Taxinfo.inJul 24, 20181 minGeneral Deductions – Section 37Any expenditure not covered by section 30 to 36 is deductible under section 37, subject to the following conditions It should not be a capital expenditure It...
Taxinfo.inJul 22, 20187 minRemuneration and Interest to Partners – Section 40bThis guide is applicable for Financial year 2018-19 and 2019-20. Section 40b determines the maximum amount of remuneration and interest on capital payable to...
Taxinfo.inJun 27, 201811 minDepreciation rates as per Income Tax Act (For F.Y 2018-19 & 2019-20)Depreciation Rate Finder @charset "utf-8"; /* CSS For Income tax Calculator */ #wrapercnt { width:auto;height:auto;margin:0 auto; padding-top: 10px;} #inner...
Taxinfo.inJun 25, 20182 minProfits and gains of business of plying, hiring or leasing goods carriages – Section 44AEEligible Assessee – This section is applicable to assessee who is engaged in the business of plying, hiring or leasing of goods carriages and who doesn’t own...
Taxinfo.inJun 25, 20183 minSection 44AD – Profits Calculated on Presumptive BasisEligible Assessee A resident individual, resident HUF, resident partnership firm but not a limited liability partnership firm. Who has not claimed deduction ...
Taxinfo.inJun 25, 20182 minAudit of Accounts – Section 44ABThe following persons are required to get their accounts audited by a practicing Chartered Accountant – (a)A person carrying on businessIf the total sales, t...
Taxinfo.inJun 24, 20182 minSection 44AA – Maintenance of AccountsCase – I Persons carrying on specified profession Specified profession – Profession of legal, medical, engineering, architectural, accounting, technical cons...
Taxinfo.inJun 24, 20182 minDeduction of Deficiency – Section 44AAs per the principle of mutuality, any income arising to a trade, professional or similar association does not partake character of income and thereby not ta...
Taxinfo.inJun 24, 20183 minAmounts not Allowed as Deduction – Section 40aThe following amount shall not be allowed as a deduction in computing the income chargeable under the head Profit & gains of business or professions: – Any i...
Taxinfo.inJun 24, 20184 minExpenditures Not Deductible – Section 40(A)Following expenditure shall not be deductible Payment made to relative in excess of fair value – Section 40(A)(2) If the assessee incurs any expenditure for w...
Taxinfo.inJun 21, 20184 minSection 43B – Deductions Allowed only on Actual PaymentSection 43B disallows the sum which are not paid in the financial year as well as not paid before due date of filing income tax return. The following sum are...
Taxinfo.inJun 19, 20181 minRent,Repairs,Insurance etc. – Section 30The following expenses are allowed as deduction from income of Business or Profession:- + Amount spent on repairs to the premises. + Amount paid for land r...
Taxinfo.inJun 3, 20182 minDepreciation is allowed @ 60% on Printers, Scanner etcDepreciation as per Income Tax Calculator From financial year 2017-18 and onwards, maximum rate of depreciation is 40%. So depreciation on printers, scanner ...
Taxinfo.inMay 2, 20183 minSection 44ADA – Presumptive Taxation Scheme for ProfessionalsApplicable for FY 2016-17 and FY 2017-18 From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This sectio...
Taxinfo.inApr 7, 20181 minAudit of Speculation Business-Shares, Futures and Options TradingAudit under section 44AB is required when turnover exceeds Rs. 1 crore. But in case of speculation business, shares trading and futures/options, turnover is ...
Taxinfo.inApr 6, 20189 minComplete Guide on Depreciation as per Income Tax – Section 32Basics of depreciation Depreciation in the year in which asset is purchase Depreciation in subsequent years Calculation of Depreciation Calculation of purcha...
