April 22, 2023

The Economic Advisory Council to the Prime Minister (EAC-PM)

Are you looking to know about The Economic Advisory Council to the Prime Minister or do you want to become a part of it ? This blog will help you understand everything about The Economic Advisory Council to the Prime Minister, its structure, function and composition   The Economic Advisory Council to the Prime Minister […]

Development allowance

Development allowance

Section 33A, of Income Tax Act, 1961 states that (1) In respect of planting of tea bushes on any land in India owned by an assessee who carries on business of growing and manufacturing tea in India, a sum by way of development allowance equivalent to—  (i)  where tea bushes have been planted on any

Development rebate

Development rebate

Section 33, of Income Tax Act, 1961 states that (1)(a) In respect of a new ship or new machinery or plant (other than office appliances or road transport vehicles) which is owned by the assessee and is wholly used for the purposes of the business carried on by him, there shall, in accordance with and

Investment in new plant or machinery

Investment in new plant or machinery

(1) Where an assessee, being a company, engaged in the business of manufacture or production of any article or thing, acquires and installs new asset after the 31st day of March, 2013 but before the 1st day of April, 2015 and the aggregate amount of actual cost of such new assets exceeds one hundred crore

Investment deposit account

(1) Subject to the other provisions of this section, where an assessee, whose total income includes income chargeable to tax under the head “Profits and gains of business or profession”, has, out of such income,— (a) deposited any amount in an account (hereafter in this section referred to as deposit account) maintained by him with