What is section 35 of Income-tax Act?
Provisions of section 35 of the Income Tax Act, 1961 covers deduction allowable towards expenditure on scientific research….Section 35 Deduction for expenditure on scientific research.
| Assessment Year | The corresponding percentage of available deduction |
|---|---|
| Till Assessment Year 2020-2021 | 150% of the sum paid |
| From Assessment Year 2021-2022 | 100% of the sum paid |
What is the tax treatment of interest paid on capital borrowed for payment of income-tax?
Interest on money borrowed to pay income-tax is not allowable as deduction. Interest for late payment/nonpayment of income-tax/advance tax/tax deducted or collected at source or for late filing of return, is not allowable as deduction.
What are the conditions to get the deduction under section 37?
Section 37(1) says that any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purpose of business or profession shall be allowed in computing the …
What are the deduction under section 30 to 37?
Deduction under this section is allowed to a Specified Entity of an amount not exceeding 20% of the profits derived from Eligible Business computed under the head profits and gains of business or profession (before making any deduction under this clause) carried to special reserve account created and maintained by such …
How do I get a 35AC certificate?
All approved NGOs are required to issue a certificate to the donor for all contributions & receipts under section 35AC. The certificate is to be issued in Form 58A. This certificate will enable the donor to claim exemption from its taxable income.
Can I claim both 24b and 80EE?
This deduction can only be claimed if the owner or his or her family members reside in the house property. If one is able to meet the conditions of both the sections i.e. Section 24 and Section 80EE, the individual can avail benefits under the two.
What is section 36 of income tax?
Expenses allowable as deduction
| Deduction u/s 36 of the Income Tax Act, 1961 | Type of assessee (having income from business or profession) eligible for this deduction |
|---|---|
| Insurance premium on health of employees | Any assessee |
| Bonus or commission paid to employees | Any assessee |
| Interest on borrowed capital | Any assessee |
Which expenses are disallowed?
Disallowed Expenses
- Insurance such as trip cancellation, personal health, or life insurance.
- The use of State funds to accommodate personal comfort, convenience, or taste.
- Lost or stolen articles.
- Alcoholic beverages.
- Damage to personal vehicle, clothing or other items.
- Movies charged to hotel bills.
What is Section 30 to 36 of Income Tax Act?
Sections 30 to 36 of the Act deal with deductions for computing profits and gains of business or profession and also prescribes certain conditions to avail of such deductions. The amount of interest paid with respect to capital borrowed for the purposes of business or profession is one among them.
What is section 36 of Income Tax?