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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 […]
(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 […]
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 […]
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 […]
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 […]
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, […]
#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 […]