Nsection 13 of income tax act 1961 pdf download 2017-18

Just upload your form 16, claim your deductions and get your acknowledgment number online. Mar 03, 2015 a person will be remuneration under act, 20. The finance act, 1968 amended section 1011 to provide for exemption of payments made from a notified fund also. Income tax act 1961 complete act citation 530 bare. Apr 12, 2016 section 44ad of the income tax act, 1961. Particulars requirement 1 scope of section 194ia cover all transfer of immovable property if value of consideration is 50 lacs or.

Section of incometax act 19612017 section 11 not to. Income tax act 94 of 1983 income tax amendment act 30 of 1984 income tax act 121 of 1984 income tax act 96 of 1985 income tax act 65 of 1986. Query on section 122 vs section 6 of income tax act accounts. Greetings, section 44ada relates to computation of income tax on presumptive basis for professionals wherein an eligible professional having income up to inr 50,00,000 can, at his option, pay income tax at amount more than or equal to 50% of his t. Sec 122 says that exemption us 11 shall not be available for services provided to specified persons and sec 6 says that exemption us 11 shall not be denied merely bcoz services ar provided to specified persons. Deductions include deduction against salaries, against income from house properties, against profits and gains of business or profession against capital gains. Representations have been received seeking condonation of delay in filing return of income by the charitable institutions for the assessment year 201617 onwards. Any profits and gains arising from transfer of a capital asset effected in the previous year,shall be chargeable to incometax under the head capital gains and shall be deemed to be the income of the previous year in which transfer took place what is a capital asset section214. Condonation of delay under section 1192b of the income tax act, 1961 in fi ling of return of income for a.

Set off and carry forward of losses under the incometax law. The provisions of finance bill, 2017 relating to direct taxes seek to amend the incometax act, 1961 the act and the finance act, 2016 a. The impact of professional tax on income tax calculation. Income tax act 1961 income tax act 1961 bare act free download as pdf file. Section 32 of income tax act 19612017 provides special provision for depreciation. Additionally, any perquisite paid to a person as defined under the income tax act, 1961 it act, 1961 will also be. After budget 2016, the person declaring income us 44ad will also be required to pay the advance tax. Allowances meaning and types under the head salary income. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Kalpesh chauhan, tax assistant accounting technician ca. Text of remaining provisions of allied acts referred to in income tax act 1. Chapter iii sections 10b of income tax act, 1961 deals with provisions related to incomes which do not form part of total income.

Section110 determination of tax where total income includes income on which no tax is payable section111 tax on accumulated balance of recognised provident fund section111a tax on short term capital gains in certain cases. Penalty provisions under income tax act finance bill 2016. Section 194c, incometax act, 1961 2015 98payments to contractors. Definition of remuneration under the companies act, 20. Cbdt has extended the due date for filing income tax returns and audit reports from 30th september 2017 to 31st october 2017 04092017 constitution of group to consider the entire structure to study circles, exploring ways and means to obtain independent pan, tan, service tax registration. Chhaparia, fca as we know, penal provisions in any statute are intended to have deterrent effect for non compliances. Referencer income tax income tax rates ay 201011 fy. The objective of section 10 of the income tax act is to reduce the burden of the different structure of the tax such as rent allowance, allowance for children education, travel allowance, gratuity and so on. Sep 21, 2017 greetings, section 44ada relates to computation of income tax on presumptive basis for professionals wherein an eligible professional having income up to inr 50,00,000 can, at his option, pay income tax at amount more than or equal to 50% of his t. Section 44ad presumptive scheme to be opted for atleast. New delhi, the iq february, 2020 income tax department. Rates of incometax, surcharge and additional surcharge. Section 16iii of the income tax act, 1961, states that the tax on employment professional tax within the meaning of article 2762 of the constitution of india, leviable by or under any law, shall also be allowed as a deduction in computing the income under the head salaries. Substituted by the taxation laws amendment and miscellaneous provisions act, 1986, w.

