WebNov 10, 2024 · Section 10 (CC) – Tax on Perquisites. An individual can receive income in the nature of a perquisite not by way of monetary payment. This perquisite income is taxable in the hands on the employee as a part of the salary. But the employer may choose to pay the tax on the behalf of the employee. WebMar 16, 2024 · Section 10AA of the Income Tax Act is a special provision that allows newly-established businesses or units to enjoy income tax holidays and exemptions for offering services in Special Economic Zones (SEZs). The objective of this section is to promote exports and attract foreign investment by providing tax incentives to units established in …
Section 10 of Income Tax Act - Tax Deductions to Salaried
WebSection 10(10AA) in The Income- Tax Act, 1995 (10AA)2(i) any payment received by an employee of the Central Government or a State Government as the cash equivalent of the leave salary in respect of the period of earned leave at his credit at the time of his retirement3whether] on superannuation or otherwise; Web86 [Special provisions in respect of newly established Units in Special Economic Zones. 87. 10AA. (1) Subject to the provisions of this section, in computing the total income of an assessee, being an entrepreneur as referred to in clause (j) of section 2 88 of the Special Economic Zones Act, 2005, from his Unit, who begins to manufacture or produce articles … theoretic analysis
SECTION 10A, READ WITH SECTIONS 10AA & 10B OF …
WebNov 6, 2024 · Income tax benefit or deduction is available to SEZ units and the provisions for the same are contained under section 10AA of the Income Tax Act. Conditions for claiming (10AA (4)) Approval from the Development commissioner Begins manufacture from 01.04.2006 to 01.04.2024 Not formed by splitting up, reconstruction. WebJun 28, 2024 · Less : Exempt under section 10 (10AA) [See Note below] Rs 26,400 Taxable Leave Salary Rs 4,73,600 Exemption is least of the following: 1) Statutory Limit Rs … Webprovisions of section 10AA(1)(ii) of the Income-tax Act, 1961. The reserve will be utilised by the Group for acquiring new assets for the purpose of its business as per the terms of section 10AA(2) of Income-tax Act, 1961. (e) Retained earnings This reserve represents undistributed accumulated earnings of the Group as on the balance sheet date. theoretician meaning