Sec 40a(3)

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8 Points Posted on 21 September 2020
Does section 40a(3) is applicable to trust when the income is taxed under income from other source head
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On 21 September 2020 at 14:35 Report
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This discussion clarifies the applicability of Section 40a(3) of the Income Tax Act. It confirms that Section 40a(3) specifically relates to business or professional income. Therefore, it does not apply to income taxed under the 'Income from Other Sources' head, such as that derived from fixed deposits.

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3235 Points Posted on 21 September 2020
No, 40A(3) is applicable for business income
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On 21 September 2020 at 16:16
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155 Points Posted on 21 September 2020
This section provides the IT relates the profits or gains of any business or profession. The income from other sources relates to IT levied from Fixed deposits and others.
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On 21 September 2020 at 17:20

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