The assessment for income of the previous year (financial year) 2025-26 of a taxpayer shall be done as per the provisions of the Income-tax Act, 1961 for the assessment year 2026-27. The assessment for income of tax year (financial year) 2026-27 of a taxpayer shall be done as per ...
[As per the Income Tax Act, 2025 (this Act) w.e.f. 1st April, 2026.] Section 412(1) of Income Tax Act 2025 (1) When an assessee is in default or is deemed to be in default in making a payment of tax, he shall, in addition to the amount of the arrears and the amount of...
Section 160 of the Income Tax Act (Canada)tax.network
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...
Income-taxAct,1961:Notificationunderundersection2(1A)(c),poviso,clause(ii)(B)and section2(14)(iii)(b);Urbanisationofareas WhereasadraftnotificationwaspublishedbytheCentralGovernmentinexerciseofthepowersconferred byitem(B)ofclause(ii)oftheprovisotosub-clause(c)ofclause(1A),anditem(b)ofsub-clause(...
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.
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Subchapter A -- Determination of Tax Liability Part IV -- Credits against tax Subpart E -- Rules for computing credit for investment in certain depreciable property (a) Energy credit. (1) In general. For purposes of section 46, except as provided in paragraphs (1)(B), (2)(B), and ...
Section 13(7.1) of the Income Tax Act requires, generally speaking, that a taxpayer reduce the capital cost of a fixed asset by the amount of government assistance received by the taxpayer with respect to the asset. In two recent ... Parsons,B Robert - 《Journal of Canadian Petroleum Techn...