PROVISIONS FOR EXPENDITURE INCURRED FOR OBTAINING LICENSE TO OPERATE TELECOMMUNICATION SERVICES (SECTION 35ABB)

PROVISIONS FOR EXPENDITURE INCURRED FOR OBTAINING LICENSE TO OPERATE TELECOMMUNICATION SERVICES (SECTION 35ABB)

Conditions for allow ability: Expenditure should be capital in nature. It should be incurred for the purpose of acquiring any right to operate telecommunication services. Payment should have been actually made to obtain a license for claiming deduction. It may be incurred either before commencement of business or any time during the previous year. Amount […]

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 Profits and Gains of Business or Profession

Profits and Gains of Business or Profession

Items Chargeable Under the Head Business or Profession (Section 28) Sec. 28  Income under the head business or profession (i) Profits and gains of business or profession. Speculation business shall be treated as distinct and separate from other business as speculation losses to be treated separately. (ii) Compensation or other payment for Termination or modification […]

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