Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Section 36(1)(i), (ib), (ii)
Section 36(1)(i), (ib), (ii) Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Section 36(1)(i), (ib), (ii) Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the purpose of Section 36(1)(i), (ib), (ii) in taxation? |  |
Ans. Section 36(1)(i), (ib), (ii) in taxation allows for the deduction of certain expenses incurred during the course of business activities. It helps businesses reduce their taxable income by subtracting these expenses from their revenue.
| 2. Can you provide examples of expenses that can be deducted under Section 36(1)(i), (ib), (ii) in taxation? | |
Ans. Yes, some examples of expenses that can be deducted under Section 36(1)(i), (ib), (ii) in taxation include rent paid for business premises, salaries and wages paid to employees, and expenses related to advertising and marketing.
| 3. Are there any specific conditions or criteria that need to be met to claim deductions under Section 36(1)(i), (ib), (ii) in taxation? | |
Ans. Yes, in order to claim deductions under Section 36(1)(i), (ib), (ii) in taxation, the expenses must be incurred wholly and exclusively for the purpose of business. Additionally, proper documentation and evidence of the expenses must be maintained.
| 4. How are deductions calculated under Section 36(1)(i), (ib), (ii) in taxation? | |
Ans. Deductions under Section 36(1)(i), (ib), (ii) in taxation are calculated by subtracting the eligible expenses from the business's total revenue. The resulting amount is then considered as the taxable income, on which the applicable tax rate is applied.
| 5. Can deductions under Section 36(1)(i), (ib), (ii) in taxation be claimed for personal expenses? | |
Ans. No, deductions under Section 36(1)(i), (ib), (ii) in taxation cannot be claimed for personal expenses. These deductions are only applicable for expenses that are directly related to the business activities and are incurred for the purpose of generating income. Personal expenses are not eligible for deductions.
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Nov 16, 2024 Last updated |
Video Description: Section 36(1)(i), (ib), (ii) for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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Information about Section 36(1)(i), (ib), (ii) covers all important topics for Taxation 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Section 36(1)(i), (ib), (ii).
Introduction of Section 36(1)(i), (ib), (ii) in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & Section 36(1)(i), (ib), (ii) in
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