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Limit for e payment reduced to 1 lakh

Ministry of Finance (department of revenue),has reduced the threshold limit for payment of service tax to 1 lakh rupees. Previously it was Rs 10 lakh for e-payment. It shall come into force from 1st January 2014. It is observed that the move is towards encouraging tax compliances through online mode and thus to make formalities simple…

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What are the Amounts Deductible under Profits and Gains of Business or Profession

 What are the amounts deductible under the head “Profits and gains of business or profession Bried description of section 40 Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,—  (a)  in the […]

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Amounts Not Deductible-40

Amounts not deductible (40)   Section 40. Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,—  (a)  in the case of any assessee—  [(i)  any interest (not being interest on a loan […]

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