INCOME TAX ACT 1961 INDIA PDF

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2(1) This Act may be called the Income-tax Act, (2) It extends to For extension of Act to Continental Shelf of India, see Notification No. Choose Acts: . Section - 5A. Apportionment of income between spouses governed by Portuguese Civil Code Income deemed to accrue or arise in India . employed in the administration of this Act shall regard and deal documents, 1) Income tax shall, subject to the provisions of this Act, Chargeable be payable by.


Income Tax Act 1961 India Pdf

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(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. Income Tax Act, is an act to levy, administrate, collect & recover Income-tax in India. It came into force from 1st April Read this article. Items 1 - 24 (1) This Act may be called the Income- tax Act, (ii) the land is either assessed to land revenue in India or is subject to a local rate assessed.

B any machinery or plant installed in any office premises or any residential accommodation, including accommodation in the nature of a guest-house; or. Provided that such deficiency is actually written off in the books of the assessee. Provided 5 [ further ] that no deduction shall be allowed under this section in respect of—.

Income Tax in India

Provided that such opportunity shall not be allowed by the 27 [Assessing] Officer in a case where the difference in the total income as proposed to be computed by him and the total income as returned by the assessee arises out of the application of the proviso to sub-section 1 of section or sub-section 2 of that section or the omission by the assessee to disclose his income fully and truly.

Provided that nothing in clause a shall apply—. GSR E , dated the 12th June, , issued thereunder, the provisions of this section shall apply in respect of,—. Provided that nothing contained in sub-section 1 shall entitle the assessee to claim deduction in respect of a ship or aircraft or machinery or plant referred to in this clause in any previous year except the previous year relevant to the assessment year commencing on the 1st day of April, ;.

Provided that in a case where the assessee is required by or under any other law to get his accounts audited, it shall be sufficient compliance with the provisions of this sub-section if such assessee gets the accounts of such business or profession audited under such law and furnishes the report of the audit as required under such other law and a further report in the form prescribed under this sub-section.

Provided that nothing in this sub-section shall apply—. Provided that no deduction under this sub-section shall be allowed for the assessment year commencing on the 1st day of April, to the assessee, which is eligible to claim deduction under sub-section 1 for the said assessment year.

A in the case of a ship, forty per cent of the actual cost thereof to the assessee;. Provided further that no deduction shall be allowed under clause ii unless the planting has commenced after the 31st day of March, , and been completed before the 1st day of April, Provided that where such assessee is a firm, or any association of persons or any body of individuals, the deduction under this section shall not be allowed in the computation of the income of any partner, or as the case may be, any member of such firm, association of persons or body of individuals:.

Provided that in a case where the assessee is required by or under any other law to get his accounts audited, it shall be sufficient compliance with the provisions of this sub-section if such assessee gets the accounts of such business audited under such law and furnishes the report of the audit as required under such other law and a further report in the form prescribed under this sub-section.

Provided that this sub-section shall not apply in a case where such amount is released during any previous year at the closure of the account in circumstances specified in clauses b , c and e of sub-section 3.

Provided that where such assessee is a firm, or any association of persons or any body of individuals, the deduction under this section shall not be allowed in the computation of the income of any partner or, as the case may be, any member of such firm, association of persons or body of individuals:. Provided further that where any deduction, in respect of any amount deposited in the special account, or in the Site Restoration Account, has been allowed under this sub-section in any previous year, no deduction shall be allowed in respect of such amount in any other previous year:.

Provided also that any amount credited in the special account or the Site Restoration Account by way of interest shall be deemed to be a deposit. Where the business of any industrial undertaking carried on in India is discontinued in any previous year by reason of extensive damage to, or destruction of, any building, machinery, plant or furniture owned by the assessee and used for the purposes of such business as a direct result of—. Provided that this clause shall not apply where the assessee is a company, being a licensee within the meaning of the Electricity Supply Act, 54 of 43 , or where the ship has been acquired or the machinery or plant has been installed before the 1st day of January, Earlier, it was inserted by the Finance Act, , w.