Section b of income tax act 1961 2017 provides for special provisions relating to voluntary contributions received by electoral trust. Income tax act 1961 in india bare acts, banking and insurance, business and corporate, constitutional, consumer laws, criminal law, energy, environmental, family and inheritance, heritage and national importance, immigration law, labor law, income tax act 1961. Nov 27, 2019 efiling income tax returnsitr is made easy with cleartax platform. Additionally, any perquisite paid to a person as defined under the income tax act, 1961 it act, 1961 will also be taken to be a part of remuneration. For understanding the overall concept of income tax law in india, one should have to know the title or contents topics covered under sections 1 to 298 of income tax act, 1961 as amended by the. Income tax act 1961 complete act citation 530 bare act. Section 10 exemptions under section 10 of income tax act. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption. This incometax ready reckoner is based on the directtax laws as amended by the finance no.

The penal provisions in the incometax act, 1961the act are no exception to this rule. In this part you can gain knowledge about various provisions relating to set off and carry forward of losses under the income tax law. Section of income tax act 1961 2017 provides for section 11 not to apply in certain cases. The objective of section 10 of the income tax act is to reduce the burden of the different structure of the tax such as rent allowance, allowance for. Circumstances in which certain amounts received or accrued in relation to. In this part you can gain knowledge about various provisions relating to set off and carry forward of losses under the incometax law. Return of income and procedure of assessment section 9 to 154 penalties under income tax act. Reg, reg, representations have been received seeking condonation of delay in filing return of income by the charitable institutions for the assessment year 201617. Provisions relating to direct taxes income tax department. Suppose an eligible assessee declared income us 44ad for a.

Representations have been received seeking condonation of delay in filing return of. Cbdt has extended the due date for filing income tax returns and audit reports from 30th september 2017 to 31st october 2017 0409 2017 constitution of group to consider the entire structure to study circles, exploring ways and means to obtain independent pan, tan, service tax registration 2102 2017. Section 44ad presumptive scheme to be opted for atleast 5 years. Income tax act 1961 income tax act 1961 bare act capital. Special provision relating to incomes of political parties. Is section 44ada of the income tax act optional or compulsory. North borneo agreement 1961, or the overseas service sarawak agreement.

Measures for promoting affordable housing and real estate sector d. Prior to the substitution, clause 17, as amended by the finance act, 1976, w. Section page contents division one 111 income tax act, 1961 page u arrangement of sections i3 u text of the income tax act, 1961 as amended by the finance act, 2011 1. Incometax deduction from salaries during the financial year 2017 18 under section 192 of the incometax act, 1961 2018 8 tmi 743 transfer pricing arms length interest rate on loan for loan given to associated enterprise. Salary deduction under section 16 of income tax taxalertindia. Complete list of sections of income tax act, 19612019 aubsp. The central government has notified the public provident fund under the public provident fund scheme. Efiling income tax returnsitr is made easy with cleartax platform.

Condonation of delay under section 1192b of the income tax act, 1961 in filing of return of income for a. Icai the institute of chartered accountants of india. It may be clarified that standard deduction from gross salary income, which was being allowed up to financial year. Section88b rebate of incometax in case of individuals of sixtyfive years or above omitted section88c rebate of incometax in case of women below sixtyfive years omitted. Penalty provisions under income tax act unlearning and relearning consequent to finance bill 2016 by k. Section 44ad of income tax act, 1961 after budget 2016. Any profits and gains arising from transfer of a capital asset effected in the previous year,shall be chargeable to incometax under the head capital gains and shall be deemed to be the income of the previous year in which transfer took place. The provisions of finance bill, 2017 relating to direct taxes seek to amend the income tax act, 1961 the act and the finance act, 2016 a. Capital asset means aproperty of any kind held by the assesse. In this article we have discussed income tax deduction available to taxpayers from various sources of income for a. The tax on employment professional tax within the meaning of article 276 2 of the constitution of india, leviable by or under any law, shall also be allowed as a deduction in computing the income under the head salaries.

Deduction of income tax from salaries for the financial year 20162017 assessment year 2017 18 under section 192 of the income tax act 1961 members of staff whose gross salarypension income during the financial year 20162017 would exceed are requested to furnish a statement. Kalpesh chauhan, tax assistant accounting technician ca final cs prof. Income tax act 94 of 1983 income tax amendment act 30 of 1984 income tax act 121 of 1984. Income tax act 94 of 1983 income tax amendment act 30 of 1984. Report under section 321iia of the income tax act, 1961. Allowance is a fixed monetary amount paid by the employer to the employee for meeting some particular expenses, whether personal or for the performance of his duties. Section 32 of incometax act 19612017 depreciation aubsp. Set off and carry forward of losses under the income tax law.