Oct 18, 2017 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. Rebate under section 87a is available in the form of deduction from the tax liability. Notwithstanding the amendments made by this act to the income tax act, in computing, in the case of any person, the total income of a previous year relevant to the assessment year commencing on the 1st day of april, 1972, any income falling within clause 3 of section 10 of the income tax act as it stood immediately before the 1st day of. Jul 10, 2017 income not included in total income us 10 the income tax act 1961 enumerates in section 10, the items of income which are exempt from tax. Rebate under section 87a will be lower of 100% of income tax liability or rs.
Apportionment of income between spouses governed by. List of sections of income tax act 1961 download pdf. Exgratia from employer for settling industrial dispute is. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Income tax act 1961 complete act citation 530 bare act. Equity oriented mutual funds means where funds are invested in equity s. According to section 10 34 of the income tax act, 1961, any income by way of dividends referred to in section 115o shall not be included in the total income of the assessee.
Section page i3 incometax act, 1961 arrangement of sections section chapter i page preliminary 1. Interpretation 1 in this act, unless the context otherwise requires. Appeal before various appellate authorities under income. Share of income from the firm section 10 2a as per section 10 2a, share of profit received by a partner from a firm is exempt from tax in the hands of the partner. For the purposes of incometax act, 1961, previous year means the financial year immediately preceding the assessment year.
Section 12 deals with voluntary contributions other than received with a specific direction that they shall form part of corpus trust or institution. Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. Students taking ca intermediate ca ipcc exams or students preparing for taxation will find the file very useful. Central government issues notification under section 1038. It is certified that no person is being adversely affected by giving retrospective. Section 66b of the incometax act, 1961 further provides that, in case of a huf whose manager has not been resident in india in nine out of ten previous years preceding the previous year or has, during the seven previous years preceding that year, been in india for a total 729 days or less, such huf is to be regarded as notordinarily resident within the meaning of the incometax act, 1961. Further, share of profit received by a partner of llp from the llp will be exempt from tax in the hands of such partner. Regulations made under section 12g 7 of the income tax act 58 of 1962 regulations prescribing the steps to be taken to liquidate, wind up or deregister a company.
Clarification sec 1037 capital gain on agriculture land. This article discusses in brief about income which are exempt from tax under income tax, 1961 and covers income exempt under section 10 1 to section 10 49. Section 35 of incometax act 19612017 expenditure on. Be it enacted by parliament in the twelfth year of the republic of india as follows. According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption. Income of local authorities section 1020 income tax income of local authorities section 1020. Section 10aa special provisions in respect of newly established units in special economic zones. In this act, unless the context otherwise requires. Given income tax act sections list includes revised, omitted and newly added tax rules. The excellent download file is in the format of pdf. Appeal can be filed in form 36 36b, within 60 days from the date of receipt of relevant order, verified by the person duly authorized to sign the return of income of the assessee us 140 accompanied by an appeal fee of rs.
This provision is an enabling provision allowing deduction o account of bonus or commission paid to. Income tax act 21 of 1995 income tax act 36 of 1996. Rebate of income tax in case of individuals of sixtyfive years or above omitted. Section 10 24 in the income tax act, 1995 24 any income chargeable under the heads income from house property and income from other sources of a registered union within the meaning of the indian trade unions act, 1926 16 of 1926, formed primarily for the purpose of regulating the relations between workmen and employers or between. Apportionment of income between spouses governed by portuguese civil code. Section 11 and 12 of income tax act 1961 both section are covered under income which do not form part of total income section 11 section 11 tax exemption after consider provisions of section 60 to 63, the income of a religiouscharitable trustinstitutions, to the extent specified in the act, is exempt from tax after fulfill certain conditions. Section 94b was inserted into the indian incometax act pursuant to beps action 4, which is aimed at limiting base erosion involving interest deduction and other financial payments. Section 120 of income tax act jurisdiction of incometax authorities section 120. Rebate of incometax in case of individuals of sixtyfive years or above omitted. This act may be cited as the income tax act, 1973 and shall, subject to the sixth schedule, come into operation on 1st january, 1974, and apply to assessments for the year of income 1974 and subsequent years of income.
Income exempted under section 10 of income tax act 1961 for assessment year 201718 1. Section 3 of incometax act 19612017 previous year aubsp. Section 120 of income tax act jurisdiction of income tax authorities section 120. Following condition must be satisfied1 used for agricultutal purpose for 2 yearsthe land must have been used for agricultural purposes for atleast last 2 years by individual or his parents. Income tax act 1961 complete act citation 530 bare. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included 1 agricultural income. The amount exempt under this clause shall not exceed an amount calculated in accordance with the provisions of clause b of section 25f of the. Section 1024 in the income tax act, 1995 24 any income chargeable under the heads income from house property and income from other sources of a registered union within the meaning of the indian trade unions act, 1926 16 of 1926, formed primarily for the purpose of regulating the relations between workmen and employers or between. Agricultural land in india, not being land situate ain any area which is comprised within the jurisdiction of a municipality which has a population of not.
