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Payments to MSME vendors
Section 23 of the MSMED Act provides that where the assessee is liable to make payments of interest under or in accordance with the provisions of the MSMED Act, no deduction shall be allowed to the assessee for such payments for calculating taxable income under the Income Tax Act.
TDS deduction under Business and Profession
The Income-tax Law implements a system of tax deduction at the moment of income generation to facilitate speedy and effective tax collection. In this system, Tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee.
Deduction from Section 54F: Gain on Transfer of Capital Assets other than Residential House Property
Applicable to: Individual or Hindu Undivided Family (HUF)
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