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what is CPC?

Centralized Processing Cell (CPC) is a transformational initiative undertaken by the Income Tax Department (ITD) to enable easy filing of TDS / TCS correction statements by deductors / collectors, returns and related functionalities.CPC endeavours to improve overall service levels for deductors and tax payers.

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What is ACES?

Automation of Central Excise and Service Tax (ACES) is the e-governance initiative by Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance. It is one of the Mission Mode Projects (MMP) of the Govt. of India under National e-Governance Plan (NeGP).

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Rebate of Income Tax u/s 87A

 Rebate of income-tax in case of certain individuals (87A) With effect from the 1st day of April, 2014, An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this […]

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Who is a Representative Assessee

in respect of the income of a non-resident specified in sub-section (1) of section 9, the agent of the non-resident, including a person who is treated as an agent under section 163,in respect of the income of a minor, lunatic or idiot, the guardian or manager who is entitled to receive or is in receipt of such income on behalf of such minor, lunatic or idiot…….

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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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