A is for the time being approved, in accordance with the guidelines, in the manner and subject to such conditions as may be pres-cribed; and. B such association, university, college or other institution is specified as such, by notification 58 in the Official Gazette, by the Central Government;]. C is, for the purposes of this clause, for the time being approved by the prescribed authority in the prescribed manner, and.

D fulfils such other conditions as may be prescribed 60 ;]. B 66 [such association, university], college or other institution is specified as such, by notification 67 in the Official Gazette, by the Central Government. Provided further that the 71 [Central Government] may, before granting approval under clause ii or clause iii , call for such documents including audited annual accounts or information from the 69 [research association], university, college or other institution as it thinks necessary in order to satisfy itself about the genuineness of the activities of the 69 [research association], university, college or other institution and that 72 [Government] may also make such inquiries as it may deem necessary in this behalf:.

Provided that where the rights commenced, that is to say, became effective, in any year prior to the previous year in which expenditure on the acquisition thereof was incurred by the assessee, this clause shall have effect with the substitution for the reference to fourteen years of a reference to fourteen years less the number of complete years which, when the rights are acquired by the assessee, have elapsed since the commencement thereof, and if fourteen years have elapsed as aforesaid, of a reference to one year;.

A in a case where the licence fee is actually paid before the commencement of the business to operate telecommunication services, the previous years beginning with the previous year in which such business commenced;. B in any other case, the previous years beginning with the previous year in which the licence fee is actually paid,.

Provided that a company may, for claiming the deduction under this sub-section, incur expenditure either by way of payment of any sum as aforesaid or directly on the eligible project or scheme. Provided that a copy of the order withdrawing the approval shall be forwarded by the National Committee to the Assessing Officer having jurisdiction over the concerned association or institution. Provided that a reasonable opportunity of showing cause against the proposed withdrawal shall be given by the National Committee to the concerned association, institution, public sector company or local authority, as the case may be:.

Provided further that a copy of the notification by which the notification of the eligible project or scheme is withdrawn shall be forwarded to the Assessing Officer having jurisdiction over the concerned association, institution, public sector company or local authority, as the case may be, carrying on such eligible project or scheme. Provided that the expenditure incurred, wholly and exclusively, for the purposes of any specified business, shall be allowed as deduction during the previous year in which he commences operations of his specified business, if—.

The following clauses ai and aj shall be inserted after clause ah of sub-section 5 of section 35AD by the Finance No. The following sub-clauses xii and xiii shall be inserted after sub-clause xi of clause c of sub-section 8 of section 35AD by the Finance No.

Original section 35B was inserted by the Finance Act, , w. Original section 35C was inserted by the Finance Act, , w. Original section 35CC was inserted by the Finance No. Provided that the prescribed authority shall not grant such approval for more than three years at a time. Provided that the work in connection with the preparation of the feasibility report or the project report or the conducting of market survey or of any other survey or the engineering services referred to in this clause is carried out by the assessee himself or by a concern which is for the time being approved 94 in this behalf by the Board;.

Provided that there shall be excluded from such expenditure any portion thereof which is met directly or indirectly by any other person or authority and any sale, salvage, compensation or insurance moneys realised by the assessee in respect of any property or rights brought into existence as a result of the expenditure.

Provided that the amount of the instalment relating to any relevant previous year, to the extent to which it remains unallowed, shall be carried forward and added to the instalment relating to the previous year next following and deemed to be part of that instalment, and so on, for succeeding previous years, so, however, that no part of any instalment shall be carried forward beyond the tenth previous year as reckoned from the year of commercial production.

B any other insurer and approved by the Insurance Regulatory and Development Authority established under sub-section 1 of section 3 of the Insurance Regulatory and Development Authority Act, 41 of ;]. Provided that where the aggregate of the amounts carried to such reserve account from time to time exceeds twice the amount of the paid up share capital and of the general reserves of the specified entity, no allowance under this clause shall be made in respect of such excess.

