Sec 40a 9 of income tax act 1961

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WebSection 40 (a) (ib) - Disallowance for non-payment of equalisation levy Chapter VIII of the Finance Act, 2016 provides for deduction of equalization levy for certain specified services. A new section 40 (a) (ib) has been inserted with effect from 1-6-201 ..... x … WebIncome Tax Act, 1961 Date: 19-1-2016 In this article, analysis is being done to analyse whether section 40(a)(i), which provides for disallowance of expenses, payable to Non …

section 40a expenses or payments not deductible in certain ...

Web30 Dec 2024 · This section of the Income Tax Act gives the assessing income tax officer the authority to deny the claim of certain expenses made to particular people as a deduction … WebSection 164 in The Income- Tax Act, 1995. 164. 2 Charge of tax where share of beneficiaries unknown 3 (1) 4 Subject to the provisions of sub- sections (2) and (3), where] any income in respect of which the persons mentioned in clauses (iii) and (iv) of sub- section (1) of section 160 are liable as representative assessees or any part thereof is ... tracolla nike zalando

Amounts not deductible U/s. 40(a) of income Tax Act, …

Web8 Oct 2011 · Section 40A. EXPENSES OR PAYMENTS NOT DEDUCTIBLE IN CERTAIN CIRCUMSTANCES. (1) The provisions of this section shall have effect notwithstanding … WebSection 40A of Income Tax Act. ( Expenses or Payments not Deductible) Expenses or Payments Not Deductible where such Payments are made to Relatives [Section 40A (2)]: … Web20 May 2024 · According to Section 40 (a) (ia) of Income Tax Act, 1961[1], 30% of sum payable of a person on which tax is deductible at source under ‘Chapter XVII-B.’ If this tax has not been deducted or paid after deduction on or before the due date specified in sub-section (1) of section 139, it may have severe limitations. tracoa ji parana

Section 164 in The Income- Tax Act, 1995 - Indian Kanoon

Section 40A of Income Tax Act Expenses or payments not …

WebSection 40A (3): Disallowance of expenses made in Cash and Exceptions. Section 40A (3) came into existence in order to disincentivise cash transactions. It is an important section of the Income Tax Act, 1961, designed to reduce tax evasion and increase accountability. In short, all payments should be made in demand draft/cheque. Web8 Sep 2024 · Section 40 (a) start with the wording “Notwithstanding anything contrary in section 30 to 38”. That means it had overriding effect on section 30 to 38. Any sum paid … tracon karirWeb7 May 2024 · Section 40A(2) of the Income Tax Act lays down provisions for the disallowance of certain payments to relatives. Let us discuss persons covered u/s … traco karate

"Web9,47,300 Since tax payable as per section 115BAC is higher than the tax payable as per normal provisions of the Income-tax Act, 1961, it is beneficial for Mr. Rishabh not to exercise option under section 115BAC. In such case, the tax payable by him would be ` 7,82,460 as per the regular provisions of the Act. 2. " - Sec 40a 9 of income tax act 1961

Sec 40a 9 of income tax act 1961

Amounts not deductible U/s. 40(a) of income Tax Act, 1961 - TaxGuru

Web(AO) u/s.40A(3) of the Income-tax Act, 1961 (hereinafter also called ‘the Act’). 3. Briefly stated, the facts of the case are that the assessee is a Builder and Developer engaged in civil construction and also Assessee by Smt. Suprabha Joshi Revenue by Shri Rajesh Gawli Date of hearing 10-05-2024 Web18 Jun 2024 · No sec. 40A (9) disallowance on sum contributed to trusts created for health care of retired employees. INCOME TAX: Where assessee claimed deduction of certain …

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Web8 Oct 2011 · Income Tax Act, 1961. Section 40A. EXPENSES OR PAYMENTS NOT DEDUCTIBLE IN CERTAIN CIRCUMSTANCES. (1) The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this Act relating to the computation of income under the head “Profits and gains of business or … Web3 Nov 2024 · Section 40A (9) No deduction towards expenditure incurred for setting up of a fund or trust shall be allowable as deduction unless it is for an approved gratuity fund, approved provident fund or approved superannuation fund. It means that if the trust is not registered, expenditure incurred for its creation would not be eligible for deduction.

Web29 Jul 2024 · Section 40 (a) (ia) provides for the consequences of default in the case where tax is deductible at source on any interest, commission, brokerage or fees but had not been so deducted, or had not been paid after deduction (during the previous year or in the subsequent year before expiry of the prescribed time) in the manner that the amount of … Web12 Sep 2024 · Giving tax relief to a group of scheduled banks, the Supreme Court has observed that the assessing officer cannot make disallowance of deduction under Section 14A of the Income Tax Act merely ...

Web10 Apr 2024 · There are also provisions in Income Tax Act 1961 that promotes a cashless economy. Let’s discuss this in detail. ... ( 40A(3) ) : if the assessee incurs any expenditure in which the total of payment exceeds Rs.10000 per day, per person otherwise then Account Payee cheque, Bank Draft then that payment shall not be allowed as deductible Expense ... Webaddition of Rs.20,000/- made by the Assessing Officer u/s 40A(3) of the Income-tax Act, 1961 (hereinafter also called `the Act’). 3. Briefly stated, the facts of the case are that the assessee is engaged ... section 40A(3), it would be apposite to extract the relevant part of this provision at the material time, as under:- www.taxguru.in.

Web(i) any expenditure which results directly or indirectly in the provision of any remuneration or benefit or amenity to a director or to a person who has a substantial interest in the company or to a relative of the director or of such person, as the case may be,

Web4 May 2024 · Section 40A (i) (a) does not allow you to claim deductions on 30% of any sum that you have paid to an Indian resident where TDS has not been deducted. In case you have deducted the TDS in any subsequent year or paid after the due date u/s 139, you can claim 30% of such an amount as tax deductions. tracon kontrolno brojiloWeb23 Jun 2024 · S. 40 (a) (ia): Amounts paid by way of reimbursement of expenses do not constitute income in the hands of the recipient. Consequently, the payer is under no … tracp srlWebSection 40A of Income Tax Act 1961 Expenses or payments not deductible in certain circumstances are defined under section 40A of Income Tax Act 1961. Provisions under … tracon drug use