Special provisions in the computation of income in case of business of prospecting or extraction of mineral oil (Section 42)

Special provisions in the computation of income in case of business of prospecting or extraction of mineral oil (Section 42)

Applicability: Any assessee carrying on business of prospecting or extraction or production of mineral oil. Condition: The Government of India or any person authorized by it should have entered into an agreement with such an assessee and the same is duly approved by the parliament. Admissible expenditure: Allowance specified in the agreement in relation to […]

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 DEDUCTION ALLOWABLE FOR CONTRIBUTION TO RURAL DEVELOPMENT PROGRAMME (SECTION 35CCA)

DEDUCTION ALLOWABLE FOR CONTRIBUTION TO RURAL DEVELOPMENT PROGRAMME (SECTION 35CCA)

Applicability: All assesses Nature of Expenditure: contribution made to approved association or institution for implementation of rural development programme and contribution to National fund for rural development or National urban poverty eradication fund. Deduction: Actual expenditure incurred. Subsequent withdrawal of approval: If the approval accorded to the university, college etc. is withdrawn subsequent to payment […]

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 PROVISIONS ON DEDUCTION FOR EXPENDITURE ON PROSPECTING FOR CERTAIN MINERALS (SECTION 35E)

PROVISIONS ON DEDUCTION FOR EXPENDITURE ON PROSPECTING FOR CERTAIN MINERALS (SECTION 35E)

Applicability: The assessee should be an Indian Company or Non-corporate resident assessee. Eligible Expenditure: Expenditure incurred wholly for- Operation relating to prospecting of such mineral or group of minerals specified in schedule VII or On the developments of mine or other natural deposits of such mineral or group of minerals. As reduced by- Expenditure met […]

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 DEDUCTION ON PAYMENTS TO EMPLOYEES IN CONNECTION WITH ‘VRS’ IN THE HANDS OF EMPLOYER (SECTION 35DDA)

DEDUCTION ON PAYMENTS TO EMPLOYEES IN CONNECTION WITH ‘VRS’ IN THE HANDS OF EMPLOYER (SECTION 35DDA)

Applicability: All assesses Conditions: The retirement should be in accordance with the scheme of voluntary retirement. The payment can be made in any year, each such payment independently being admissible for amortization over a period of five years. Deduction: The amount of  expenditure so paid will be allowed in 5 equal installments commencing from the […]

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 PROVISIONS FOR AMORTIZATION OF EXPENDITURE IN CASE OF AMALGAMATION / DE-MERGER (SECTION 35DD)

PROVISIONS FOR AMORTIZATION OF EXPENDITURE IN CASE OF AMALGAMATION / DE-MERGER (SECTION 35DD)

Applicability: The assessee should be an Indian Company. Deduction: Expenditure incurred for the purpose of amalgamation or de-merger will be allowed as a deduction in 5 equal installments commencing from the previous year in which amalgamation or de-merger took place. Such expenditure will not be allowed as deduction under any other provisions of the Act. […]

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