Provided that where such expenditure or any part thereof is of a capital nature, one-fifth of such expenditure shall be deducted for the previous year in which it was incurred; and the balance thereof shall be deducted in equal instalments for each of the four immediately succeeding previous years:. Provided further that the provisions of sub-section 2 of section 32 and of sub-section 2 of section 72 shall apply in relation to deductions allowable under this clause as they apply in relation to deductions allowable in respect of depreciation:.

Provided further that the provisions of clauses ii , iii , iv and v of sub-section 2 78 [and sub-section 5 ] of section 35, of sub-section 3 of section 41 and of Explanation 1 to clause 1 of section 43 shall, so far as may be, apply in relation to an asset representing expenditure of a capital nature for the purposes of promoting family planning as they apply in relation to an asset representing expenditure of a capital nature on scientific research;].

Provided that no such deduction shall be allowed in respect of such expenditure under any other provisions of this Act:. Provided further that no such deduction shall be admissible unless the assessee furnishes in the prescribed form 81 , along with the return of income, the report of an accountant, as defined in the Explanation below sub-section 2 of section , certifying that the deduction has been correctly claimed in accordance with the provisions of this clause.

The following Explanation 2 shall be inserted after renumbered Explanation 1 to sub-section 1 of section 37 by the Finance No. B in India to a non-resident, not being a company or to a foreign company,. Provided that where in respect of any such sum, tax has been deducted in any subsequent year or, has been deducted in the previous year but paid in any subsequent year after the expiry of the time prescribed under sub-section 1 of section , such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.

The following proviso shall be substituted for the existing proviso to sub-clause i of clause a of section 40 by the Finance No.

Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section 1 of section , such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.

A paid by way of royalty, licence fee, service fee, privilege fee, service charge or any other fee or charge, by whatever name called, which is levied exclusively on; or. B which is appropriated, directly or indirectly, from,. Earlier, it was amended by the Finance Act, , w. A where the assessee being an individual, or any relative of such assessee, has a substantial interest in the business or profession of that person; or. Provided that no disallowance shall be made and no payment shall be deemed to be the profits and gains of business or profession under sub-section 3 and this sub-section where a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, in such cases and under such circumstances as may be prescribed 54 , having regard to the nature and extent of banking facilities available, considerations of business expediency and other relevant factors: Original sub-section 5 was inserted by the Finance No.

Original sub-section 6 was inserted by the Finance No. Provided that in a case where the provisions of this clause do not apply, the deduction to be allowed for expenditure incurred remaining unallowed shall be arrived at by subtracting the proceeds of transfer so far as they consist of capital sums from the expenditure remaining unallowed.

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Provided that such actual cost shall not exceed the written down value of such capital asset in the hands of the demerged company. Provided that where such subsidy or grant or reimbursement is of such nature that it cannot be directly relatable to the asset acquired, so much of the amount which bears to the total subsidy or reimbursement or grant the same proportion as such asset bears to all the assets in respect of or with reference to which the subsidy or grant or reimbursement is so received, shall not be included in the actual cost of the asset to the assessee.

A carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered under section 12 of the Securities and Exchange Board of India Act, 15 of in accordance with the provisions of the Securities Contracts Regulation Act, 42 of or the Securities and Exchange Board of India Act, 15 of or the Depositories Act, 22 of and the rules, regulations or bye-laws made or directions issued under those Acts or by banks or mutual funds on a recognised stock exchange; and.

B which is supported by a time stamped contract note issued by such stock broker or sub-broker or such other intermediary to every client indicating in the contract note the unique client identity number allotted under any Act referred to in sub-clause A and permanent account number allotted under this Act;.

A carried out electronically on screen-based systems through member or an intermediary, registered under the bye-laws, rules and regulations of the recognised association for trading in commodity derivative in accordance with the provisions of the Forward Contracts Regulation Act, 74 of and the rules, regulations or bye-laws made or directions issued under that Act on a recognised association; and.

B which is supported by a time stamped contract note issued by such member or intermediary to every client indicating in the contract note, the unique client identity number allotted under the Act, rules, regulations or bye-laws referred to in sub-clause A , unique trade number and permanent account number allotted under this Act;.

