Asked in Law at 6:49 PM on July 21, 2009
Tags: section iii income tax act
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check out:www.incometaxindia.gov.i n/Acts/INCOME%20TAX%20ACT/35.a spwww.vakilno1.com/bareacts/ incometaxact/s32.htm
Answered by Your Answers at 12:49 PM on July 23, 2009
based in India;iii He is a company or a firm or an association of persons or a body of individuals or a local authority or an artificial juridical person;iv His income is not exempt under section 1023C of individuals or alocal authority or an artificial juridical person; iv His income is not exempt under section 1023C of the Income-tax Act or he is notregistered under section 12AA; v He has provided
. The deduction under section 80C is to be given to the person who has purchased the National Savings Certificates out of his income chargeable to tax. iii Whether the interest accruing to the National SavingsDeduction under section 80C of the Income-tax Act, 1961, in respect of contributions made to National Savings Certificates VI & VII Issues. Under section 80C2h of the Income-tax Act, 1961
....FORM NO. 16Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source from income chargeable under the head Salaries.Name and address of the Employer Name and designationCentre or NSDL web-sitePeriod Assessment yearQuarter Acknowledgement No. From ToDETAILS OF SALARY PAID AND ANY OTHER INCOME AND TAX DEDUCTED1. Gross salarya Salary as per provisions contained in section 171 Rs
not exceed Rs. 1 crore [sec. 1394Ce...]. If income without giving exemption under section 10 exceeds the exemption limit. Any university / college / other institution referred to in section1ii/iii [sec. 1394D assessees coming under audit [U/s 44AB...] [Excluding Trusts...]. The following persons are under statutory obligation to file return of income by virtue of section 1391, 4A, 4B, 4C- Tax Payer Minimum income
Step 1 arrive your gross salary Step2 less least of the following i actual rent paid ii10 of payda iii i -ii ivactual hra received Step3less professional tax paid Step4arrive your gross total income Step 5less deductions under section80c that is less the investment you made during the year max 1lac rupees Step6arrive your taxable income upto 1.10 lacs no tax from 1.11 to 1.5 10 UPTO 2.5 20
by the Board, in consequence of information in his possession, has reason to believe that-a any person to whom a summons under sub-section 1 of section 37 of the Indian Income-tax Act, 1922 11 of 1922, or under sub-section 1 of section 131 of this Act, or a notice under sub-section 4 of section 22 of the Indian Income-tax Act, 1922, or under sub-section 1 of section 142 of this Act was issued to produce
Under Section 1013A, HRA is exempt to the least of the ... it in his/ her personal income tax return. This will prevent any litigation in the future. Section 10 14 Rule 2BB10...travelling allowance are detailed in Rule 2BB of Income Tax Rules and are briefly given below :i Allowance granted to meet cost of travel on tour or transfer.ii Allowance granted to tour or journey in connection with transfer
,an investor can invest for five years and earn regular income on a quarterly,half-yearly or annual basis under Option I,II or III,respectively.The investor can earn regular income at the rate of 14 per cent per multiplying the saving by four times in 10 years fivemonths.By investing in the tax saving bond,investors can save tax on capital gains under Section 54 EA of Section 54 EB of the Income Tax Act 1961.Full
from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in item a or item b of sub-clause iii of clause 14 of this sectionHi,Agriculture income is totally tax free for those whose income is below taxable. But for persons whose income is more than taxable limit, then it will be added to the income for rate purpose
Bond,an investor can invest for five years and earn regular income on a quarterly,half-yearly or annual basis under Option I,II orIII, respectively.The investor can earn regular income at the rate of 14 per annum multiplying the saving by four times in 10 years five months.By investing in the tax saving bond,investors can save tax on capital gains under Section 54 EA of Section 54 EB of the Income Tax
or a firm or an association of persons or a body of individuals or a local authority or an artificial juridical person; iv His income is not exempt under section 1023C of the Income-tax Act or he or gains incurred any expense on, or made any payment for, the purposes referred to in clauses A to P of sub-section 2 Of section 115WB of the Income-tax Act. These purposes are enumerated in para 3
. Agricultural incomeUnder the provisions of Section 101 of the Income Tax Act, agricultural income is fully exempt from income tax. However, for individuals or HUFs when agricultural income is in excess of Rs 5 estate, where such sum has been paid out of the income of the estate belonging to the family, is completely exempt from income tax in the hands of an individual member of the family under Section 102
incomes under any head on income Section 192 Interest on securities Section 193 Interest other than interest on securities Section 194A Payments to contractors and sub-contractors Section 194C Section 194G Income from Units purchased in foreign currency or long-term capital gain arising from the transfer of such Units purchased in foreign currency Section196B Payment of any income to non
