No further deduction is permissible in respect of any expenditure incurred by the assessee as a cultivator or receiver of rent-in-kind. Permissible deductions from gross total income Edit This section needs expansion.
The figure omitted by the Finance Act,w. Inserted by the Finance Act,w. Inserted by the Finance No. The words or sub- section 9 of section 80E from any payment referred to therein' omitted by Income tax act Direct Tax Laws Amendment Act,w.
These words were inserted by the Finance Act,w. Substituted for' computation of the" advance tax" payable under Chapter XVII- C, the rate or rates of income- tax Income tax act in this behalf in the Finance Act of the relevant year' by the Finance Act,w.
Substituted for" in a case falling under sectionthe rate specified in that section' by the Finance Act,w. Substituted for", D and by the Finance No. Substituted by the Finance Act,w.
Prior to the substitution, subclause iiias inserted by the Finance No. Prior to the omission, clause 39as inserted by the Direct Tax Laws Amendment Act,read as under: It was also amended by the Finance Act,w.
Substituted for" sixty" by the Finance No. Substituted for" clauses i to iii " by the Finance No. Being inserted by the Finance Act,w. Prior to the omission, it read as under: Prior to the omission, clause 43Bas inserted by the Finance No. Substituted by the Direct Tax Laws Amendment.
Prior to the substitution, clause 44as substituted by the Finance Act,w. Omitted by the Finance Act,w. Substituted for" transfer" in relation to a capital asset, includes the sale, exchange or relinquishment of the asset or the extinguishment of any rights therein or the compulsory acquisition thereof under any law;" by the Taxation Laws AmendmentActw.
Prior to the omission, clause 48 read as under;" 48 " unregistered firm" means a firm which is not a registered firm. Charge of income- tax 1 1 Where any Central Act enacts that income- tax shall be charged for any assessment year at any rate or rates, income- tax at that rate or those rates shall be charged for that year in accordance with, and 2 subject to the provisions including provisions for the levy of additional income- tax of, this Act] in respect of the total income of the previous year] of every person: Provided that where by virtue of any provision of this Act income- tax is to be charged in respect of the income of a period other than the previous year, income- tax shall be charged accordingly.
This amendment was consequent to the insertion of Chapter XIV- B comprising of section Bbut after the withdrawal of the chapter, without even coming into effect, this amendment too needs to be undone.
The words" or previous years, as the case may be," omitted by the Direct Tax Laws Amendment Act,w. It equally comprises of risk and liability of paying debts on behalf of the firm.
An assessee cannot, under the Hindu law make a declaration whereby the joint family would have to bear the risk and liability of the business and such a declaration should be ignored altogether. That is the worth, the value and the price of his shareholding.
A shareholder participates in the distribution of the assets of a company on its liquidation by virtue of and because of his shareholding. It is true that a liquidator does not sell the shares. It is equally true that there is no transfer of shares by the shareholder to the liquidator or to any other person.
That is not really necessary.
So long as money is received in lieu of shares, there is a receipt and where an assessee is a dealer in shares, any surplus amount received by him constitutes his income. The money received by the assessee in lieu of its shareholding partakes of the same character in which he held the shares.
If he held the shares as stock- in- trade, the money received by it represents his income i. If it held them by way of investment, the money it receives represents a capital receipt by it. Scope of total income 1 1 Subject to the provisions of this Act, the total income of any previous year of a person who is a resident includes all income from whatever source derived which- a is received or is deemed to be received in India in such year by or on behalf of such person; or b accrues or arises or is deemed to accrue or arise to him in India during such year; or c accrues or arises to him outside India during such year: Provided that, in the case of a person not ordinarily resident in India within the meaning of sub- section 6 of section 6, the income which accrues or arises to him outside India shall not be so included unless it is derivedfrom a business controlled in or a profession set up in India.
Explanation 1-Income accruing or arising outside India shall not be deemed to be received in India within the meaning of this section by reason only of the fact that it is taken into account in a balance sheet prepared in India. Residence in India 1 For the purposes of this Act,- 1 An individual is said to be resident in India in any previous year, if he- a is in India in that year for a period or periods amounting in all to one hundred and eighty- two days or more; or c having within the four years preceding that year been in India for a period or periods amounting in all to three hundred and sixty- five days or more, is in India for a period or periods amounting in all to sixty days or more in that year.
Prior to the substitution, the Explanation, as substituted by the Finance Act,w. · INCOME TAX ACT PART I PRELIMINARY Section 1. Short title and commencement 2. Interpretation PART II IMPOSITION AND GENERAL CHARACTERISTICS OF THE TAX 3. Charge of income tax 3A.(Deleted) 3B. Non-chargeability to tax in respect of offshore business activity 3C.(Deleted) 4.
Classes of income on which tax is initiativeblog.com pdf. · Order under Section of the Income-tax Act, for extending the due date for filing of returns A.Y.
- reg. Revision of monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court-measures for reducing initiativeblog.com://initiativeblog.com · “income tax” means income tax imposed as such by this Act as assessed under this Act, but does not include dividend (withholding) tax or salary or wages tax and includes specific gains tax;  “joint venture” means an enterprise carried on by two or more persons in common otherwise than as a initiativeblog.com · Adjustments under Subdivision C or B of the Income Tax Assessment Act references in this Act to assessable income under section 97, 98A or 95AAC.
Adjustments under Subdivision C or B of the Income Tax Assessment Act references in this Act to liabilities under section 98, 99 or 99A initiativeblog.com · INCOME-TAX ACT, * [43 OF ] [AS AMENDED BY FINANCE ACT, ] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows:—initiativeblog.com INCOME TAX [CAP.
1 CHAPTER INCOME TAX ACT To impose a Tax upon Incomes. Amended by: XVII. 1st January, ACT LIV of , as amended by Acts: VI of , XX of , V of ; initiativeblog.com?app=lom&itemid=