June 2024 – Page 11 – Sailesh Bhandari & Associates

AMOUNT CAN BE WITHDRAWN FOR THE PURPOSE OF THE SCHEME

The amount withdrawn for any of the above purposes will not be taxable. However, if the amount is not utilized for the specified purpose, it will be treated as income of the assesses in the year in which it is withdrawn. It is important to note that the deduction under Section 33ABAunder income tax act

INVESTMENT ALLOWANCE FOR INVESTMENT IN NEW PLANT AND MACHINERY [SEC. 32AC]

Section 32AC of the Income Tax Act, 1961 (ITA) provides for an investment allowance to manufacturing companies that invest in new plant and machinery. The deduction is available for the assessment year relevant to the previous year in which the investment is made. The investment allowance is a one-time deduction of 15% of the actual

PROVISION ILLUSTRATED UNDER INCOME TAX

There are many provisions illustrated under income tax, but some of the most common ones include: These are just a few of the many provisions illustrated under income tax. The specific provisions that apply to a taxpayer will depend on their individual circumstances. EXAMPLES FAQ QUESTIONS CASE LAWSSection 281of the Income Tax Act, this section

DISALLOWANCE OF DEPRECIATION

Disallowance of depreciation is a provision in the Income Tax Act that allows the government to disallow the depreciation claimed by taxpayers on certain types of assets. This can happen if the asset is not used for business purposes, if it is not used in India, or if it is not used for a long

CHARGEBILITY

This section of Income Tax also provides for the computation of income from profits and gains of business or profession. The income is computed under the following heads: The net profit is then taxed at the applicable rates as per Income Tax. Section 28 of Income Tax is a complex section with a lot of

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2024 June