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Lecture Notes
Deduction Allowable
1. Rent, Rates, Taxes and Insurance of Building
( u/s 30)
2. Repairs and Insurance of Machinery, Plant
and Furniture
(u/s 31)
Depreciation
Depreciation
Depreciation is allowed on the Written Down
Value of Block of Assets
Opening WDV
XX
Add : Purchases during the year
XX
Less : Sales during the year
XX
Closing WDV
XX
Note : If the Asset is put to use for less than
180 Days in the year, depreciation will be
allowed at 50 % of the eligible rate.
Additional Depreciation
Additional Deprecation @ 20 % of Actual Cost
of Machinery acquired after 31.03.2002 for
a) New Industrial Undertaking
b) Existing Industrial Undertaking
Note : If the Asset is put to use for less than
180 Days in the year, depreciation will be
allowed at 50 % of the eligible rate.
Other Expenditures
35AC : Expenditure on Eligible Projects
35CCA : Expenditure for carrying out rural
development programmes
35 CCB : Expenditure for carrying out
programmes of conservation of natural
resources.
Amortisation of
Preliminary Exp deduction is allowed in 5
Years ( Section 35D)
Amortisation of Amalgamation or Demerger
in 5 Years (Section 35DD)
Amortisation of VRS Expenses in 5 Years
( Section 35DDA)
Expenditure on Minerals Prospecting in 10
Years (Section 35E)
Advertisement Expenses
( Section 37(2B)
Deduction is not allowed in respect of
expenditure incurred by an assessee
on advertisement in any souvenir,
brochure, tract, pamplet or like
published by a political party.
Disallowance us/s 40 a
Disallowance us/s 40 a
Securities Transaction Tax
Fringe Benefit Tax
Income Tax
Wealth Tax
Salary paid outside India without deducting
TDS
Provident Fund payment without deducting
TDS
Tax on Prequisites paid by the employer
Remuneration to Partner
Is allowed upto the following limits
First Rs 3,00,000 - 90 % or Rs 1,50000
Disallowance u/s 40 A
Excessive Payment to Relatives
Payment exceeding Rs 20,000 in
mode otherwise than Crossed cheque
(Entire amount is disallowed)
Section 43 B : Deduction on
Payment Basis
Following will be allowed as Deduction on actual paid
basis.
Outstanding amount has to be paid before Due Date
of Filing of Return of Income.
i) Any Tax, Duty paid to government
ii) Contribution to PF
iii) Bonus or Commission
institution
V) Interest on Loans from Scheduled Bank
Vi) Leave Salary to Employees