Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 36(iv), (iva), (v). S 40A(7), (9)
S 36(iv), (iva), (v). S 40A(7), (9) Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 36(iv), (iva), (v). S 40A(7), (9) Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the significance of Section 36(iv) in taxation? |  |
Ans. Section 36(iv) of the Income Tax Act allows businesses to claim deductions for any interest paid on borrowed capital used for business purposes. This provision helps businesses reduce their taxable income and ultimately lowers their tax liability.
| 2. How does Section 36(iva) impact taxation? | |
Ans. Section 36(iva) of the Income Tax Act allows businesses to claim deductions for any commission or brokerage paid on the procurement of loans or advances for business purposes. This provision encourages businesses to seek external financing and provides them with tax benefits.
| 3. What does Section 36(v) entail in terms of taxation? | |
Ans. Section 36(v) of the Income Tax Act allows businesses to claim deductions for any expenditure incurred on the modification or improvement of a rented property used for business purposes. This provision enables businesses to reduce their taxable income by offsetting the expenses associated with maintaining and enhancing their rented premises.
| 4. How does Section 40A(7) affect taxation? | |
Ans. Section 40A(7) of the Income Tax Act restricts cash payments made to a single person or entity in a single day beyond a certain threshold. This provision aims to curb the usage of unaccounted or black money transactions by promoting digital or traceable transactions, ensuring transparency, and preventing tax evasion.
| 5. What is the implication of Section 40A(9) in taxation? | |
Ans. Section 40A(9) of the Income Tax Act disallows any cash payment made for expenses exceeding a specified limit. This provision encourages businesses to use banking channels for large transactions, promoting transparency, and discouraging the use of unaccounted cash. It also helps in preventing tax evasion and facilitates the tracking of financial transactions for auditing purposes.
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Nov 16, 2024 Last updated |
Video Description: S 36(iv), (iva), (v). S 40A(7), (9) for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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