Income-taxAct,1961:Notificationunderundersection2(1A)(c),poviso,clause(ii)(B)andsection2(14)(iii)(b);UrbanisationofareasWhereasadraftnotificationwasp..
SECTION 35(1)(ii) OF THE INCOME-TAX ACT, 1961A V VishalEmail thisPrint this
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 Tax Act Section-Wise Guide: Detailed Analysis and Explanations for Every Section Read | Section-wise Comparison between Income Tax Act 2025 and Income Tax Act 1961 CHAPTER IPRELIMINARY Section NumberDescription of Section Section-1 Short title, extent and commencement Section-2 Definitions Secti...
Penalty on tax default under Section 412 of Income Tax Act 2025 is imposed in addition to arrears & interest, capped at tax due, with relief for valid reasons or reduced tax.
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 ...
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...
UNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 DURING THE FINANCIAL YEAR 2022-23 CIRCULAR NO. 24/2022 NEW DELHI, the 07th December, 2022 Table of Contents 1. Definition of “salary”, “perquisite” and “profit in lieu of salary” (section 17) ...
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.
(relating to the tax on self-employment income) attributable to an agreement, or modification of an agreement, made pursuant to section 218 of the Social Security Act (relating to coverage of State and local employees), and if the allowance of a credit or refund of such overpayment is ...