Income tax - deduction - who is eligible?
This query is : Resolved
16 December 2011
Can any one help as to the following?
Weighted deduction u/s 35 (2AA) for contribution to National laboaratory, secentic research orgiansation at 200 %
is available for " Assessees"
Does it include individuals? Income from Business or Profession or Corporates only?
Thanks
Mouli
Weighted deduction u/s 35 (2AA) for contribution to National laboaratory, secentic research orgiansation at 200 %
is available for " Assessees"
Does it include individuals? Income from Business or Profession or Corporates only?
Thanks
Mouli
16 December 2011
Deduction u/s 35(2AA) is available to ALL assessees carrying on BUSINESS OR PROFESSION.
The status of the assessee is not important, however, it is important that the assessee must carry on Business or Profession.
This is so because ythe deduction is allowed under the chapter of Profits and Gains of Business or Profession, so it is applicable only to business income.
The status of the assessee is not important, however, it is important that the assessee must carry on Business or Profession.
This is so because ythe deduction is allowed under the chapter of Profits and Gains of Business or Profession, so it is applicable only to business income.
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