Income Tax

Updated return also referred to as ITR U is a benefit provided to assessees.

It is a financial statement that was introduced to simplify the tax filing pattern by making financial transactions available in one place.

Section 80-IAC is a benefit offered by Central government to eligible startups by way of providing tax deduction of an amount equal to 100 percent of the profits and gains derived from eligible business.

Section 139 of the Income Tax Act, 1961 contains provisions relating to filing of return of income and related requirements.

Section 94B of the income tax act contains provisions relating to the deduction of interest expenditure incurred by an Indian company or a permanent establishment of a foreign company.

Section 40(b) contains provisions relating to the amount of deduction available to the partnership firm out the expenditure relating to payment of Interest and remuneration to partners.

Section 10AA is a deduction under the Income Tax Act, 1961, available to enterprises located in the Special Economic Zone, deriving profits or gains through export of goods/articles/services.

As per Section 194S, TDS shall be deducted by every person responsible for paying any sum, to a resident, by way of consideration for the transfer of a virtual digital asset.

Section 194R contains provisions relating to Tax deducted at source on any benefit or perquisite, arising from business or profession provided to residents.

Section 194K contains provisions relating to TDS from all payments made to residents in the nature of income from mutual funds.