Be it enacted by parliament in the twelfth year of the republic of india as follows. Section 38 2 in the income tax act, 1995 2 where any building, machinery, plant or furniture is not exclusively used for the purposes of the business or profession, the deductions under sub clause ii of clause a and clause c of section 30, clauses i and ii of section 31 and 3 clause ii of sub section 1 of section 32 shall. Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. List of sections of income tax act, 1961 in excel format. Whenever a capital asset whether short term or long term is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital gain as per the provisions of the act, in spite of the fact that the ownership of such. Special provision for payment of tax by certain companies. Adoption by central government of agreement between specified associations for double taxation relief is defined under section 90a of income tax act 1961. This app by offline apps india is amended as per finance act 2019 and contains income tax act amended as per finance act 2018 also. Section 10 38 of the income tax act speaks about exemption on transfer of long term capital assets of equity shares, equity oriented mutual funds and unit of business trust.
App features complete income tax act 1961 in digital format. Notification issued under section 112a specifying modes of. Chapter xxii of the act contains provisions relating to prosecutions. Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. As per section 2 31 of income tax act, 1961 person includes.
Students taking ca intermediate ca ipcc exams or students preparing for taxation will find the file very useful. The income tax act, 1961 is the charging statute of income tax in india. Applies to the whole of india including sikkim and jammu kashmir. Section 38 of income tax act 1961 2017 provides for building, etc. The maximum deduction permitted under section 80 gg is rs 60,000 per annum rs 5,000 per month. Tax utilities authorities for disclosure of information. Special provisions for payment of tax by certain persons other than a. Neurological diseases where the disability level has been certified to be of 40% and above, dystonia musculorum deformans. The aforesaid definition is inclusive and not exhaustive. Cbdt notifies rules with respect to nonfurnishing of pan. All cases related to conversion of capital asset into stock in trade are dealt by sec 45 2 of income tax act, 1961 at any point of time. Rule 37bc of the rules provides that a nonresident deductee without a pan, shall not be subject to higher withholding tax under section. Prosecution under section 276c of incometax act, 1961. Section 90a of income tax act adoption by central government of agreement between specified associations for double taxation relief.
The word ooks is defined under the section 2 12 of the income tax act, 1961. Notifies rate of interest in respect of rupee denominated. 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 1961 is free app providing detail section wise and chapterwise information on charging statute of income tax in india. Section 80a of the income tax act specifies that the amount of such deductions shall not exceed the amount of gross taxable income. Section 80ddb of the income tax act, 1961 provides deduction for specified diseases covered under rule 11dd.
Amongst other provisions, section 276c of the act contains provisions. 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. I preliminary section 1 short title, extent and commencement section 2 part a definitions clause 1 to clause 15 advance tax to charitable purpose section 2 part b definitions clause 15a to clause 30 chief commissioner to nonresident section 2 part c definitions clause 31 to clause 48. Income tax act 1961 complete act citation 530 bare. Introduction of summary of sections income tax act 1961. Share of profit from partnership firm under section 102a. Apportionment of income between spouses governed by portuguese civil code. In this section, the word proceeding means any proceeding in respect of any year, whether under the indian income tax act, 1922 11 of 1922, or this act, which may be pending on the date on which a search is authorised under this section or which may have been completed on or before such date and includes also all proceedings. Under the said clause read with rule 11ua of the income tax rules, 1962 the rules, if a person receives shares and securities or jewellery. List of diseases as covered under rule 11dd of income tax rules, 1962 are as under. Name of premises building village road street post office area locality towncitydistrict state country pin code phone no. Rebate of income tax in case of individuals of sixtyfive years or above omitted. This income tax app by offline apps india provides section wise list of bare act along with search functionality.
Ppt income tax act 1961 powerpoint presentation free. Section 56 2 of the income tax act, 1961 the act so as to widen the scope of taxability of receipt of sum of money or property withoutinadequate consideration. Equity oriented mutual funds means where funds are invested in equity s. If you dont receive hra house rent allowance but pay rent, you can still get a tax deduction on the rent paid under section 80 gg of the income tax act, 1961. Section 1201 and 2 of the incometax act, 1961 jurisdiction of income tax authorities. In exercise of the powers conferred by subsections 1 and 2 of section 120 of the income tax act, 196i 43 of 1961, the central board of direct taxes hereby directs that chief commissioner specified in column 2 of the schedule below, having his headquarters at the. The incometax act, 1961 is the charging statute of income tax in india. Rule 11dd specified diseases and ailments myitreturn. Special provisions for computing profits and gains of business on presumptive basis presumptive taxation us 44ad and 44ae was introduced by the finance act, 1994 wherein section 44ad was applicable to assessees engaged in the business of civil construction or supply of labour for civil construction. Chapter vi a of the income tax act 1961 specifies in detail the permissible deductions from the gross total income under section 80c to 80u of the income tax act.
Section 58 of incometax act 19612017 no deductions. Text of remaining provisions of allied acts referred to in income tax act 1. The existence of the books is the foremost condition under this act. As per section 2 25a of the income tax act, 1961, unless the context otherwise requires, the term india means the territory of india as referred to in article 1 of the constitution, its territorial waters, seabed and subsoil underlying such waters, continental shelf, exclusive economic zone or any other maritime zone as referred to in the territorial waters, continental shelf, exclusive.
Important source of income to the central government income tax is levied and collected by the central government yet a portion of it is distributed among the states for their. Cbi 1998 3 where any sum is found credited in the book of an assessee maintained for any. Notification issued under section 112a specifying modes of acquisition not covered october 12, 2018 in brief the finance act, 2018 withdrew the exemption provided under section 10 38 of the income tax act, 1961 act and instead inserted section 112a to tax longterm capital gains arising from transfer of. Section 58 of income tax act 1961 2017 provides for no deductions from income from other sources. Meaning income tax is a direct tax which is levied and collected by the central government on the total income of the person. In exercise of the powers conferred by section 90 and section 90a read with section 295 of the income tax act, 1961 43 of 1961, the central board of direct taxes hereby makes the following rules further to amend the income tax rules, 1962, namely. 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. Year of accumulation date of filing form 10 amount accumulated period for which accumulated set apart amount applied up to the end of the previous year amount remaining for application amount deemed to be income within meaning of. It provides for levy, administration, collection and recovery of income tax. Form no 68 application us 270aa2grant of immunity from.