Section 92e of the income tax act, 1961 requires a report in form no. Download list of sectionsincome tax act, 1961 updated. It has become inevitable imposition because it has great potentials for raising funds for meeting the development and defense needs of a nation. Under the income tax act, every person, who is an assessee and whose income. S diesels1 the taxpayer held that consequences under section 40aia of the incometax act, 1961 the act would operate on account of failure to deduct tax where the tax is liable to. Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf. Section page contents division one 111 incometax act, 1961 page u arrangement of sections i3 u text of the incometax act, 1961 as amended by the finance act, 2011 1. Section 44ae of the income tax act 1961 complete details. The incometax act, 1961 is the changing statute of income tax in india. All about the new section 269su of the income tax act, 1961. Section 80ee first came into force during the financial year 2014 for individual taxpayers to avail deductions on interest on home loans. 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.
The excellent download file is in the format of pdf. Section 87a of the income tax act was introduced in finance act, 20. Return of income and procedure of assessment section 9 to 154 penalties under income tax act. Section 16 of income tax act 19612017 provides for deductions from salaries. 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. Numbered by the finance act, 2008, with retrospective effect from 1st june, 2003. As per the finance act, 2012, incometax is required to be deducted under section 192 of the incometax act 1961 from income chargeable under the head salaries for the financial year 2012 i. The various heads for which you have to pay income tax include. Section 10 exemptions under section 10 of income tax act. Download the list of sections of income tax act, 1961 in pdf and excel format. 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. Apportionment of income between spouses governed by portuguese civil code. Disallowance under section 40aia of the incometax act, 1961 law is evolving background recently, the high court of punjab and haryana high p. This section provides tax deduction up to a maximum of rs.
Section 80u income tax deduction under section 80c. Introduction tax is today an important source of revenue for governments in all the countries. The income chargeable under the head salaries shall be computed after making the following deductions, namely. Any person who has been an indian resident for the year of assessment and has suffered from at least 40 percent disability as spelt out by the law, qualifies for tax deductions. These different sections deal with various aspects of taxation in india. Section 194i was inserted vide the finance act, 1994. Rebate of incometax in case of individuals of sixtyfive years or above omitted. The act has been amended and reamended so drastically that it has become very complicated for the administering authorities as well as for the tax payers. Exemptions section 51i of the wealthtax act, 1957 adit vs. Section 149 time limit for notice incometax act, 1961. Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply.
List of sections of income tax act, 1961 updated as on 24012016 in excel format. Before going into the nittygritty of the provisions of section 194i of the income tax act. Inserted by the finance act, 2003, with effect from 1st june, 2003. Section 92e read the entire article to know about interest payable and calculation of 234a, 234b, 234c. Essential conditions for claiming deduction under section 80e of income tax act, 1961 for interest on education loans this deduction under section 80e for for interest on education loans is over and above the rs 1,50,000 deduction allowed under section 80c of income tax act, 1961. Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the incometax act. In other word taxes on income, sale, purchase and properties were collected to run. Contains all enforced central and state acts linked with subordinate data like rules,regulations,notifications,orders,circulars,ordinances,statutes. Latest circular regarding efiling of income tax returns details of forms 10th oct. Income tax act rules list 2019 has been provided for tax payers which includes revised and newly added tax rules. If the assesse want to show the lower income than the prescribed income under section than the tax payer needs to maintain such books of account irrespective of the turnover or the inventory or purchases than such tax payer would also require to get the books of the account audited. Applies to the whole of india including sikkim and jammu kashmir. This video provides the knowledge of constitutional provisions of the income tax act, 1961.
The present article covers the important section 194i of the income tax act, 1961, which deals with the provisions of tds on rent. 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. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. If assessee opts for sec 44ad and declares his income as 8 % of total turnover or more he should consider following points. Section 241 of the income tax act, 1961 provides certain deductions. The available tax deduction limit under section 80ee is over and above of what has been provided under section 80c and section 24 of the income tax act, 1961. Penalty under section 221 for default in making payment of tax can be imposed only on arrears of tax excluding interest payable under section 2202. Everything about section 44ad of income tax act 1961.
Not allowed to claim any expenses or depreciation i. Ppt income tax act 1961 powerpoint presentation free. Students taking ca intermediate ca ipcc exams or students preparing for taxation will find the file very useful. According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption. Text of remaining provisions of allied acts referred to in incometax act 1. Section 269su prescribes the electronic modes for payments acceptance that an individual who is engaged in business has to provide in addition to the other electronic facility or digital mode of payment already available for the customers.
Income tax act 1961 complete act citation 530 bare. Section 16 of incometax act 19612017 deductions from. Income tax act 1961 section 153a citation 23538 bare. The government of india brought a draft statute called the direct taxes code intended to replace the income tax act,1961 and the wealth tax act, 1957. Disallowance under section 40aia of the incometax act. List of sections of income tax act 1961 download pdf. Section 80ee of income tax act, 1961 know how can it. The section 80u of income tax act 1961 takes care of deductions meant for the indian residents categorised into the disabled category as per the rules of the government.
Be it enacted by parliament in the twelfth year of the republic of india as follows. Updating and uploading of all central acts available on this web page is the proprietary of the legislative department in the ministry of law and justice. Incometax act, 1961 income tax department all acts incometax act, 1961. Provided that if any liability for any tax or any other sum remaining payable under this act, the wealthtax act, 1957 27 of 1957, the gifttax act, 1958 18 of 1958, the estate duty act, 1953 34 of 1953, or the companies profits surtax act, 1964 7 of 1964, by any person entitled to the consideration payable under section 269uf, the. Rebate under section 87a of income tax act,1961 section 87a relief us 87a. Lets discuss about the basics of income tax discussed by chandan poddar sir. Income tax act 58 of 1962 south african government. 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. For meaning of the term assessee, see taxmanns direct taxes manual, vol. The section was introduced to provide benefits to individuals whose total net income is below rs. The income tax act, 1961 the income tax act, 1961 1. Section 149 time limit for notice incometax act, 1961 notification no. The incometax act, 1961 is the charging statute of income tax in india.