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Expenditure on Scientific Research Section 35, section 35(2AB), Section 41(3)

If any person has done any scientific Expenditure revenue or capital relating to business, such expenditure is allowed to be debited without any restriction. Revenue Expenditure:- Any Revenue expenditure incurred scientific research relating to business, such whole expenditure is allowed to be debited to profit & loss. Capital Expenditure:- Any Capital expenditure Incurred for scientific …

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Depreciation Section 32, Additional Depreciation, Special deduction Section 32AD

What is Depreciation? As per Income Tax Act Depreciation is Reduction in Carrying value of Intangible or Tangible Assets over a period of time. Depreciation is non-cash expenditure as per Income-Tax Act. There are two method of Deduction in terms of Depreciation. Written Down Method Straight Line Method However  Income Tax Act allowed Depreciation as …

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Tax liability in respect of arrears of Rent Section 25A, Section 56, Section 26, Section 22/27

Tax liability in respect of arrears of Rent Section 25A Sometimes rent of a house property may be increased from retrospective effect i.e from back date and the assessee may receive arrear of rent, such arrears are taxable in the year in which arrears have been received, however  deduction shall be allowed @ 30% of …

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Provision for Filling of Income Tax Return

What is Section 139(1) Provision for Filling of Income Tax Return Under section 139(1) every Company assessee or Partnership firm is compulsory to file return of income irrespective of their income or loss. Other persons like Individual, HUF etc will file Income if Gross total income exceed 2,50,000 Rs Irrespective of deduction from 80C to …

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