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The Income Tax Act's section 40A(3) and rule 6DD of the Income Tax Regulations prohibit assessees from giving anyone more than Rs. 10,000 in cash in a single day. If the Assessee takes this action, the payment will not be recognised as a business expense.

-Although a business owner can select a few deductions as a sole proprietor, there are no particular income tax deductions for business owners. rental fees, taxes, maintenance costs, and insurance for equipment, plants, and furniture; Medical costs, mortgage interest, charitable contributions, insurance premiums, bonuses or commissions to employees, and Section 80C Deduction To name a few, there are employer contributions to the national pension plan, funds for authorized gratuities, employee contributions to employee welfare programmes, transfers of bad debt to specific reserves, general deductions, and taxes on securities transactions.

No, depreciation expenses are only claimed as tax deductions or for Capital assets of Business Under the 1961 Income Tax Act, deductions are allowed for all tangible and intangible assets. It can be deducted from the cost of the house, factory, and equipment if it's a capital asset.

Yes, there are some requirements for claiming depreciation:
(1) The assessee must own the assets, either entirely or in part;
(2) The taxpayer must utilise the assets for their trade or profession; and
(3) Co-owners may claim depreciation to the amount of the value of the assets that they jointly own.
(4) The cost of land and goodwill are not eligible for depreciation. 

Actually, a company's operating costs are its constant, day-to-day charges, but its capital expenditures are its significant, long-term expenditures. As a result, you cannot report capital expenses as expenses in my business.

You must maintain the financial records for your company using a variety of accounting procedures.
(1) Single-entry bookkeeping
(2)  Double-entry bookkeeping
(3)Cash-based or accrual-based
(4) Cash registers
(5) The journal
(6) The ledger
(7)Trial balance
(8) The cash flow statement.

Depreciation can be carried forward using the write down value method and the straight line method.

Yes, you may carry over Business losses for up to 8 years.

 Investment in CSR programmes is required of businesses with a net worth of at least Rs. 500 crore, a minimum annual revenue of Rs. 1,000 crore, or a net profit of at least Rs. 5 crore.

According to Section 44AB, books of accounts should be required in a commodities business if sales turnover exceeds 50 lakh and in a service-based business if sales turnover exceeds 20 lakh.

Presumptive taxation, as per Section 44AD, enables you to pay your taxes based on assumed income. It follows that you do not really need to estimate your income by deducting expenses from revenue. You can just deduct a certain percentage from your gross income and pay taxes on it.

 According to this idea, a person (deductor) who is required to make a payment of a specific sort to another person (deductee) must withhold tax at source and submit it to the Central Government and The Income Tax Act stipulates that TDS must be withheld at the time of making certain payments, and this requirement applies to everyone. The Tax Deduction Account Number should be obtained and included in all TDS-related papers. Subtract the TDS at the corresponding rate. For instance, the Section 194 J rate for professional fees is 10%, the Section 194 I rate is 10%, and the Section 194 C rate is 2%.,