*** *** ALLOW ABILITY OF EXPENDITURE (SECTION 37) 1. Conditions for allow ability of expenditure: There should be an expenditure of revenue nature incurred during the previous year. The expenditure should not be Capital in nature. It should be incurred in connection with business or profession carried on by the assessee. It should have been […]
Read More*** *** Export Profit: Profit of the business of the Undertaking * Export Turnover/ Total Turnover. Export Turnover: Export consideration brought to India in convertible foreign exchange Within 6 months from the end of the relevant previous year. Less: Freight, Telecommunication charges or Insurance attributable to activities outside India and Foreign Exchange expenses for Technical […]
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Agricultural Income is exempt from Income Tax, but the Income Tax Act indirectly collects tax on Agricultural income. Applicability: The method of aggregation is applicable to Individuals, HUF, AOP & BOI and not applicable to Firms and Companies. Minimum Agricultural Income: It is applicable to Assessees whose Agricultural Income exceeds Rs.5000/-. Minimum Total Income: The […]
Read More* * * Export Profit: Profit of the business of the Undertaking * Export Turnover/ Total Turnover. Export Turnover: Export consideration brought to India in convertible foreign exchange within 6 months from the end of the relevant previous year. Less: Freight, Telecommunication charges or Insurance attributable to activities outside India and Foreign Exchange expenses for […]
Read MoreAll the tax payers has to file their income tax returns before 31st July,2011 (Except those who are covered under Tax Audit i.e., whose Turnover is more than Rs.60.00 Lacs / Professional receipts exceed Rs.15.00 Lacs the due date is 30th September,2011). The y has to file the following Formats of Returns depending upon their […]
Read MoreAll 1. Expenditure on in-house research: The following expenditure incurred by the assessee on scientific research in relation to the assessee’s business shall be allowed as deduction- Current year expenditure: Current year revenue expenditure or Capital expenditure on scientific research. Prior period expenditure: Prior period revenue expenditure or capital expenditure incurred during 3years immediately preceding […]
Read More1. Applicability: All assesses who carry on the business of growing and manufacturing tea or coffee or rubber in India. 2. Pre-condition: The assessee should deposit the amount in NABARD or special Deposit Account within earlier of 6months from the end of the relevant previous year or before the due date of filing return of […]
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