Section 40A (3) of income tax act Section 40A(3) of the Income Tax Act, introduced as an amendment in 2009, imposes restrictions on cash payments or receipts exceeding a specified threshold. Section 40A (3) of income tax act This section disallows tax deductions for expenses exceeding Rs. 10,000 made in cash on a single day. … Read more
Introduction:- Best Section 40A(2) of income tax act addresses payments made to relatives and associated individuals. It stipulates that if an assessee incurs expenses intended for payment to a specified person, and the Assessing Officer deems such expenditure excessive or unreasonable in relation to the fair market value of the goods, services, or facilities provided, or … Read more
Depreciation rate list as per income tax act Introduction: Depreciation is a critical aspect of income tax compliance for businesses, as it allows them to account for the wear and tear of assets over time. The Income Tax Act provides specific depreciation rates for different categories of assets, which businesses must adhere to when … Read more
Introduction: Income tax returns can be daunting for individuals and entities alike, especially when navigating complex sections like 11 and 12. These sections hold significance for trusts, institutions, and charitable organisations, outlining conditions that dictate their tax treatment. In this blog, we’ll explore the conditions for the applicability of Sections 11 and 12 in income … Read more
Introduction: Understanding Income from Contributions can be a complex affair for trusts and institutions, especially when it comes to reporting income from contributions. Understanding the nuances of this aspect is crucial for ensuring compliance with tax regulations while maximizing the benefits available. In this blog, we’ll delve into the intricacies of reporting income from contributions … Read more
