(vi) a University established or incorporated by or under a Central Act or State Act or Provincial Act and an institution declared to be a University under section 3 of the University Grants Commission Act, 1956; or (vii) an Indian Institute of Technology within the meaning of section 3(g)...
Section 192 of Income-Tax Act, 1961 deals with the Tax deducted at source from salary. TDS deducted from the salary will be ultimately reflected in your Form 16. Recently the government gave it a final nod to the proposed amendment under section 192 of Income-Tax Act, 1961 pertaining to...
Section 23 of the Income Tax Act prohibits, in relation to any year of assessment, a deduction of 'the cost incurred in the maintenance of any taxpayer, his family or establishment' as well as any 'domestic or private expenses'. The cumulative effect of these prohibitions is that, for ...
Section 412(2) of Income Tax Act 2025 (2) The total amount of penalty under sub-section (1) shall not exceed the amount of tax in arrears. Section 412(3) of Income Tax Act 2025 (3) No penalty under sub-section (1) shall be levied—(a) unless the assessee has been given a rea...
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
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...
Non-residents as per Section 5(2) of the IT Act are not required to disclose or offer their income to tax in IndiaLast updated: 11 October 2021 Court : ITAT Mumbai Brief : The present appeal has been preferred by the Revenue against the orde...