#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, #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

#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

#Rule6EA #Rule6EB #IncomeTax #Rules 6EA. Special provision regarding interest on bad and doubtful debts of financial institutions, banks, etc. Every public financial institution, scheduled bank, state financial corporation, and state industrial investment corporation that receives interest income from the following categories of bad and doubtful debts must comply with the provisions of section 43D. (a) (i) Non-viable or sticky advances, which occur when irregularities of the

#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

#rules #companiesact2013 #rule2 #rule3 Section 212 of CA, 2013- Investigation into affairs of company by Serious Fraud Investigation Office is covered by Rules 2, 3, 4, 5, 6, 7, and 8 of the Companies (Arrests in connection with Investigation by Serious Fraud Investigation Office) Rules, 2017. Rule 2:- The following two clauses are included in Rule 2 of this Act:- (1) When the Director, Additional Director, or Assistant Director of the Serious Fraud Investigation office (here

#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

#rules #furnishmentofstatement #particulars #certificate The rule states that: (1) For the purpose of clause (viii) of sub-section (5) of section 80G and clause (i) to sub-section (1A) of section 35, the prescribed authority shall be the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems) as the case may be. (2) Statement of particulars required to be furnished by any research association, university, college or other institution

#rules #presecribedauthority #scientif #research #expenditure The rule states that: (1) For the purposes of [[clause (i) of] sub-section (1) and sub-section (2A) of] section 35, the prescribed authority shall be the Director General (Income-tax Exemptions) in concurrence with the Secretary, Department of Scientific and Industrial Research, Government of India. [(1A) For the purposes of sub-section (2AA) of section 35, the prescribed authority shall be— (a)in the case of a Nat

#rules #conditions #approval #college #university #institution The rule states that: (1) The sum paid to a university, college or other institution shall be used for scientific research and research in social science or statistical research. (2) The applicant university, college or other institution shall carry out scientific research, research in social science or statistical research through its faculty members or its enrolled students. (3) A university or college or other

#rules #conditions #approval #research #association The rule states that: (1) The sole object of the applicant research association shall be to undertake scientific research or research in social science or statistical research, as the case may be. (2) The applicant research association shall carry on the research activity by itself. (3) The research association seeking approval under clause (ii) or clause (iii) of sub-section (1) of section 35 shall maintain books of account

#rules #intimation #form #receipt #association #university The rule states that: (1) An intimation under fifth proviso to sub-section (1) of section 35 by a research association, university, college or other institution referred to in clause (ii) or clause (iii) or the company referred to in clause (iia) of said sub-section (hereinafter referred to as 'the applicant') shall be made in Form No.10A to the Principal Commissioner of Commissioner authorised by the Board. (2) The a

#rules #guidelines #form #manner #approval The rule states that: (1) An application for approval,— (i)under clause (ii) [or clause (iii)] of sub-section (1) of section 35 by a [***] research association in [Form No. 3CF];(ii)under clause (ii) or clause (iii) of sub-section (1) of section 35 by a university, college or other institution in [Form No. 3CF]; shall be made, at any time during the financial year immediately preceding the assessment year from which the approval is s

#rule3 #rule4 #appointment #terms #conditions #rules #investigation Rule 3 and 4 of Companies (Inspection, Investigation, and Inquiry) Rules, 2014 are applicable to the Establishment of Serious Fraud Investigation Office is addressed under Section 211 of the Companies Act, 2013, which is applicable here. Rule 3:- "Appointment of persons having expertise in various fields." The "Appointment of persons having expertise in various fields" is referred to in Rule 3 of The Companie