I am herewith presenting some of my personal views to be discussed with regarding the proposed Company Law. I. COMPANY LAW The Proposed Company Law has to consider the following issues: FACE VALUE OF SHARES: There should be uniformity face value of forms @ Rs.10/- each and should not have any other face values so […]
Read More1. Applicability: Individual or HUF 2. Conditions: Investments or contribution should be made in approved investment schemes. The payment need not necessarily be made out of income chargeable to tax. Deduction shall be allowed only on payment basis not on accrual basis. 3. Maximum deduction: The maximum amount along with deduction u/s 80CCC and 80CCD […]
Read More* * * * * Common Conditions: 1. Deduction u/s 80-IA/80-ID/80-IE will be allowed only if the assessee furnishes the return of income u/s 139(1) 2. Period of deduction-Assessment years: a) For any 10 consecutive years out of 15 years beginning from the year in which the undertaking or the enterprise- Develops and begins to […]
Read MoreThis deduction is available for assessees not having any income chargeable under the head Profits and Gains of Business or Profession, but have contributed to approved projects and schemes.
Read More1. Eligible Assesses: Undertaking/Enterprises engaged in development of Special Economic Zone. 2. Conditions: The assessee should be a developer of a Special Economic Zone. Gross Total Income should include profits and gains derived by such undertaking from any business of developing a Special Economic Zone. Special Economic Zone should be notified on or after 1-4-2005 […]
Read More1. Applicability: All assessees 2. Amount of deduction: Amount of profits and gains derived from certain business for 5 consecutive years beginning from the assessment years in which such business commences. 3. Eligible business: Business should consist of collecting, processing or treating Bio-degradable waste for Generation of power Producing bio-fertilizers, bio-pesticides, biological agents, Producing bio-gas […]
Read More1. Applicability: Indian Company Amount of deduction: Amount contributed during the previous year to a political 2. Party registered u/s 29A of the representation of people Act, 1951.
Read More1. Applicability: Individual or HUF, resident in India. 2. Nature of expenditure: Expenditure incurred for medical treatment of specified diseases for self, dependant relative or member of HUF or dependant relative of member of HUF. 3. Specified diseases as per Rule 11DD: Neurological diseases Cancer AIDS Chronic renal failure Haemophilia Thalassaemia 4. Amount of deduction: […]
Read More1. Applicability: Any person other than Indian Company 2. Not applicable to: Local authority Every Artificial Juridical person wholly or partly funded by the Government. 3. Amount of deduction: Amount contributed during the previous year to a political party registered u/s 29A of the representation of people Act, 1951.
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