INCOME TAX ACT 1961 BARE ACT PDF

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2(1) This Act may be called the Income-tax Act, (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall. Choose Acts: . Section - 5A. Apportionment of income between spouses governed by Portuguese Civil Code Income deemed to accrue or arise in India . Price: ` * (Income-tax Act & Yearly Subscription for All About Income Tax Act ) . Get texts of the Finance Acts since for every amendment or.


Income Tax Act 1961 Bare Act Pdf

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[Deleted by Act 12 of , Schedule.] 4. Duty to regard documents, etc., as secret and to make declaration. Imposition of Income Tax. 5. Chargeable income. (b) Income Tax (Exemption of Tax on Interest on Savings Bonds) All references in the Income Tax Act to the Hotel Development Act, (formerly Ch. ) have. Act Info: Preamble1 - INCOME-TAX ACT, Chapter I. Section1 - Short title, extent Section5A - Apportionment of income between spouses governed by.

Share of profit received by a partner from the firm [Section 10 2A ] As per section 10 2A , share of profit received by a partner from a firm is exempt from tax in the hands of the partner.

Further, share of profit received by a partner of LLP from the LLP will be exempt from tax in the hands of such partner. Certain interest to non-residents [Section 10 4 ] As per section 10 4 i , in the case of a non-resident any income by way of interest on certain notified securities or bonds including income by way of premium on the redemption of such bonds is exempt from tax.

As per section 10 4 ii , in the case of an individual, any income by way of interest on money standing to his credit in a Non-Resident External Account in any bank in India in accordance with the Foreign Exchange Management Act, , and the rules made thereunder is exempt from tax.

Exemption under section 10 4 ii is available only if such individual is a person resident outside India as defined in clause w of section 2 of the Foreign Exchange Management Act, or is a person who has been permitted by the Reserve Bank of India to maintain the aforesaid Account.

Interest on notified savings certificates [Section 10 4B ] As per section 10 4B , in the case of an individual, being a citizen of India or a person of Indian origin, who is a non-resident, any income by way of interest on notified savings certificates subscribed in convertible foreign exchange issued before the 1st day of June, by the Central Government is exempt from tax.

Leave travel concession [Section 10 5 ] An employee can claim exemption under section 10 5 in respect of Leave Travel Concession.

Exemption under section 10 5 is available to all employees i. Indian as well as foreign citizens. Exemption is available in respect of value of any travel concession or assistance received or due to the employee from his employer including former employer for himself and his family members in connection with his proceeding on leave to any place in India. Other provisions to be kept in mind in this regard are as follows: Where journey is performed by air: Amount of exemption will be lower of amount of economy class air fare of the National Carrier by the shortest route or actual amount spent.

Where journey is performed by rail: Amount of exemption will be lower of amount of air-conditioned first class rail fare by the shortest route or actual amount spent.

The same rule will apply where journey is performed by any other mode and the place of origin of journey and destination are connected by rail. Where the place of origin and destination are not connected by rail and journey is performed by any mode of transport other than by air: The exemption will be as follows: a If recognised public transport exists: Exemption will be lower of first class or deluxe class fare by the shortest route or actual amount spent.

Block: Exemption is available for 2 journeys in a block of 4 years.

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The block applicable for current period is calendar year The previous block was of calendar year Carry over: If an employee has not availed of travel concession or assistance in respect of one or two permitted journeys in a particular block of 4 years, then he is entitled to carry over one journey to the next block. In this situation, exemption will be available for 3 journeys in the next block.

However, to avail of this benefit, exemption in respect of journey should be utilised in the first calendar year of the next block. In other words, in case of carry over, exemption is available in respect of 3 journeys in a block, provided exemption in respect of at least 1 journey is claimed in the first year of the next block. Exemption is in respect of actual expenditure on fare, hence, if no journey is performed, then no exemption is available. Family: Family will include spouse and children of the individual, whether dependent or not and parents, brothers, sisters of the individual or any of them who are wholly or mainly dependent on him.

CHAPTER V – INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE’S TOTAL INCOME

Exemption is restricted to only 2 surviving children born after October 1, multiple births after first single child will be considered as one child only , however, such restriction is not applicable to children born before October 1, Remuneration received by specified diplomats and their staff [Section 10 6 ii ] As per section 10 6 ii , in case of an individual who is not a citizen of India, remuneration received by him as an official by whatever name called of an embassy, high Commission, legation, Commission, consulate or trade representative of a foreign State, or member of the staff of any of that official is exempt from tax, if corresponding Indian official in that foreign country enjoys a similar exemption.

Salary of a foreign employee and non-resident member of crew [Section 10 6 vi , viii ] As per section 10 6 vi , the remuneration received by a foreign national as an employee of a foreign enterprise for services rendered by him during his stay in India is exempt from tax, provided the following conditions are fulfilled— a the foreign enterprise is not engaged in any trade or business in India ; b his stay in India does not exceed in the aggregate a period of 90 days in such year ; and c such remuneration is not liable to be deducted from the income of the employer.

As per section 10 6 viii , any salaries received by or due to a non-resident foreign national for services rendered in connection with his employment on a foreign ship where his total stay in India does not exceed in the aggregate a period of 90 days in the year is exempt from tax. In such cases their tax filings are considered as Voluntary returns, which are seen as valid tax returns.

Income Tax Act, 1961

Note: Under Section 1c , certain classes of people are exempt from filing income tax. If these classes of people fulfill the prescribed conditions, central government is empowered to grant them tax exemption.

After issuing notice under Section 1c , it should be placed before each House of Parliament for 30 days when the sessions go on immediately following the notification. Upon agreement from both the Houses, modification will be done in the notification and will be effective.

Otherwise notification will be ineffective. Tax return filing is mandatory in case the firm wants to carry forward this loss and offset with the future income. Availability of this option is only possible if the tax return indicating the loss is filed within the due date. However, the unabsorbed depreciation could be carried forward for such cases.

In case the loss is to be offset against some income in other category for the same year, it is permitted to offset even though return is filed after the due date.

Loss of the earlier years could be carried forward if the return of losses for those years were filed with due dates and those losses were assessed. The advantage of filing the loss returns is that it allows one to carry the loss forward which reduces the tax liability for the future years. Hence, it is highly advisable to file the return for loss.

If they fail to do so, they may still file the belated return for any prior years any time until the expiry of one year that started from the end of the applicable year of assessment or before conclusion of the assessment, whichever happens earlier.

Acts & Rules

Again, there would be no penalty imposed in case the income did not require a mandatory filing as per the provisions under Section 1 , even though the return was filed after the expiration of the assessment year. However, a late or belated return is beyond the scope of this section and could not be revised.

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SectionRR - Appellate authority not to proceed in certain cases. I not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item a and which has a population of more than ten thousand but not exceeding one lakh; or. Section1 - Short title, extent and commencement.

Income tax bare act 1961 pdf

Section - Determination of tax where total income includes income on which no tax is payable. Section35CCA - Expenditure by way of payment to associations and institutions for carrying out rural development programmes.

Section - Failure to furnish information regarding securities, etc.

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