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 […]
(1) Where an assessee, sets up an undertaking or enterprise for manufacture or production of any article or thing, on or after the 1st day of April, 2015 in any backward area notified by the Central Government in this behalf, in the State of Andhra Pradesh or in the State of Bihar or in the
The Constitution of India, as the supreme law of the land, provides a framework for the functioning of the country. One of the key features of the Indian Constitution is the federal structure, which divides the powers and responsibilities between the Union (Central) government and the State governments. The Seventh Schedule is a crucial part
(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
(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
Do you want to check the status of your EPF Claim Status or do you want to withdraw your Provident Fund amount ? In this blog, you will get to know exactly as to how you can raise a claim of your provident fund and how you can check the status of your epf claim
Staying abreast of current tax laws and regulations is imperative for investors to maximize their investment returns. One such provision that can aid in tax savings is the Investment Allowance outlined in Section 32A of the Income Tax Act. Implemented in 2014, the Investment Allowance enables businesses to claim a deduction of 15% on newly
Depreciation, a term frequently used in the fields of finance and accounting, refers to the decline in value of an asset over a certain period. In the context of income tax, it is an expenditure that businesses can claim as a deduction to decrease their taxable income and ultimately their tax burden. This blog post
Maintaining and repairing machinery, equipment, and furniture is of paramount importance in ensuring the functionality and productivity of any business. However, these maintenance and repair costs can pose a significant financial burden that may affect the profitability of the business. Luckily, Section 31 of the Income Tax Act provides some respite by allowing businesses to
When it comes to owning property, there are several expenses that must be considered, such as rent, fees, taxes, upkeep, and insurance. In India, these expenses are recognized as tax-deductible under section 30 of the Income Tax Act, 1961. Let us explore each of these expenses and their treatment under this section. Rent is eligible
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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