business paid rent expenses is allowable or non allowable deduction, give authority to support your answer.
Answers
Answer:
gainst 'salaries'
16(ia) Standard Deduction [Rs. 50,000 or the amount of salary, whichever is lower] Individual – Salaried Employee & Pensioners
16(ii) Entertainment allowance [actual or at the rate of 1/5th of salary, whichever is less] [limited to Rs. 5,000] Government employees
16(iii) Employment tax Salaried assessees
Against 'income from house properties'
23(1), first proviso Taxes levied by local authority and borne by owner if paid in relevant previous year All assessees
24(a) Standard deduction [30% of the annual value (gross annual value less municipal taxes)] All assessees
24(b) Interest on borrowed capital (Rs. 30,000/Rs. 2,00,000, subject to specified conditions) All assessees
25A(2) Standard deduction of 30 per cent of arrears of rent or unrealised rent received All assessees
Against 'profits and gains of business or profession'
A. Deductible items
30 Rent, rates, taxes, repairs (excluding capital expenditure) and insurance for premises All assessees
31 Repairs (excluding capital expenditure) and insurance of machinery, plant and furniture All assessees
32(1)(i)
Depreciation1 in respect of following assets shall be allowed at prescribed percentage on actual cost of an asset (i.e., Straight Line Method):
i. Tangible Assets (buildings, machinery, plant or furniture);
ii. Intangible Assets (know-how, patents, copyrights, trademarks, licenses, franchises, or any other business or commercial rights of similar nature).
However, if asset is acquired and put to use for less than 180 days during the previous year, the deduction shall be restricted to 50% of depreciation computed above.
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