#section80hhc #profits #gain #export #business #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. As per Section 80HHC, (1)If the assessee is a resident of India and an Indian company or a person, is engaged in the business of export out of India of any goods or merchandise to which this section applies, there will, in accordance with and sub

#section80hhb #profits #gains #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. As per Section 80HHB, - If the assessee is an Indian company or a person who is a resident of India, the gross total income of an includes any profits and gains derived from the business- (a ) the foreign project execution should be undertaken by the assessee in

#section80hh #hotels #backwardareas #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. As per Section 80HH, (1) If the gross total income of an assessee includes any profits and gains derived from an industrial undertaking, or the business of a hotel, to which this section is applied, as per the provisions of this section, it will be allowed,

#section80hhba #housingprojects #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. As per Section 80HHBA, (1) If the gross total income of an assessee of a person or a company who is a resident of India includes any profit and gain received from the execution of a housing project which is awarded to the assessee on the basis of global tender

#section80hha #smallscaleindustries #undertakings #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. As per Section 80HHA of The Income Tax Act, 1961, (1) If the gross total income of an assessee includes any profits and gains from a small-scale industrial undertaking in which this section is applied, as per its provisions it should be allowe

#companiesact2013 #losses #head #income #sources #notes (1) Where the net result of the computation made for any assessment year in respect of any source falling under the head "Income from other sources" and being a source specified in sub-section (2), is a loss, such loss shall not be set off 2[against income, if any, from any other source under that head or against income under any other head]. (2) The sources referred to in sub-section (1) are— (a) lotteries ; (b) crosswo

#IncomeTaxAct1961, #Section65, #liability, #income, #rules, #sections, #law Chapter V (Sections 60 to 65) of the Income Tax Act 1961 deals with the provisions related to the Income of other persons included in the assessee’s total income. Section 65 of IT Act 1961-2020 provides for the Liability of a person in respect of income included in the income of another person. The amended provision of section 65 is effective for the states financial year 2020-21 relevant to the asses

#section71A #setoff #income #incometaxact #houseproperty SET OF LOSSES To set off losses is to compare the losses to the revenue or profit for that specific year. Losses that aren't offset against income in the current year can be carried over to the following years to be offset against income in those years. An inter-head set-off or an intra-head set-off can occur during a set-off. Intra-head Set Off The losses from one source of income can be set off against income from ano

#IncomeTaxAct1961, #Section67A, #shares, #income, #association, #organization, #rules, #sections, #laws Section 67A falls under Chapter VI, which relates to ‘Aggregation of income and set off or carry forward of loss’ As the heading of section 67A itself suggests, it provides the method of computing a member’s share in the income of an AOP or BOI. In the present context, it has to be noted that sections 66 and 67A fall under Chapter VI, the title of which is, ‘Aggregation of

#IncomeTaxAct1961, #Section66, #Income #rules, #sections, #law Chapter VI (Sections 66 to 80) of the Income Tax Act 1961 deals with the provisions related to the aggregation of income and setting off or carrying the forward loss. Section 66 of IT Act 1961-2020 provides for total income. Liability of a person in respect of income included in the income of another person and Total income are defined under sections 65 and 66 of the Income Tax Act 1961. The amended provision of s

#section59 #profits #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to Section 59 of The Income Tax Act, 1961, (1) The provisions of sub-section (1) of section 41 shall apply, so for as may be, in computing the income of an assessee under section 56, as they apply in computing the income of an assessee under the head "Profits and

#section60 #transfer #assets #revocable #irrevocable #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to Section 60 of The Income Tax Act, 1961, “All income arising to any persons by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of

#section63 #transfer #revocabletransfer #income #incometax #iincometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to Section 63 of The Income Tax Act, 1961, For the purposes of sections 60, 61 and 62 and of this section,— (a) a transfer shall be deemed to be revocable if— (i) it contains any provision for the re-transfer directly or indirectly of the who

#section62 #transfer #irrevocable #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to Section 62 of The Income Tax Act, 1961, (1) The provisions of section-61 shall not apply to any income arising to any person by virtue of a transfer— (i) by way of trust which is not revocable during the lifetime of the beneficiary, and, in the c

#section61 #revocable #assets #revocabletransfers #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. In order to understand this Section, let’s understand what is a revocable transfer of assets? A revocable transfer is basically a transfer in which the transferor directly or indirectly applies his control or right over the asset transferred o

#section58 #assessee #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. Regardless of anything mentioned to the contrary in Section 57, the following will not be deductible in computing the income chargeable under “Income from other sources”, In the case of an assessee, - any personal expenses of the assessee - any expenditure of the nature r

#IncometaxAct1961, #Section64, #Income, #spouse, #minor, #rules, #acts, #sections, #law Introduction In India we have a progressive system of taxation, which means as your income increases, you have to pay more taxes as per the applicable income tax slab. To avoid paying high taxes, many people transfer their assets or arrange sources of income in the name of their wives, children, parents, and relatives to bring down their income. To curb such tax avoidance practices, the in

#section54ga #exemption #sez #income #incometac #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. Following are the conditions that are required to be satisfied in order to claim an exemption under Section 54GA: All the categories of persons are eligible to claim an exemption under section 54GA. Both short-term, as well long-term capital gains, are eligible fo

#section54g #industrialarea #assets #income #incometax #incometaxact1961 The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax. According to Section 54G of the Income Tax Act, it talks about the exemption towards the capital gain arising on the transfer of capital assets like plants or machinery or land or building which is forming part of an industrial undertaking situated in an ur

#section22 #incometaxact #houseproperty #income "Income from home property" refers to any income derived from a residential property, whether it comes from a rental income or a sale of the property. In essence, under the Income Tax Act, any property, including a house, a building, an office, or a warehouse, is considered "house property." One of the five heads of income considered in determining an assessee's gross total income (GTI) for the year is "Income from House Propert