Web31 Jan 2024 · In this article, we would explain the provisions of the Section 10A Income Tax Act. Section 10A of the Income Tax Act, 1961 includes special provisions, which allow industrial undertakings to avail of certain tax deductions. The Supreme Court, in 2016, ruled that Section 10A of the Income Tax Act is a provision for deduction and not an exemption. WebSection 10 of the Income Tax Act, 1961, offers a long list of tax exemptions that are made especially for salaried people. These allowances are greatly beneficial in taking some load off the shoulders of the breadwinner. ... the individual’s income is completely excluded from tax. Section 10(10AA) Encashment of Leave. When at the time of ...
FAQ: Special Economic Zones in India
Web19 Feb 2024 · The calculation of exempt leave encashment os as per section 10(10AA) Tax Exemption Under Section 10(10AA) In such a case, the following points are considered in order to receive the exemption under section 10(10AA). ... But according to Section 89, Income Tax Act, the employee can claim for tax relief from their leave encashment amount. Web1 day ago · 1. Presumptive taxation regime of Section 44AD of the Act. The objective of section 44AD of the Act is to provide a presumptive income scheme for small taxpayers to lower compliance costs for them and to reduce the administrative burden on the tax machinery. In the case of an “eligible assessee” engaged in an “eligible business”, the ... shirley calvin garden city ks
From old income tax regime to new: What deductions
Web26 Jun 2024 · Section 10AA of the Income Tax Act, 1961, the Revenue has preferred the present Tax Appeal with the following proposed...the present Tax Appeal and as observed … Web4 Feb 2024 · The new income tax regime has lower slab rates, but it allows very few deductions as well, which is a major deterrent in adopting the new regime. ... Sec 10(10AA)- Earned leave encashment on ... WebSection 10AA is a provision under the Income Tax Act which allows taxpayers to take deductions for businesses which are established in Special Economic Zones (SEZ). In … shirley campbell