#section80hhb #profits #gains #income #incometax #incometaxact1961 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. As per Section 80HHB, - If the assessee is an Indian company or a person who is a resident of India, the gross total income of an includes any profits and gains derived from the business- (a ) the foreign project execution should be undertaken by the assessee in

#losses #company #capital #gains #notes #incometax Section 74 If the net result of the computation under the head “Capital gains” is a loss, the whole of the loss shall be carried forward to the following assessment year as follows— Long-term capital loss can be set off only against long-term capital gains. Short-term capital loss can be set off against short-term or long-term capital gains. Such loss can be carried forward for 8 (eight) assessment years immediately succeedin

#INCOMETAXACT #SECTION44BB #SECTION28 #SECTION41 #SECTION43 #PROFITS #GAINS #EXPLORATION #MINERALOILS Despite anything to the contrary in sections 28 to 41 and sections 43 and 43A, in the case of an assessee 47, being a non-resident, engaged in the business of offering services or facilities in connection with, or supplying plant and machinery on hire used, or to be used, in the prospecting for, extraction from, or production of, mineral oils, a sum equal to 10% of the total

#INCOMETAXACT #SECTION44B #SECTION28 #SECTION43A #PROFIT #GAINS #SHIPPINGBUSINESS #NONRESIDENTS Despite anything to the contrary stated in sections 28 to 43A, a sum equal to 7.5 per cent of the total of the amounts specified in subsection (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head "Profits and gains of business or profession" in the case of an assessee who is a non-resident engaged in the business of operating ships. The

#INCOMETAXACT #SECTION44AD #PROFIT #GAINS #BUSINESS #HINDUUNDIVIDEDFAMILY #SECTION10AA #SECTION80IA #SECTION80RRB #SECTION44AE #SECTION44AA #ELECTRONICFUNDSTRANSFER Applicability The provisions of this section are optional for all assessees and only apply to resident Individuals, HUFs, and Firms (excluding LLPs). This clause only applies if the turnover is less than Rs. crores. The assessee's profit and earnings from the eligible business will be presumed to be 8% of total tu