Section 36 Income Tax Act
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Section 36 income tax act. 1 the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein in computing the income referred to in section 28 60 i the amount of any premium paid in respect of insurance against risk of damage61 or destruction61. Section 36 1 ii of the income tax act 1961 act for short provides that any sum paid to the employee as bonus or commission for services rendered where such sum would not have been payable to him as profits or dividend if it had not been paid as bonus or commission is deductible. 1961 income tax department all acts income tax act 1961.
Expenses allowed as deduction. Scope of total income. Section 36 other deductions income tax act 1961 x x x x extracts x x x x notification no.
Section 36 7e limits the deduction to the mining taxable income of the taxpayer after setting off any balance of assessed loss in any previous year. Any capex not deducted is carried forward to the next year. Section 36 7f goes further and limits the capex per mine to the mining taxable income of that mine.
Considering section 36 1 va of the income tax act assessee shall not be entitled to deduction of such amount in computing the income referred to in section 28 if such sum is not credited by the assessee to the employees account in the relevant fund or funds on or before the due date as per explanation to section 36 1 va of the act. Central government act section 36 in the income tax act 1995 36. Section 36 of the income tax act illustrates various expenses that are allowed as a deduction from the income earned from business and profession.
Central government act section 36 1 in the income tax act 1995 1 the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein in computing the income referred to in section 28. Find here the summary of deductions u s 36 and a detailed explanation of all deductions u s 36. Section 36 income tax act 1961 2015 other deductions.
Section 15 of the act provides that capex incurred by a mining taxpayer may be set off against mining profits. Apportionment of income between spouses governed by portuguese civil code.
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