A by the increase by the actual cost of any asset falling within that block, acquired during the previous year;. B by the reduction of the moneys payable in respect of any asset falling within that block, which is sold or discarded or demolished or destroyed during that previous year together with the amount of the scrap value, if any, so, however, that the amount of such reduction does not exceed the written down value as so increased; and.

Explanation 2B.

Notwithstanding anything contained in any other provision of this Act, where an assessee has acquired any asset in any previous year from a country outside India for the purposes of his business or profession and, in consequence of a change in the rate of exchange during any previous year after the acquisition of such asset, there is an increase or reduction in the liability of the assessee as expressed in Indian currency as compared to the liability existing at the time of acquisition of the asset at the time of making payment—.

Provided that where an addition to or deduction from the actual cost or expenditure or cost of acquisition has been made under this section, as it stood immediately before its substitution by the Finance Act, , on account of an increase or reduction in the liability as aforesaid, the amount to be added to, or, as the case may be, deducted under this section from, the actual cost or expendi-ture or cost of acquisition at the time of making the payment shall be so adjusted that the total amount added to, or, as the case may be, deducted from, the actual cost or expenditure or cost of acquisition, is equal to the increase or reduction in the aforesaid liability taken into account at the time of making payment.

Explanation 73 [ 1 ]. Notwithstanding anything to the contrary contained in any other provision of this Act,—. Provided that where the eligible assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section 1 subject to the conditions and limits specified in clause b of section The following sub-section 2 shall be substituted for the existing sub-section 2 of section 44AE by the Finance No.

The following clause a shall be substituted for the existing clause a in Explanation to section 44AE by the Finance No. Provided that nothing contained in this sub-section shall apply in respect of an assessee whose total turnover exceeds an amount of forty lakh rupees in the previous year. Provided that where the assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section 1 subject to the conditions and limits specified in clause b of section Provided that this sub-section shall not apply in a case where the provisions of section 42 or section 44D or 61 [section 44DA or] section A or section A apply for the purposes of computing profits or gains or any other income referred to in those sections.

Provided that in a case where the adjusted total income of the assessee is a loss, the amount under clause a shall be computed at the rate of five per cent of the average adjusted total income of the assessee. Notwithstanding anything to the contrary contained in sections 28 to 44C, in the case of an assessee, being a foreign company,—. The following proviso shall be inserted after clause b of sub-section 5 of section 45 by the Finance No.

Where a shareholder or a holder of other specified securities receives any consideration from any company for download of its own shares or other specified securities held by such shareholder or holder of other specified securities, then, subject to the provisions of section 48, the difference between the cost of acquisition and the value of consideration received by the shareholder or the holder of other specified securities, as the case may be, shall be deemed to be the capital gains arising to such shareholder or the holder of other specified securities, as the case may be, in the year in which such shares or other specified securities were downloadd by the company.

Provided that the provisions of sections to 34 of the Companies Act, 1 of shall not apply in case of demergers referred to in this clause;. The following clause viib and Explanation thereto shall be inserted after clause viia of section 47 by the Finance No. Provided that such transfer is made during the period commencing from the previous year in which the said company has become a sick industrial company under sub-section 1 of section 17 49 of that Act and ending with the previous year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses.

The following clause xvii and Explanation thereto shall be inserted after clause xvi of section 47 by the Finance No. Where the capital asset is an asset in respect of which a deduction on account of depreciation under clause i of sub-section 1 of section 32 has been obtained by the assessee in any previous year, the provisions of sections 48 and 49 shall apply subject to the modification that the written down value, as defined in clause 6 of section 43, of the asset, as adjusted, shall be taken as the cost of acquisition of the asset.

Provided that any profits or gains arising from the transfer under the slump sale of any capital asset being one or more undertakings owned and held by an assessee for not more than thirty-six months immediately preceding the date of its transfer shall be deemed to be the capital gains arising from the transfer of short-term capital assets.

Provided that any change in the value of assets on account of revaluation of assets shall be ignored for the purposes of computing the net worth.

