Tax Deductions During ITR Filing in India, businesses in the Motion Picture & Video: Studios & Theatres category can avail of several tax deduction to reduce their taxable income during the income tax return (ITR) filing process.
Depreciation: Motion picture studios and theatres can claim depreciation on assets like filming equipment, studio infrastructure, and theatre facilities.
This deduction allows you to factor in the wear and tear of these assets over time, reducing your taxable income.
Business Expenses: Deductions can be claimed for various business-related expenses such as rent for studio space, utilities, employee salaries, marketing and promotional costs, maintenance of theatre facilities, and equipment maintenance.
Section 80JJAA Deduction: Businesses that provide employment to a certain number of employees can claim a deduction under Section 80JJAA.
This deduction encourages employment generation and allows a deduction of a certain percentage of additional employee wages.
Remember that while claiming these deductions, it’s crucial to maintain accurate records and documentation of all transactions and expenses.
Always consult with a tax professional or chartered accountant to ensure that you’re following the latest tax laws and regulations while filing your ITR.
To visit: https://www.mca.gov.in/
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