News About Income Tax Act. 25% of unaccounted deposits will have 4 year lock-in period. After the demonetization of the Rs.500 and Rs.1,000 currency notes on November 8th, the government stated that it will be scrutinizing any cash deposits above Rs.2.5 lakhs. Download this app from Microsoft Store for Windows 10 Mobile, Windows Phone 8.1, Windows Phone 8. See screenshots, read the latest customer reviews, and compare ratings for Income Tax Act 1961. Income Tax Act, 1961 is an act to levy, administrate, collect & recover Income-tax in India. It came into force from 1st April 1962. Read this article to know more on Income tax act. Income from Other Sources Section 56 Introduction: Income that is taxable under the Income Tax Act 1961 “Act” shall fall under the Head “Income from Other Source” if it is not chargeable under any other heads of income.
Income Tax Act 1961 India: The article talks about the tax laws and rules that were released through the Income Tax Act 1961. Click to know about all the deductions in income tax under the act. Earlier, provisions under sections 269SS and 269T of the Income Tax Act, 1961 were included in the Act. It was done to disallow acceptance and repayment of loans/deposits/specified sums in cash for more than Rs. 19999. The purpose was to put a check on black money. However, that. What is e-assessment or online assessment under the Income-tax Act, 1961. The Finance Bill 2018 has introduced a new scheme for scrutiny assessment to improve effectiveness of tax administration. The is called the e-assessment or online assessment. Income of individual to include income of spouse, minor child, etc. Section 65 Liability of person in respect of income included in the income of another person.
The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. The Income-tax Act, 1961 is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. The Government of India brought a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act,1961 and the Wealth Tax Act. Section 44AD of the Income Tax Act, 1961. Section 44ADA of the Act, 1961. Section 44ADA is introduced by the Finance Bill, 2016 wherein the scope of presumptive taxation is extended to professionals with gross receipts upto Fifty Lakhs Rupees with. A brief on Section 148 of Income Tax Act, 1961. Paying your taxes is a good thing, although it does pinch to pay huge amounts in taxes from your hard earned money. Therefore, citizens sometimes resort to unfair means to not disclose all the income and pay lower taxes.
Chapter XIIA of the Income Tax Act 1961 Speaks about special provisions relating to certain income of non-residents. Section 115H - Benefit under Chapter to be available in certain cases even after the assessee becomes resident. 01/04/2016 · Article provides Rates of Depreciation as per Income Tax Act, 1961 on Building, Plant & Machinery, Furniture & Fittings, Ships & on Intangibles Assets i.e. Know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature for Financial Year 2002-03 to 2019-20 and onwards. Today we are discussing on Section 54F of Income Tax Act, 1961 – This section relates to the exemption provision of capital gains. In case sale of Long term Assets assessee will get the exemption on purchase of Residential house property. Income tax act 1961 1. INTRODUCTION Tax is today an important source of revenue for governments in all the countries. It has become inevitable imposition because it has great potentials for raising funds for meeting the development and defense needs of a nation.
THE INCOME-TAX ACT, 1961 _____ ARRANGEMENT OF SECTIONS _____ CHAPTER I PRELIMINARY SECTIONS 1. Short title, extent and commencement. 2. Definitions. 3. “Previous. Income of individual to include income of spouse, minor child, etc. 65. Liability of person in respect of income included in the income of another person. The tax liability of a person under the Income tax act depends upon his residential status in the financial year in which the income accrues or arises to him or is received by him.Financial year means the period of twelve months commencing on the first day of April every year.The residential status may change from year to year.Residential. Income Tax Act 1961, Indian Bare Acts at, a website for Indian Laws and bareacts, legal advice and law documents in India. 27/09/2019 · Section 139 of the Income Tax Act 1961, contains various provisions related to late filing of various income tax returns. If any individual or non-individual tax assessee has not filed tax returns within the specified deadline, Section 139 also features the guidelines to file delayed returns. Section 44AE, Income Tax Act, 1961 Presumptive Taxation Section 44AE, Income Tax Act, 1961 is covered under the Presumptive Taxation Scheme. Section 44AE, Income Tax Act has issued by the government to provide the relief to the small taxpayers from maintaining the Books of Accounts.
Section 54 of Income Tax Act 1961 provides tax exemption on capital gains that result from sale of residential house property. In this article we will discuss about. 01/08/2019 · Section 14A was inserted by Finance Act,2001 with retrospective effect from April 1,1962. The object was to disallow expenditure that had been incurred in relation to income which did not form part of the total income under the Act Sec 10 and to overcome certain decisions of Supreme court that. 05/12/2019 · The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. This App by offline apps india is amended as per Finance Act 2019 and contains Income tax Act amended as per Finance Act 2018 also. This Income Tax App by offline apps India provides. Section 270A under Income Tax Act, 1961, as inserted by Finance Act, 2016, seems to herald the non-adversarial regime by introducing objectivity in subjective penalty provision for reporting incorrect income.
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