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Jun 16, 2013 · Sec 28 it act. gaurav panwar (ca) (57 Points) 16 June 2013. In sec 28 of income tax act, it is given that income derived by trader, proffessionaland any other related association from special service performed for it member, then it is taxable under BPV head. Can any one explain meaning of special service ( which type of service) and also give ...
Jul 17, 2023 · As per section 32 of the Income Tax Act, 1961, depreciation is allowed on tangible assets and intangible assets owned, wholly or partly, by the assesse and used for the purposes of business or profession. As per section 57 (ii) depreciation deduction is available from the income from hire of machinery, plant or furniture [Section 56 (ii)] or ...
Jul 8, 2013 · Section 44 AD of Income Tax Act. Special provision for computing profits and gains of business on presumptive basis For Assessment Year 2013-14. Section 44AD (1) of the Income tax act 1961 read as under. “ (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible ...
Feb 28, 2024 · Section 40A (2) (b) of the Income Tax Act pertains to the disallowance of certain expenses in case the taxpayer has failed to deduct tax at source as required by law. An "assessee" in this context refers to any entity or person that is subject to taxation under the Income Tax Act in India. This encompasses individuals, Hindu Undivided Families ...
Feb 5, 2021 · S.145A and S.145B of Income Tax Act,1961. New sections 145A and 145B have been inserted vide Finance Act,2018 in place of the existing section 145A. These two sections apply retrospectively from 01/04/2017. These sections have been inserted to bring certainty regarding the applicability of ICDS. Since, ICDS are made applicable from 01/04/2017 ...
Jun 25, 2020 · At present, following capital receipts have been specifically included in the definition of "Income": (a) Income by way of capital gains [Section 45] (b) Any sum received under a Keyman insurance policy including the sum allocated by way of bonus on such policy will constitute income. (c) Compensation on termination of employment or ...
Nov 23, 2013 · INCOME TAX FOR CS EXAM DEEMBER 2013. Heads of Income: Income of a person is classified into 5 categories. Thus, income belonging to a particular category is taxed under a separate head of income pertaining to that category. Section 14 of the Act, has classified five different heads of income for the purpose of computation of total income.
Feb 2, 2024 · The Finance Bill 2023 has introduced a significant amendment to the Income Tax Act, 1961, relating to Micro and Small Enterprises (MSMEs) which is applicable from 1st of April, 2023. Specifically, the amendment introduces Section 43B (h), impacting the deduction of overdue payments to MSMEs. This article explains the provisions, implications ...
Aug 19, 2024 · You are correct. A CA certificate under Section 281 of the Income Tax Act, 1961, is typically issued by the Assessing Officer (AO) of the Income Tax Department, not by a Chartered Accountant (CA). Section 281 of the IT Act states that the AO may issue a certificate to a person (in this case, the borrower) specifying the amount of tax payable by ...
Oct 13, 2021 · Special provision for computing profits and gains of business on presumptive basis. 44AD. (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the assessee in the previous year on ...
