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A Complete Guidance Understanding Cash Payment Limits Under Section 40A(3)”

Introduction To curb the use of cash transactions and promote transparency, the Income Tax Act, 1961, imposes restrictions on the deductibility of cash payments exceeding ₹20,000 under Section 40A(3). This provision ensures that taxpayers use digital or non-cash methods

How Is Interest on Borrowed Capital Deductible? Complete Guidance

Introduction Businesses often borrow funds to finance operations, purchase assets, or expand their operations. The Income Tax Act, 1961, allows businesses to claim deductions for the interest paid on borrowed capital. This provision, covered under Section 36(1)(iii), provides significant

What is the Deduction for Bad Debts Under Section 36(1)(vii)? Complete

Introduction Bad debts are an inevitable part of any business that offers goods or services on credit. When a debt becomes irrecoverable, the Income Tax Act, 1961, provides relief by allowing businesses to claim a deduction under Section 36(1)(vii).

How Are Expenses for Employee Health Insurance Treated Under Section 36? A Complete

Introduction Employee health insurance is a critical part of workplace benefits, reflecting an employer's responsibility towards the well-being of their workforce. The Income Tax Act, 1961, recognizes such expenditures as legitimate business expenses and allows deductions under Section 36.

Are Repairs and Maintenance of Machinery Deductible? A Complete

Introduction Machinery forms the backbone of many businesses, ensuring smooth production and operations. Over time, machinery may require repairs and maintenance to remain functional. The Income Tax Act, 1961, allows taxpayers to claim expenses incurred on repairs and maintenance

How is Depreciation on Assets Calculated Under Section 32? Complete

Introduction Depreciation is a crucial concept under the Income Tax Act, 1961, allowing businesses and professionals to claim a deduction for the wear and tear of assets used in their operations. Section 32 of the Act lays down the

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A Complete Guidance Understanding Cash Payment Limits Under Section 40A(3)”

How Is Interest on Borrowed Capital Deductible? Complete Guidance

What is the Deduction for Bad Debts Under Section 36(1)(vii)? Complete

How Are Expenses for Employee Health Insurance Treated Under Section 36? A Complete

Are Repairs and Maintenance of Machinery Deductible? A Complete

How is Depreciation on Assets Calculated Under Section 32? Complete

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Tag: business expenses

A Complete Guidance Understanding Cash Payment Limits Under Section 40A(3)”

How Is Interest on Borrowed Capital Deductible? Complete Guidance

What is the Deduction for Bad Debts Under Section 36(1)(vii)? Complete

How Are Expenses for Employee Health Insurance Treated Under Section 36? A Complete

Are Repairs and Maintenance of Machinery Deductible? A Complete

How is Depreciation on Assets Calculated Under Section 32? Complete

Explore

Contact

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