Direct Taxes

Direct Taxes

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Loan payment not covered but interest paid falls in the net: The provision does not apply to a loan transaction or its repayment. ... Thus, where the books of account of the assessee were rejected and the profits were computed by applying a flat rate ... 2 of the State Bank of India (Subsidiary Banks) Act, 1959; (iii ) Any cooperative or land mortgage bank; (iv) Any primary agricultural credit ... (v) the use of electronic clearing system through a bank account; (vi) credit card; (vii) a debit card.

Title:Direct Taxes
Publisher:Pearson Education India - 2008-09-01


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