section 40A(2)

No Disallowance u/s 40A(2) If A.O Fails to Prove Transaction is Sham or for...

In earlier posting it was brought before readers that the section 40A(2) empowers assessing officer to disallow certain payments made to specified persons only...
disallowance under sec.40A(2)

No Disallowance under sec.40A(2) Without Proving How Payment was Excessive

Section 40A of the Income Tax Act provides power to the assessing officer for disallowing expenses or payments not deductible in certain circumstances ....

No Disallowance of PF Contribution – Employer or Employee- if Deposited Before Due Date...

Section 36 of the Income Tax Act allows certain deductions while computing income from business or profession. sub-clause (va) of section 36(1) provides that...
tax audit

No Tax Audit u/s 44AB in 6 Types of Businesses Even if Turnover is...

Tax audit u/s 44AB of the Income Tax Act  is a necessary compliance by all person carrying on  business when the turnover of the...
carried forward losses

What is the order in which carried forward losses are adjusted with income?

Carried forward losses are allowed to be adjusted with the income of the year. However, since carry forward of losses of different heads are...
business or profession

Business or Profession : Six Good Reasons to Differentiate Between Them?

Most of the persons think that distinction between businesses or profession is for the purpose of knowing the compliance u/s 44, or 44AB only,...
carbon credits

Carbon Credit : 8 Frequently Asked Questions Answered !

Carbon credits is the outcome of the Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) which is an international treaty that sets...
turnover

Business Turnover : What to Deduct & What Not ?

The computation of turnover is important for any business, because two major provisions under Income Tax Act apply on the basis of turnover of...
MAT Credit

Is MAT Credit Lapsing This Year? Apply This Tax Planning Method.

Companies have to pay minimum alternate tax in India  (MAT) .Section 115JAA of the Income Tax Act provides that when t MAT tax paid...
finance 2012

Amendment to Sec. 40(a)(ia) by Finance Act 2012 Retrospective : ITAT

This is very good news for many assessees who have suffered disallowance of expenses under section 40(a)(ia) of the Income Tax Act  for non...