Income tax act 1961 pdf file

 

    2(1) This Act may be called the Income-tax Act, (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall. All references in the Income Tax Act to the Hotel Development Act, (formerly Ch. ) have . Employee or officer to furnish B.I.R. file number to employer. Choose Acts: . Section - 5A. Apportionment of income between spouses governed by Portuguese Civil Code Income deemed to accrue or arise in India .

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    Income Tax Act 1961 Pdf File

    [Deleted by Act 12 of , Schedule.] 4. Duty to regard documents, etc., as secret and to make declaration. Imposition of Income Tax. 5. Chargeable income. File, Description, Size, Format. Apdf, MB, Adobe PDF, View/Open. Act Details. Act ID: Related Documents to This Act. Rules. Show. Year, Description, Files. , ITA Circulars - Section - - Circular No: , Dated , ITA Circular - Section - WM.

    If any person or non-person entity did not file their tax returns within the specified deadline of filing returns, Section will provide the guidelines to file the returns. There are several sub-sections of this Section that are designed to deal with non-submission of tax returns within the prescribed time frame by different types of tax-paying entities. In such cases their tax filings are considered as Voluntary returns, which are seen as valid tax returns. Note: Under Section 1c , certain classes of people are exempt from filing income tax. If these classes of people fulfill the prescribed conditions, central government is empowered to grant them tax exemption. After issuing notice under Section 1c , it should be placed before each House of Parliament for 30 days when the sessions go on immediately following the notification. Upon agreement from both the Houses, modification will be done in the notification and will be effective. Otherwise notification will be ineffective. Tax return filing is mandatory in case the firm wants to carry forward this loss and offset with the future income. Availability of this option is only possible if the tax return indicating the loss is filed within the due date. However, the unabsorbed depreciation could be carried forward for such cases. In case the loss is to be offset against some income in other category for the same year, it is permitted to offset even though return is filed after the due date. Loss of the earlier years could be carried forward if the return of losses for those years were filed with due dates and those losses were assessed. The advantage of filing the loss returns is that it allows one to carry the loss forward which reduces the tax liability for the future years.

    The Income-tax Act, 1961

    The PAN number provided to collector or deductor by the taxpayer is not correct. The deductor or collector has not provided the PAN of the taxpayer. Take to the bank to rectify the issue in the challan details that are uploaded through the bank. Q Define Assessing Officer in brief. This officer has given a particular jurisdiction in a specific geographical area in the town or city or on the class of people. Q Since income tax is levied on the income of each person.

    So, according to the law of the Income-Tax what is considered as income? Income can also come from the investments as commission, dividend, interest, etc. In addition to this, the income can also be earned on the sale of some capital assets such as gold, building, etc. Q Define taxable income and exempt income? The law of the Income-Tax exclusively grants tax exemptions to some income. Q What is the meaning of capital receipt and revenue receipt? The capital receipts have an isolated nature such as receipts of sale of personal jewelry, receipt of sale of some residential property, etc.

    On the other hand, the revenue receipt has recurring nature such as salary receipts, interest income, etc. Q Are these receipts, which are revenue and capital, charged to tax? Q Do the income of agriculturist taxable? Q According to the law of the Income Tax, is the income earned from animal husbandry taken as agricultural income? However, failing to maintain any such records, one should maintain other reasonable records through which one can provide as a support of the claim of income.

    This relief is either granted according to the double taxation avoidance agreement provided with that country by the Indian Government or by allowing relief under Section 91 of the Income Tax Act in respect of the tax payment in foreign currency.

    Income Tax in India

    Q What is the meaning of Profession? The profession also involves vocation. Some of the examples of the profession are engineering, medical, legal, accountancy, agriculture, artist, technical consultancy, writing, interior decoration, etc.

    Q Which books of accounts are prescribed to be maintained by the people having a profession or business that come under the Income Tax Act? Otherwise notification will be ineffective.

    Tax return filing is mandatory in case the firm wants to carry forward this loss and offset with the future income.

    Availability of this option is only possible if the tax return indicating the loss is filed within the due date. However, the unabsorbed depreciation could be carried forward for such cases. In case the loss is to be offset against some income in other category for the same year, it is permitted to offset even though return is filed after the due date. Loss of the earlier years could be carried forward if the return of losses for those years were filed with due dates and those losses were assessed.

    The advantage of filing the loss returns is that it allows one to carry the loss forward which reduces the tax liability for the future years. Hence, it is highly advisable to file the return for loss. If they fail to do so, they may still file the belated return for any prior years any time until the expiry of one year that started from the end of the applicable year of assessment or before conclusion of the assessment, whichever happens earlier.

    Again, there would be no penalty imposed in case the income did not require a mandatory filing as per the provisions under Section 1 , even though the return was filed after the expiration of the assessment year.

    However, a late or belated return is beyond the scope of this section and could not be revised. Revised return could be filed any time within one year after the pertinent assessment year gets over OR prior to the completion of assessment — whichever is sooner.

    There is no restriction on the number of times that a tax return could be revised within the specified time frame. The revision could be done either in the same and original Income Tax Return Form or in a different return Form.

    Once the new return is filed under Section 5 , the original return that was done under Section 1 should be considered as withdrawn and the revised return will be validated.

    Revised Return is allowed for unintentional mistakes only.

    For any intentional mistakes or omissions and for any fraudulent filing, penalty will be imposed on the tax payer. The total income computed for this specific purpose and under this act excluding the effects of provisions under Section 13A.

    The Chief Executive Officer or the Secretary of all political parties are required to furnish this return as applicable.

    Return under Section 4c includes institutions that are compulsorily required to file tax return if the amount accumulated by the institution exceeds the maximum allowable limit of exemption.

    Income Tax Department - Free Online Income Tax, Rules & Slabs for FY

    This excludes other exemption benefits enjoyed by the institution. Return under section 4C is required to be filed by : Each and every association engaged in scientific research Institutions or associations mentioned under Section 10 23A News agency Institutions mentioned under Section 10 23B University, institutions, other educational and medical institutions, hospitals The institutions that come under Section 4c intend to claim tax exemptions as per the following clauses under of Section Clauses are: 21, 22B, 23A, 23C, 23D, 23DA, 23FB, 24, 46 and Return under Section 4d is applicable for all colleges, universities and institutions which do not need to file tax returns of income and loss under any other provision in this section.

    Section 4d applies for the following sections of income tax: Section 35 1 ii and Section 35 1 iii 8 Section 4f Every investment fund referred to in section UB, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of income in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply as if it were a return required to be furnished under sub-section 1.

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