Deduction of expenses for businesses on payment basis only
While computing income for the source of income from business and profession, certain expenses are allowed as deduction from such incomes or receipts. While doing accounting of such businesses expenses are recorded on accrual or receipts whichever is earlier. Income...
Income tax on PPF(Public Provident Fund)
Public Provident Fund (PPF) is a long terms saving cum investment plan, generally implemented by individuals for planning their retirement savings. PPF fund is a facility provided by government of India to every citizen of this country. PPF is one of the safe...
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