What is 35ac of the Income Tax Act?

What is 35ac of the Income Tax Act?

Provided that a company may, for claiming the deduction under this sub-section, incur expenditure either by way of payment of any sum as aforesaid or directly on the eligible project or scheme.

What is tea Development account in income tax?

The account is generally known as a tea deposit account or a tea development account. The assessee must be carrying on the business of growing and manufacturing of tea in India. 2. The assessee must deposit any amount with a national bank, approved by the Tea Board, in accordance with the scheme.

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.

What is section 80G of Income Tax Act?

Section 80G is a facility available in the Income Tax Act which allows taxpayers to claim deductions for various contributions made as donations. The deduction under the Act is available for contributions made to the specified relief funds and charitable institutions.

What is section 32 of Income Tax Act?

As per section 32 of Income Tax Act, 1961, a assessee is entitled to claim depreciation on fixed assets only if the following conditions are satisfied: 1. Assessee must be owner of the asset – registered owner need not be necessary.

What is deduction of amount deposited in development account?

Lower of the following amount is allowed as a deduction under section 33AB– The amount deposited; or. 40% of the profit computed under the head ‘Profits and gains of business or profession’.

What is CBDT approval for trust?

The Central Board of Direct Taxes (CDBT) has come out with a specific format of application to grant the approval of a fund, trust, institution, university, any hospital or other medical institution under various provisions of section 10.

What is Form 58A?

58A. Certificate of expenditure incurred directly by a company in respect of eligible projects or schemes notified under section 35AC.

What is 80G and 80C?

This Deduction for Donation can be claimed by any taxpayer (whether Individual/ Partnership Firm/HUF /Company/ LLP etc) irrespective of whether he is earning income from salary or business. The deduction available under Section 80G is over and above the deduction of Rs. 1,50,000 allowed under Section 80C.

What is depreciation U S 32 1 of the Act?

According to an amendment made into the provisions of Section 32 of the Income Tax Act, 1961, currently considered as Section 32(1) (iia), an additional depreciation of 20% of the real cost of the asset shall be allowed on those machinery or plant which have been installed by assessee involved in the business of …

What is the standard deduction for assessment year 2020-21?

Rs.50,000
For FY 2020-21, standard deduction remains same as the previous year at Rs. 50,000.