentioned person) and later during any previous year has been allowed for or deducted from the assessment for any year, (a) The amount obtained by the first-mentioned person or the value of the benefit accruing to him shall […]

Yashika Thakran

December 15, 2023 at 12:15 PM

Rule 6ABBA of Income Tax Rules: Other electronic modes

Rule 6ABBA of Income Tax Rules: Other electronic modes

The rule states that: The following shall be the other electronic modes for the purposes of clause (d) of first proviso to section 13A, clause (f) of sub-section (8) of section 35AD, sub-section (3), sub-section (3A), proviso to sub-section (3A) and sub-section (4) of section 40A, second proviso to clause (1) of Section 43, sub-section […]

Aryan Mohanty

December 15, 2023 at 12:05 PM

Section 80CCB of Income Tax Act, 1961: Deduction in respect of investment under Equity Linked Saving

Section 80CCB of Income Tax Act, 1961: Deduction in respect of investment under Equity Linked Saving

Deduction against investment made under Equity Linked Savings Scheme is available under section 80CCB of Chapter VIA. The assessee can claim deductions from Gross Total in respect of payments. Eligible Assessee : Individual and HUF Exemption limit : Maximum deduction allowed ₹ 10,000. Conditions for exemption : Exception : No deduction shall be allowed in […]

Tanish Karuia

December 15, 2023 at 11:27 AM