#section #incometaxact #law #llb #notes #govt Section 75

#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

#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

#IncometaxAct1961, #Section69, #Unexplained, #Investments , #rules, #sections, #law This article talks about unexplained investments which are mentioned under Section 69 of the Income Tax Act 1961. As we all are aware, nowadays it will become very common that most taxpayers are receiving notices which pertain to Section 68, Section 69, etc., and then at that time, there are various questions faced by the taxpayer to which the answers are not easily available. Therefore, it is

#IncometaxAct1961, #Section68, #Cash, #Credits, #rules, #sections, #law This article talks about cash credits which are mentioned under Section 68 of the Income Tax Act 1961. INTRODUCTION Why Section 68 was introduced under Income Tax Act, 1961? There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assesse was engaged in harmful tax practices to evade tax in the fo

#IncomeTaxAct1961, #Section69A, #money, #unexplained, #rules, #sections, #acts, #law This article talks about unexplained money which is mentioned under section 69A of the Income Tax Act 1961. Section 69A has been reproduced below: “Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him

#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

#IncomeTaxAct1961, #Section54EB, #Capitalgain, #Longterm, #Capitalassets #Rules, #Sections, #Acts, #Law 54EB of the Income Tax Act 1961, talks about the Capital gain on the transfer of long-term capital assets not to be charged in certain cases.—(1) Where the capital gain arises from the transfer of a long-term capital asset (the capital asset so transferred being hereafter in this section referred to as the original asset), and the assessee has, at any time within a period

#Incometaxact1961, #Section11, #Income, #property, #exemptions, #rules, #sections, #law Introduction Section 11 of the Income Tax Act,1961 provides exemptions for Income earned from property held under charitable trusts/societies for the activities carried out for charitable or religious purposes subject to certain terms and conditions. Who can claim the exemption? - Any trust or institution which is registered under section 12AA of the Income Tax Act, 1961 can claim the exem

#Incometaxact1961, #Section54EC, #capitalgain, #investment, #bonds, #rules, #sections, #law Introduction Section 54EC allows for tax deductions of capital gains after the transfer of original or long-term capital assets. There is a specific set of criteria that has to be met in order to be eligible for the deductions and benefits of Section 54EC. Taxpayers or assesses who acquire capital gains can avail of tax deductions under Section 54EC of the Income Tax Act 1961. This sec

#Incometaxact1961, #section12A, #conditions, #applicability, #Section11, #Section12, #rules, #acts, #sections ,#law Introduction Once the Trust organization or NGO is established, they have to register as per Section 12A of the Income Tax Act for claim exemption under Section 11 and 12 of the Income Tax Act. Section 12A enables non-profit entities such as Charitable Trusts, Non-Profit organizations, Welfare Societies, Religious Institutions, etc. to claim full tax exemption a

#Incometaxact1961, #trusts, #contributions, #rules, #sections, #law , #section12 Any voluntary contribution received by a trust wholly for charitable or religious purposes or by an institution established wholly for such purposes (not being contributions made with a specific direction that they shall form part of the corpus of the trust or institution) shall be deemed to be the income derived from property held under trust wholly for charitable or religious purposes and will

#Incometaxact1961 ,#procedure , #registration, #law, #rules, #sections , #section12AA Section 12AA of the Income Tax Act 1961, registration is done to receive an exemption from Income Tax. All income of the organization cannot be taxed once this registration is done. Form 10A is used to fill out the application form for 12AA registration. The Commissioner of the Income-tax Department who holds the jurisdiction over the institution is responsible to process your application fo

#section10aa #sez #income #incometax #incometaxact1961 #law #reduction 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 10AA, it provides a reduction from the total income of those profits and gains derived by an assessee being an entrepreneur from the export of articles or things or services for certain consecutive assessment years. It is applicable to an

#IncomeTaxact1961, #Section13, #Section11 #law , #rules, #act, #sections , #property, #exemption This article highlights the various incomes of a charitable/religious trust/institution which would not be eligible for tax exemption under Section 13. Section 13 of the Income Tax Act, 1961 specifies the circumstances where exemptions under Section 11 and 12 would not be available for a Trust. Section 11 of the Income Tax Act deals with the exemption of income derived from proper

#companiesact2013, #section274, #directions, #statement, #windingup, #rules, #sections, #business , #law This article talks about the directions for filing the statement of affairs which is laid down under section 274 of the companies act 2013. In section 274 if the tribunal has prima facie reason to pass an order for winding up of a company then it can do so and further the objection can be raised within 30 days of the order. The directors have to submit the books of accoun

#section10 #income #incometax #incometaxact1961 #law 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. Many categories of income are exempt from income tax under Section 10 of The Income Tax Act, 1961. The assessee has to establish and find out n which case he falls into the said provisions of the act. 1. Agriculture Income: As we all know that India is vastly known for its con

#companiesact2013, #section335, #attachments, #executions, #windingup, #tribunal, #void #rules, #sections, #business , #law This article talks about the activities or tasks which are done by the company such as Certain attachments, executions, etc., without the leave of the court was held to be void which is laid down under Section 335 of the Companies Act 2013. Section 335 lays down the rule that : (1) Where any company is being wound up by the Tribunal,— (a) any attachment,

#company #companylaw #companiesact2013 #liquidation #law #windingup To understand this Section, let us just understand a few terms and their definitions as per The Companies Act, 2013. Who is a Contributory? A contributory is a person who is liable and responsible to contribute to the assets of a company when it is in the winding up stage. A contributory may be a member or shareholder of a company. The use of the word ‘contributory’ arises only during the period of winding up

#companiesact2013, #windingup, #liability, #fraudulent, #rules, #law, #sections, #business This article talks about the fraudulent conduct of business in the course of the business period which is laid down under section 339 of the Companies Act 2013. Section 339(1) of the Act says that “If in the course of the winding-up of a company, it appears that any business of the company has been carried on with intent to defraud creditors of the company or any other persons or for an