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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 34 deductions from employer gross profits: depreciation u/s 32(1) and direct tax liabilities reduce payable amount</h1> Section 34 prescribes mandatory prior charges to be deducted from an employer's gross profits for the relevant accounting year. It requires deduction of depreciation admissible under section 32(1) of the Income-tax Act, 1961, or the applicable agricultural income-tax law, as the case may be, thereby reducing gross profits by allowable depreciation. It further mandates deduction of any direct tax liability of the employer for that accounting year in respect of income, profits and gains, subject to section 35, thereby reducing gross profits by eligible direct taxes. It also permits deduction of additional prescribed sums in respect of the employer, thereby enabling further reductions as may be notified.
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