Tag Archives: #Deduction

Are there any specific deductions or allowances available for Tour & Travel Agencies?

Deductions or Allowances for Tour & Travel Agencies   Deductions or Allowances for Tour & Travel Agencies can take advantage of specific deductions and allowances aligned with their business activities. However, it’s imperative to recognize that tax regulations exhibit variations across jurisdictions, leading to disparities in these provisions based on local laws. Here are several… Read More »

What is Section 40B of income tax?

Section 40B

Section 40B   Section 40B of the Income Tax Act pertains to the deduction of remuneration paid to partners from the taxable income of a partnership firm. This provision outlines the guidelines and regulations regarding the treatment of partner’s remuneration for tax purposes. As per this section, the payment of interest, salary, bonus, commission, or… Read More »