Section 9 of the Income Tax Act, 1961: Defaced and DefiledAndharia, PrateekNatl L.sch.india Rev
Section 143 of IT Act 1961-2022 provides for assessment. Recently, we have discussed in detail section 142B (Faceless Inquiry or Valuation) of IT Act 1961. Today, we learn the provisions of section 143 of Income-tax Act 1961 as amended by the Finance Act 2022. The amended provision 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...
Section 412(5) of Income Tax Act 2025 Penalty payable when tax in default [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 ...
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...
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.
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
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...
Authorising ‘agency’ for receiving Annual Information Returns on behalf of Commissioner of Income-tax (Central Information Branch) under section 285BA, read with rule 114E - In exercise of powers conferred under sub-section (1) of section 285BA of the Income-tax Act, 1961 (43 of 1961) ...