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Saturday, February 15, 2020 | History

3 edition of income tax law in India, with special reference to the Income tax act, 1961 found in the catalog.

income tax law in India, with special reference to the Income tax act, 1961

S. V. Pikale

income tax law in India, with special reference to the Income tax act, 1961

a practical guide

by S. V. Pikale

  • 51 Want to read
  • 1 Currently reading

Published by N. M. Tripathi in Bombay .
Written in English

    Places:
  • India.
    • Subjects:
    • Income tax -- Law and legislation -- India

    • Edition Notes

      Includes legislation.

      Statementby S. V. Pikale [and] H. C. Banavali.
      ContributionsBanavali, H. C., joint author., India.
      Classifications
      LC ClassificationsLAW
      The Physical Object
      Pagination276 p.
      Number of Pages276
      ID Numbers
      Open LibraryOL273667M
      LC Control Numbersa 63002466
      OCLC/WorldCa9424589

      However, no such adjustment shall be made in relation to a return furnished for the assessment year and thereafter. Even though assessment is an important step, the term has not been defined in the Income Tax Act, The assessee does not have to submit actual bills to claim this deduction. With the intention to curb the shifting of profits from one jurisdiction to another and to encourage local research and development activities to make India a global hub, the Government of India introduced the Patent Box Regime. Y

      Scope of assessment under section 1 Assessment under section 1 is like preliminary checking of the return of income. Premature withdrawals are permitted only in specific circumstances such as death of the holder. Interest on savings account is tax exempt up to Rs. Details related to chartered accountants[ edit ] The Income Tax Act,and the Income Tax Rules, clearly state the following with regards to the signing authority for Form 3CA. To be used for reference only.

      However, from FYboth categories of taxpayers were brought at par. This deduction is discontinued w. Assignment of Jurisdiction Jurisdiction may be assigned by Commissioners of Income Tax to Assessing Officers with reference to specified areas, persons or class of persons or income or classes of incomes. Declaration of tax payment by the employer Responsibilities[ edit ] Of the employer related to Form 16 [10] Form 16 is an important document and Employers are especially required to ensure that every rule related to it is followed meticulously. Form 15H is for senior citizens and form 15G is for others.


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income tax law in India, with special reference to the Income tax act, 1961 by S. V. Pikale Download PDF Ebook

You have the advantage of choosing a tax saving instrument which best suits your needs. This amount is exempt from taxes if the payment is made on deathretirementor in lieu of or as an annual payment. Where the taxpayer has failed to furnish a report income tax law in India respect of any international transaction which he was required to do under section 92E.

Utilization and retaxability of extra accumulation — Section 11 3 : Subsequently, the assesee must apply the amount of extra accumulation within the period for which extra accumulation is claimed and the year immediately succeeding year in case of default, the retaxability provisions of section 11 3 shall be attracted.

Y to provide deduction specifically to senior citizen 60 years or more of Rs 50, or the amount of interest on deposits whichever is lower. However for the applications made before 1st Juneif the commissioner is so satisfied that there were certain reasonable causes for not making an application within a period of one year, then commissioner, with reasons so recorded in writing may grant registration from the date of creation of the trust.

Similarly, the remuneration received by a foreigner as an official of an embassy, etc. Deductions allowed under various Sections A taxpayer can claim for additional deductions under various sections. Form 3CD contains 41 Clauses.

Indian tax forms

Form 15H is similar to Form 15G, except for the fact that the Form 15H is to be filed only by senior citizens of age 60 years or more. The name, the complete postal address, details of the place of business, the PAN number, as well as the name of the country to which the remittance has been made are required to be mentioned.

A blend of both the methods of accounting was earlier allowed to be followed till the amendment of Section of the Act from assessment year It is necessary that the salaried employees intimate the employer that they are income tax law in India these exemptions.

If you have taken an education loan and you are repaying the interest, you will 1961 book for income tax deductions under Section 80E. This also means that your investment in pension funds up to Rs.

Form 15H is for senior citizens and form 15G is for others. In such cases, the ITA further provides that only so much income as is attributable to the operations carried out in India is liable to tax in India. Acknowledgement number of the income tax payment made by the employer Details of salary including gross salary, net salary, perquisites, deductions etc.

The Income Tax Department of India specifies the use of the Form and various rules and regulations are associated with it. If conditions are not satisfied then following situation may arise: i. The form is a declaration by the assessee. If any of the requirements laid down are unfulfilled, the reasons for the same should be specified.

To avail of this deduction, the assessee must furnish a certificate in the prescribed form along with the return of income.

A plain reading of the above extracts from the notified Accounting Standard would show that irrespective of whatever be the method of accounting employed by the assessee, it is sine qua non that the financial statements prepared on the basis of such method of accounting must represent a true and fair view of the state of affairs of the business.

The brackets with its tax are cut in half. Form 16 and the respective challans for the Advance Tax paid and the Self Assessment Tax paid may be attached to the form. However, the interest income is chargeable to tax in the year in which it accrues. The handicapped dependent should be a dependent relative suffering from a permanent disability including blindness or mentally retarded, as certified by a specified physician or psychiatrist.Residential Status for Tax Purposes 9 2.

Special Provisions Relating to Certain Income of NRIs 18 Section 6 of the Income-tax Act,prescribes the tests for determining the residential status India in any previous year, if he Guide Book for Overseas Indians on Taxation and Other Important Matters 10 a) is in India in that year.

(A) AGRICULTURAL INCOME.

Incomes Completely Exempt From Income Tax

Under the provisions of Section 10(1) of the Income Tax Act, agricultural income is frilly 1961 book from income tax. However, for individuals or HUFs when agricultural income is in excess of 5, it is aggregated with the total income for the purposes of computing tax on the total income in a manner which results into “no” tax on agricultural income but an.

The said section is concerned with the income which is arises out side India but by a fiction 1961 book law, is deemed to accrue or arise in India.

Now, for the fiction to take effect the income which has arisen or accrued in India has to be due to a business connection and it is the assessees in India who is targeted by the Tax officials.4/5.S 92A of Income-tax Act, Indian law contains a detailed and exhaustive pdf of what constitute related parties.

S 92A of the Income-tax Actdefines an associated enterprise, in relation to another enterprise, as an enterprise which participates directly or.The Act came in to download pdf with effect from 1 April by replacing the Indian Income Tax Act, which had remained in operation for 40 years.

The present law of income tax is governed by the Income Tax Act,which has sections and 4 schedules and is applicable to whole of India including the state of Jammu and Kashmir.An income tax is ebook tax that governments impose on income generated by businesses and individuals within their jurisdiction.

By law, taxpayers must file an income tax return annually to determine.