Section 160 of the Income Tax Act (Canada)tax.network
Amended and updated notes on assessment section 143 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962.
(1) The income chargeable under the head “Salaries” shall be computed after making the deductions of the nature as mentioned in column B of the following Table, to the extent as mentioned in column C of the said Table:— Section 19(2) of Income Tax Act 2025 (2) For the purposes of...
Exemption under Section 10 (1) on agricultural income If you earn any type of agricultural income in a financial year, such an income would be exempted from tax. Agricultural income, as defined under Section 2 (1A) of the Income Tax Act, 1961, would include the following types of incomes...
So, the parameters for the eligibility of this rebate under section 87A of the Income Tax Act 1961 are mentioned below in steps. Step 1: To begin with, the income to be taken into consideration for the access to a rebate under section 87A is arrived at after setting off the ‘brought...
Clubbing of Income as the term suggests, means adding the income of another person to the income of the person who is paying the tax. This term is explained under Section 64 of the Income Tax Act.
clauses. There werenew tax rules amendmentsto the sub-section(1) of the section 12A of the Income-tax Act 1961. According to this new rule, all trusts or religious organizations or institutions that have been registered under section 12A or 12AA and have undertaken changes s...
During FY 2005-06 (AY 2006-07), the respondent resided in India for a period of 45 days which does not exceed the maximum threshold limit specified in Section 6 of the Income-tax Act, 1961 (‘the Act’) and accordingly, the respondent was ...
1. Definition of “salary”, “perquisite” and “profit in lieu of salary” (section 17) 1.1 What is salary? 1.2 What is a Perquisite? 1.3 What is profit in lieu of salary ? 2. Rates of income-tax as per Finance Act, 2022
It’s important to note that taxes are not only paid on personal income. You’ll also need to remember that the REG exam includes sections about the taxation of gifts and the tax liability of someone’s estate. Each type of taxation comes with its own set of rules and regulations. Make...