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What is book profit as per Income Tax Act?

As per Explanation 1 to Section 115JB(2) “book profit” for the purposes of Section 115JB means net profit as shown in the statement of profit and loss pre...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Does Pell Grant have a limit?

The amount of Federal Pell Grant funds you may receive over your lifetime is limited by federal law to be the equivalent of six years of Pell Grant fundin...

Are World Industries Boards good?

The’re great beginner boards but buy a Baker when you get better. for beginners they are good. for intermediate to advanced they are bad. They usually are...

Is a New Zealander a foreign resident for tax purposes?

You will be a resident for New Zealand tax purposes if you spend more than 183 days in any 12-month period in New Zealand or if you have a permanent place...

How do I file a business tax return with no income?

If you had no income, you must file the corporation income tax return, regardless of whether you had expenses or not. The bottom line is: No income, no ex...

How do you qualify for equitable relief?

Conditions to Qualify for Equitable Relief Your marital status. If you knew or had reason to know when signing the return about the items causing the unde...

Why is tourism becoming more popular?

Tourism has grown massively as an industry over the past century for a variety of reasons: This means that people can take more holidays during the year a...

Who can claim exemption u/s 11?

The income of a religious trust or institution is entitled to exemption, though it may be for the benefit of a particular religious community or caste. Th...

What medical expenses are deductible 2021?

For tax returns filed in 2021, taxpayers can deduct qualified, unreimbursed medical expenses that are more than 7.5% of their 2020 adjusted gross income. ...

How do you show income from rental property?

Introducing rental income in your application Two years of W-2s or 1099s. Two years of tax returns. Pay stubs from the past 30 days. Monthly (at least two...