Where the consideration received or accruing as a result of the transfer of a capital asset by an assessee is not ascertainable or cannot be determined, then, for the purpose of computing income chargeable to tax as capital gains, the fair market value of the said asset on the date of transfer shall be deemed to be the full value of the consideration received or accruing as a result of such transfer. The following proviso shall be inserted in section 51 by the Finance No.

Provided that where any sum of money, received as an advance or otherwise in the course of negotiations for transfer of a capital asset, has been included in the total income of the assessee for any previous year in accordance with the provisions of clause ix of sub-section 2 of section 56 , then, such sum shall not be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisition.

Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the download or construction of the new asset within the period specified in sub-section 1 , then,—.

Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the download of the new asset within the period specified in sub-section 1 , then,—. Original section was inserted by the Finance Act, , w. Explanation 84 [ 4 ]. The following second proviso shall be inserted after the existing proviso to sub-section 1 of section 54EC by the Finance No.

Provided further that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets, during the financial year in which the original asset or assets are transferred and in the subsequent financial year does not exceed fifty lakh rupees.

Provided that if the amount deposited under this sub-section is not utilised wholly or partly for all or any of the purposes mentioned in clauses a to d of sub-section 1 within the period specified in that sub-section, then,—.

Provided that if the amount so deposited is not utilised, wholly or partly, for the download of the new asset within the period specified in sub-section 1 , then,—. Provided that where the compensation in respect of transfer of the original asset by way of compulsory acquisition under any law is received before the 1st day of April, , the aforesaid period or periods, if expired, shall extend up to the 31st day of December, B is allotted any additional financial asset without any payment,.

With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter 89 , the 90 [Assessing] Officer may refer the valuation of capital asset to a Valuation Officer—. Provided that this clause shall not apply to any sum of money received—.

Provided that where the date of the agreement fixing the amount of consideration for the transfer of immovable property and the date of registration are not the same, the stamp duty value on the date of the agreement may be taken for the purposes of this sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property; ].

Provided that where the stamp duty value of immovable property as referred to in sub-clause b is disputed by the assessee on grounds mentioned in sub-section 2 of section 50C, the Assessing Officer may refer the valuation of such property to a Valuation Officer, and the provisions of section 50C and sub-section 15 of section shall, as far as may be, apply in relation to the stamp duty value of such property for the purpose of sub-clause b as they apply for valuation of capital asset under those sections:.

Provided further that this clause shall not apply to any sum of money or any property received—. D brother or sister of either of the parents of the individual;. F any lineal ascendant or descendant of the spouse of the individual;.

G spouse of the person referred to in items B to F ; and. Provided that this clause shall not apply to any such property received by way of a transaction not regarded as transfer under clause via or clause vic or clause vicb or clause vid or clause vii of section Provided that this clause shall not apply where the consideration for issue of shares is received—.

The following clause ix shall be inserted after clause viii of sub-section 2 of section 56 by the Finance No. Provided that nothing contained in this sub-section shall apply in computing the income of an assessee, being the owner of horses maintained by him for running in horse races, from the activity of owning and maintaining such horses.

Provided that the transferor derives no direct or indirect benefit from such income in either case. Explanation 2A. Provided that nothing contained in this sub-section shall apply in respect of such income as arises or accrues to the minor child on account of any—. Explanation 82 [ 1 ].

Provided that where any such asset is held jointly by more than one person, they shall be jointly and severally liable to pay the tax which is attributable to the income from the assets so included. Provided further that nothing contained in the first proviso shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause 23FB of section Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income 99 , and the assessee offers no explanation about the nature and source of acquisition of the money, bullion, jewellery or other valuable article, or the explanation offered by him is not, in the opinion of the 1 [Assessing] Officer, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income 99 of the assessee for such financial year.

Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the 3 [Assessing] Officer finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and the assessee offers no explanation about such excess amount or the explanation offered by him is not, in the opinion of the 3 [Assessing] Officer, satisfactory, the excess amount may be deemed to be the income of the assessee for such financial year.

Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the 6 [Assessing] Officer, satisfactory, the amount covered by such expenditure or part thereof, as the case may be, may be deemed to be the income of the assessee for such financial year: Where any amount is borrowed on a hundi from, or any amount due thereon is repaid to, any person otherwise than through an account payee cheque drawn on a bank, the amount so borrowed or repaid shall be deemed to be the income of the person borrowing or repaying the amount aforesaid for the previous year in which the amount was borrowed or repaid, as the case may be:.

Provided that, if in any case any amount borrowed on a hundi has been deemed under the provisions of this section to be the income of any person, such person shall not be liable to be assessed again in respect of such amount under the provisions of this section on repayment of such amount.

Provided that if any of the conditions laid down in the proviso to clause xiii or the proviso to clause xiv to section 47 are not complied with, the set off of loss or allowance of depreciation made in any previous year in the hands of the successor company, shall be deemed to be the income of the company chargeable to tax in the year in which such conditions are not complied with. Provided that if any of the conditions laid down in the proviso to clause xiiib of section 47 are not complied with, the set off of loss or allowance of depreciation made in any previous year in the hands of the successor limited liability partnership, shall be deemed to be the income of the limited liability partnership chargeable to tax in the year in which such conditions are not complied with.

Notwithstanding anything contained in sub-clauses i to iii of clause 1B of section 2 or section 72A, where there has been an amalgamation of a banking company with any other banking institution under a scheme sanctioned and brought into force by the Central Government under sub-section 7 of section 45 of the Banking Regulation Act, 10 of 37 , the accumulated loss and the unabsorbed depreciation of such banking company shall be deemed to be the loss or, as the case may be, allowance for depreciation of such banking institution for the previous year in which the scheme of amalgamation was brought into force and other provisions of this Act relating to set-off and carry forward of loss and allowance for depreciation shall apply accordingly.

History of Taxation in India Tax payment is mandatory for every citizen of the country. There are two types of tax in india i. Taxation in India is rooted from the period of Manu Smriti and Arthasastra.

Present Indian tax system is based on this ancient tax system which was based on the theory of maximum social welfare. The origin of the word "Tax" is from "Taxation" which means an estimate. In India, the system of direct taxation as it is known today has been in force in one form or another even from ancient times. Variety of tax measures are referred in both Manu Smriti and Arthasastra.

The wise sage advised that taxes should be related to the income and expenditure of the subject. He, however, cautioned the king against excessive taxation; a king should neither impose high rate of tax nor exempt all from tax.

According to Manu Smriti, the king should arrange the collection of taxes in such a manner that the tax payer did not feel the pinch of paying taxes.

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Kautilya has also described in great detail the system of tax administration in the Mauryan Empire. It is remarkable that the present day tax system is in many ways similar to the system of taxation in vogue about years ago. Arthasastra mentioned that each tax was specific and there was no scope for arbitrariness. Tax collectors determined the schedule of each payment, and its time, manner and quantity being all pre-determined.

Similarly, tolls, road cess, ferry charges and other levies were all fixed.These incomes are taxed as the income of year immediately preceding the assessment year at the rates applicable to such person.

The first time home owners come under this section of tax benefit. Provided that where in computing the total income of the undertaking for any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the Finance Act, , the undertaking shall be entitled to the deduction referred to in this sub-section only for the unexpired period of aforesaid ten consecutive assessment years:.

A carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered under section 12 of the Securities and Exchange Board of India Act, 15 of in accordance with the provisions of the Securities Contracts Regulation Act, 42 of or the Securities and Exchange Board of India Act, 15 of or the Depositories Act, 22 of and the rules, regulations or bye-laws made or directions issued under those Acts or by banks or mutual funds on a recognised stock exchange; and.

Provided that no disallowance shall be made and no payment shall be deemed to be the profits and gains of business or profession under sub-section 3 and this sub-section where a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees, in such cases and under such circumstances as may be prescribed 54 , having regard to the nature and extent of banking facilities available, considerations of business expediency and other relevant factors: Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section 1 of section , such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.

Acts & Rules

Provided further that this clause shall not apply to any sum of money or any property received—. All About Income Tax Act.

There are prescribed forms through which the income earned by a person and the income tax paid thereon are informed to the Income Tax Authority. Step 2: Click on E-File section in response to notice under section 9.