2. 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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For the asst. Year 2011-12 (Financial year 01-04-2010 to 31-04-2011) Due Date: 31-07-2011 (for all tax payers whose turnover is less than Rs. 60 lakhs / professional receipts less than Rs.15 lakhs.) PAN NO. Date of Birth (As per PAN card) Name with surname (As per PAN card) Resident/ Non-Resident (Who stays outside India for […]
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***** *** Circumstances in which spouse clubbing not attracted u/s 64(1)(iv) If the assets are transferred before marriage If the assets are transferred for adequate consideration. If the assets are transferred in connection with an agreement to live apart. If on the date of accrual of income, transferee is not the spouse of the transfer […]
Read MoreThe Income Tax India exempts some of the incomes from levy of Income Tax. The incomes exempt are generally to encourage Industrial growth, non-profit organizations, Educational Institutions, Research & Development, Foreign Incomes, Infrastructure Development Bonds, Regulatory Authorities, Agricultural Incomes etc.,
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