Income exempted under section 10 of income tax act 1961 for. Section 120 and 124 of income tax act 1961 jurisdiction of incometax authorities and jurisdiction of assessing officers are defined under sections 120 and 124 of income tax act 1961. 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. Exemption under special provisions sections 10a10aa10b. Download the list of sections of income tax act, 1961 in pdf and excel format. Apr 20, 20 22 april 20 as per section 10 37if agricultural urban land is transfer by way of compulsary acquisition and urban land is used for agricultural purpose during 2 year immediately perior to transfer, that above transfer not chargeble to tax from the a. Comptroller means the comptroller of income tax appointed under section 31 and includes, for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f9, 37ie7, 37j5, 671a, 95, 96, 96a and 101, a deputy comptroller or an assistant comptroller so appointed. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall. This notification shall be deemed to have been applied for the financial years 20152016, 20162017 and shall apply with respect to the financial years 20172018, 20182019 and 20192020. 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. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income.
Section 94b1 of the indian income tax act provides that where an indian company, or a permanent. Section 94b was inserted into the indian income tax act pursuant to beps action 4, which is aimed at limiting base erosion involving interest deduction and other financial payments. Section 120 and 124 of income tax act 1961 jurisdiction of income tax authorities and jurisdiction of assessing officers are defined under sections 120 and 124 of income tax act 1961. Sep 23, 2009 recently came across a section called 1026aaa. Article is been prepared keeping in view the amendments made by finance no.
In computing the total income of a previous year of any person, any income falling within any of the. Section 10 exemptions under section 10 of income tax act. Section 35 of income tax act 1961 2017 provides special provision for expenditure on scientific research. Text of remaining provisions of allied acts referred to in incometax act 1. Aug 25, 2018 article discusses exemption under special provisions of sections 10a, section 10aa and section 10b of income tax act, 1961. Validity of indian incometax act provision implementing beps. Section 35 of income tax act 19612017 provides special. Sep 02, 2011 section 36 1ii of the income tax act, 1961 act for short provides that any sum paid to the employee as bonus or commission for services rendered, where such sum would not have been payable to him as profits or dividend if it had not been paid as bonus or commission is deductible.
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. Latest income tax act sections list has been provided for finance people. Income tax act 58 of 1962 south african government. Exemption of income received by an investor on account of buyback of unlisted shares of a domestic company section 1034a. What is rebate under section 87a and who can claim it. Provided that nothing in this clause shall apply to any income by way o. Section 185, 187 and 188 of income tax act 1961 assessment when section 184 not complied with, change in constitution of a firm and succession of one firm by another firm are defined under section 185, 187 and 188 of income tax act 1961. Income exempted under section 10 of income tax act 1961. Section 94b1 of the indian incometax act provides that where an indian company, or a permanent. Therefore, for the assessment year ay 201819, the previous year py shall be 201718. Section 10 10b of the income tax act, 1961 provides that in computing the total income of a previous year of any person any compensation received by a workman at the time of his retrenchment. Section 1037 exemption for urban agricultural land. Act current to 20191203 and last amended on 20190621. 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.
While computing the total income of a previous year of any person, any income which falls within any of the following clause shall not be included in the total income. An individual who is resident in india and whose total income does not exceed rs. Income tax act 94 of 1983 income tax amendment act 30 of 1984. Section 36 1ii of the income tax act, 1961 act for short provides that any sum paid to the employee as bonus or commission for services rendered, where such sum would not have been payable to him as profits or dividend if it had not been paid as bonus or commission is deductible. Comptroller means the comptroller of income tax appointed under section 31 and includes, for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f9, 37ie7, 37j5, 671a, 95, 96, 96a and 101, a deputy comptroller or. May 29, 2018 1 this exemption is only for compulsory acquisition ofurban agricultural landbyindividual huf.
Section 1010b of the income tax act, 1961 provides that in computing the total income of a previous year of any person any compensation received by a workman under the industrial disputes act, 1947, or. Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf. In computing income under this section, any contributions referred in section 12 of income tax act shall be deemed to be part of the income. Section 10a special provision in respect of newly established undertakings in free trade zone, etc. Validity of indian incometax act provision implementing. Section 120 of income tax act jurisdiction of incometax. 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. Central government issues notification under section 1038 of the incometax act, 1961 june 07, 2017 in brief the finance act, 2017 amended section 1038 of the incometax act, 1961 act stating that long. Appeal before various appellate authorities under income tax. Article discusses exemption under special provisions of sections 10a, section 10aa and section 10b of income tax act, 1961.