Business or Professions

Expenditures Not Deductible – Section 40(A)

Following expenditure shall not be deductible Payment made to relative in excess of fair value – Section 40(A)(2) If the assessee incurs any expenditure for which payment is made to the specified persons and the Assessing Officer is of opinion that such expenditure is excessive or unreasonable having regard to

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Section 43B – Deductions Allowed only on Actual Payment

Section 43B disallows the sum which are not paid in the financial year as well as not paid before due date of filing income tax return. The following sum are allowed in the year in which they are incurred, only if they are paid before the due date of furnishing

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Rent,Repairs,Insurance etc. – Section 30

The following expenses are allowed as deduction from income of Business or Profession:- + Amount spent on repairs to the premises. + Amount paid for land revenue, local rates and municipal taxes subject to Section 43B. + Insurance Premium paid for covering risk of damage of premises. + Rent paid

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Depreciation is allowed @ 60% on Printers, Scanner etc

From financial year 2017-18 and onwards, maximum rate of depreciation is 40%. So depreciation on printers, scanner etc is also applicable at the rate of 40%. CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `B’: NEW DELHI In The case of: ACIT v Container Corporation of India Ltd. Appeal No.

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Section 44ADA – Presumptive Taxation Scheme for Professionals

From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This section is similar to section 44AD for traders. Under this section professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any of the profession as given in section 44AA are allowed to

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Audit of Speculation Business-Shares, Futures and Options Trading

Audit under section 44AB is required when turnover exceeds Rs. 1 crore. But in case of speculation business, shares trading and futures/options, turnover is determined in the following manner. 1) Speculation Business – The aggregate of both positive and negative differences is to be considered as the turnover. 2) Intra

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