Section 35A, of Income Tax Act, 1961 states that (1) In respect of any expenditure of a capital nature incurred after the 28th day of February, 1966 but before the 1st day of April, 1998, on the acquisition of patent rights or copyrights (hereafter, in this section, referred to as rights) used for the purposes […]
Direct Benefit Transfers (DBT) is a program introduced by the Government of India to provide financial assistance and other benefits to eligible individuals directly into their bank accounts. This system has been implemented to streamline and improve the efficiency of welfare programs in the country. In this blog, we will explore the benefits and challenges
Section 35, of Income Tax Act, 1961 states that (1) In respect of expenditure on scientific research, the following deductions shall be allowed— (i) any expenditure (not being in the nature of capital expenditure) laid out or expended on scientific research related to the business. Explanation.—Where any such expenditure has been laid out or expended
Section 34A, of Income Tax Act, 1961 states that (1) In computing the profits and gains of the business of a domestic company in relation to the previous year relevant to the assessment year commencing on the 1st day of April, 1992, where effect is to be given to the unabsorbed depreciation allowance or unabsorbed
Section 34, of Income Tax Act, 1961 states that (1) [***] (2) [***] (3)(a) The deduction referred to in section 33 shall not be allowed unless an amount equal to seventy-five per cent of the development rebate to be actually allowed is debited to the profit and loss account of any previous year in respect of which
Starting a payment gateway company in India involves the following steps: Register a company: Register a company in India as per the Indian Companies Act, 2013. You can choose to register a Private Limited Company or a Limited Liability Partnership (LLP) in India. Obtain necessary licenses and permits: Obtain the necessary licenses and permits from
Section 33B, of Income Tax Act, 1961 states that Where the business of any industrial undertaking carried on in India is discontinued in any previous year by reason of extensive damage to, or destruction of, any building, machinery, plant or furniture owned by the assessee and used for the purposes of such business as a
Securities and Exchange Board of India (SEBI) is the regulator of the securities market in India. It was established in the year 1988 and since then it has been playing a crucial role in the development of the Indian securities market. SEBI operates under the jurisdiction of the Ministry of Finance, Government of India. SEBI’s
Section 33AC, of Income Tax Act, 1961 states that (1) In the case of an assessee, being a Government company or a public company formed and registered in India with the main object of carrying on the business of operation of ships, there shall, in accordance with and subject to the provisions of this section,
Section 33ABA, of Income Tax Act, 1961 states that (1) Where an assessee is carrying on business consisting of the prospecting for, or extraction or production of, petroleum or natural gas or both in India and in relation to which the Central Government has entered into an agreement with such assessee for such business, has
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