Section 35 4 Of Income Tax Act
Direct taxes are arguably the most voluminous of all papers.
Section 35 4 of income tax act. 1 expenditure on scientific research 2. Before 1st may 1995 the appointed day of the tidco act to which section 4 1 a of the tidco act applies and which contract was an approved plan fund or scheme under the income tax act shall continue to be treated as an approved plan fund or scheme for the purposes of the income tax act. And in direct taxes profits and gains from business and professions seem to be one of the most important areas.
Section 35 of income tax act a student s guide. 4 the provisions of sub section 2 of section 32 shall apply in relation to deductions allowable under clause iv of sub section 1 as they apply in relation to deductions allowable in respect of depreciation. 2 explanation where any such.
Here i have taken up an important section which is covered in profits and gains from business and profession which would be useful for may 2016. Section 35 4 in the income tax act 1995. The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail.
The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts. In respect of expenditure on scientific research the following deductions shall be allowed any expenditure not being in the nature of capital expenditure laid out or expended on scientific research related to the business. With roughly 4 months left for may 2016 exams it is high time the students taking up the exams to start their preparations.
4 where the whole or any part of the rights is sold and the proceeds of the sale so far as they consist of capital sums exceed the amount of the cost of acquisition thereof remaining unallowed so much of the excess as does not exceed the difference between the cost of acquisition of the rights and the amount of such cost remaining unallowed shall be chargeable to income tax as income of the business of the previous year in.