Rules for allow ability of unrealized rent (Rule 4) Unrealized rent means the rent not paid by the tenant and realized by the owner and the same shall be deducted from the actual rent receivable from the property before computing income from that property, provided the following conditions are satisfied- The tenancy is bonafide. The […]
Read MoreAdmissible Expenditure Any reasonable sum paid by way of commission or remuneration for purpose of realizing dividends or interest on securities Contributions to ESI, EPF and superannuation fund, those recovered from the employees, paid before due dates under relevant acts. Repairs, insurance and depreciation of Building, Plant and Machinery and furniture. 33 1/3% of Family […]
Read More2. Bar on formation style: It is not formed by splitting up of or reconstruction of a business already in existence. It is not formed by the transfer to a new business of machinery or plant previously used for any purpose except under the following circumstances- Such plant and machinery is imported Such plant and […]
Read More1. Applicability: Any undertaking which commences its operation during the period beginning on the 01/04/2007 and ending before 01/04/2017 in any of the north-eastern states to- Manufacture or produce any eligible article or thing, Undertake substantial expansion to manufacture or produce any eligible article or thing , Carry on any eligible business 2. Bar on […]
Read More1. Eligible Assessees: Scheduled bank having an offshore banking unit in a Special Economic Zone or Foreign Bank having an offshore banking unit in a Special Economic Zone, or Unit of International Financial Services Centre 2. Conditions: Gross total income of the assessee includes- Income from the Offshore Banking Unit in a Special Economic Zone, […]
Read More1.Eligible Contributions: Assessees are entitled to deduction u/s 80G if they have contributed to or donated to Approved Funds and Charitable Institutions. 2. Conditions: Donations should be made in sum of money and not in kind. The assessee should produce proof of payment along with return of income 3. Meaning of Charitable Institution: Charitable Institution […]
Read MoreSection 80B Gross total income means total income computed in accordance with the provisions of the Income tax Act before making any deduction under Chapter VIA. Section 80AC Deduction u/s 80-IA/80-ID/80-IE will be allowed only if the assesses furnishes the return of income u/s 139(1).
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