I. Increase in the allowable deduction limit for remuneration paid to working partners of a firm Effective from the Assessment Year 2010-11, Sub-clause (v) of clause (b) of section 40 of the Income Tax Act, 1961 (“the Act”) established a cap on the allowable deductions for remuneration to working partners of a partnership firm, subject…
Eligible Assesse : Resident Individual/Resident HUF/ Resident Firm (excluding LLP) who has not claimed deduction u/s 10AA or 80IA to 80RRB Exceptions : This section is applicable for any Business except Sec. 44AE Business,Agency Business,Commission & Brokerage business; and Turnover/Gross Receipts is upto 2 crore. Note: Where the amounts received during the PY in cash…
Section 194Q – Deduction of tax at source on payment of certain sum for purchase of goods Introduction of Section 194Q: Section 194Q of the Income Tax Act, 1961 deals with the deduction of tax while making payments to the seller for goods purchased from him. Applicability: TDS u/s 194Q shall be deducted by a…
Annexure A – List of codes not eligible for Section 44AD Code Sub Sector 9005 General Commission Agent 14001 Software Development 14002 Other Software Consultancy 14003 Data Processing 14004 Database activities and Distribution of Electronic Content 14005 Other IT Enabled Services 14006 BPO Services 14008 Maintenance and repair of office, accounting, and computing machinery 16001…
Source:Income taxIntro:Section 115BA is first introduced in the Finance Act, of 2016.Purpose is to reduce corporate-taxes of various domestic companies in India that are dealing with manufacturing process.After satisfying required conditions.Conditions to be satisfied:a. set-up & registered on or after 01/03/2016b. should engage in business of manufacture or production of i. any article ii. thing…
Full Form: PAN – Permanent Account Number10 digit unique alpha numeric id Introduction The idea of PAN(Permanent Account Number) was first introduced in 1972.It was made mandatory under SECTION 139A in 1976. It is issued on a laminated card, also called as PAN CARD, by the Income Tax Department. What is PAN ? PAN format:Typical…
Form 10B is an audit report that must be filed by charitable and religious trusts under Section 12AB of the Income-tax Act, 1961.Form 10BB is an audit report that must be filed by educational and medical institutions under Section 10(23C) of the Income-tax Act, 1961.Form ITR-7 is the income tax return form that must be…
