1, 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. […]
Read More1. Applicability: The assessee should be an Indian Company or Non-Corporate resident assessee. 2. Purpose of preliminary expenses: Before commencement of business – For setting up of any undertaking or business. After commencement of business – Extension of existing undertaking Or setting up new unit. Note: W.e.f. A.Y. 2009-10, the benefit u/s 35D is also […]
Read More1. 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 […]
Read More1. Eligible projects / Schemes: “Eligible project or scheme” means such project or scheme for promoting the social and economic welfare of, or the upliftment of, the public as the Central Govt. may, by notification in the official gazette, specify in this behalf on the recommendations of the National Committee. 2. National Committee: “National Committee” […]
Read More1. Books or books of accounts includes ledgers, day books, cash books, account books and other books, whether kept in the written form or as print-outs of data stored in a floppy, disc, tape or any other form of electro-magnetic data storage device. 2. Document includes an electronic record as defined u/s 2(1)(t) of the […]
Read MoreA. Nature of Expenditure: If an assessee incurs any expenditure in respect of which payment in excess of Rs.35, 000 in case of payment for plying, hiring or leasing goods carriages and Rs. 20,000 in any other case, is made otherwise than by an account payee cheque or an account payee bank draft, 100% of […]
Read MoreNature of expenditure disallowed: Interest, salary, bonus, commission, remuneration paid by an AOP/BOI to its members is not allowed as deduction in computation of income of AOP/BOI. If the AOP/BOI receives as well as pays interest to its members during the previous year, then the excess interest paid over and above the interest received shall […]
Read MoreApplicability: 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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