Sec 55 of income tax act 1961 pdf

Section 80ee first came into force during the financial year 2014 for individual taxpayers to avail deductions on interest on home loans. The income chargeable under the head salaries shall be computed after making the following deductions, namely. Rituraj purchased a residential house in april, 20 and sold the same in april 2019 for rs. Section 194 of income tax act understanding section 194l of income tax act 1961. Download the list of sections of income tax act, 1961 in pdf and excel format. Learn the basics of capital gains tax, capital asset, chargeability of capital gains. The income tax act, 1961 prescribes five heads of income for taxation purpose. Income tax amendment act 90 of 1962 income tax amendment act 6 of 1963 income tax act 72 of 1963 income tax act 90 of 1964 income tax act 88 of 1965 income tax act 55 of 1966 income tax act 95 of 1967 income tax act 76 of 1968. Allowability of employers contribution to funds for welfare of employees paid after the due date under the relevant act but before the due date of filing of return of income under section 91 circular no. Residential status under income tax act,1961 revisited. Section 55a of the incometax act, 1961 capital gains. All about the new section 269su of the income tax act, 1961. Rebate of income tax in case of individuals of sixtyfive years or above omitted. Capital gains shall be chargeable to tax if following conditions are satisfied.

Residence in india is determined by section 6 of the income tax act 1961 to determine the residential status of an individual, section 61 prescribes two tests an individual who fulfils any one of the following two tests a or b is called resident under the provisions of this act. Working of capital gain us 50 of income tax act against sale of business assets. Section 55 of income tax act 1961 2017 provides for meaning of adjusted, cost of improvement and cost of acquisition. Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. If an assessee has sold a capital asset forming part of block of assets building, machinery etc. Section 50 of the income tax act, 1961 provides for the computation of capital gain in respect of depreciable assets. 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. Return of income and procedure of assessment section 9 to 154 penalties under income tax act. Sec 4 charge of income tax sec 5 scope of total income.

Given income tax act sections list includes revised, omitted and newly added tax rules. Domestic company means an indian company, or any other company which, in respect of its income liable to tax under this act, has made the prescribed arrangements for the declaration and payment, within india, of the dividends including dividends on preference shares payable out of such income. How should i reply to 36 of the it act 1961 notice. Section 562x of income tax act, 1961 ca devendra h. Text of remaining provisions of allied acts referred to in income tax act 1. Apportionment of income between spouses governed by portuguese civil code. As per this section, the value of sale consideration should not be less than the stamp duty value which is assessed by the stamp valuation authority. Meaning of adjusted, cost of improvement and cost of acquisition. Section 184, of the income tax act, 1961, read with article 226 of the constitution of indiafirmdaljeet singh anand vs. Income tax deduction from salaries during the financial year 20192020 under section 192 of the income tax act, 1961 regarding.

Section 16 of incometax act 19612017 deductions from. Income tax case laws section wise containing decisions of supreme court, high court, tribaul, cestat, cegat, aar, advance ruling authority etc. Income from property held for charitable or religious purposes 1. Section 55a of the incometax act, 1961 capital gains reference to valuation officer assessment year 199697 whether by invoking section 55a, assessing officer can disturb sale consideration held, no whether for invoking section 55a there has to be a claim made by assessee, before assessing officer can record opinion either under. 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. Income tax act 1961 complete act citation 530 bare. As per section 1951, any interest or any other sum chargeable under the provisions of income tax act shall be covered. Section 45 of income tax act, 1961 provides that any profits or gains arising. Where capital gains is not levied on a transfer of capital asset between a. Section 80u income tax deduction under section 80c. Few other examples for better understanding of section 54 of the income tax act, 1961. 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.

Section 55 cost of acquisition and improvement taxguru. For relevant case laws, see taxmanns master guide to incometax act. The tribunal observed that since the taxpayer is a stepdown subsidiary of a listed. The amended rules come into effect from 1 july 2016. Cost of acquisition section 55 income tax act 1961. Section271e penalty for failure to comply with the provisions of section 269t. Latest income tax act sections list has been provided for finance people. Section 80ee of income tax act, 1961 know how can it. Determination of residential status of an assessee under the income tax act. Section 115e of income tax act tax on investment income. In this article, we are going to provide information about cost of acquisition under section 55 of income tax act 1961. This section deals with the payment of compensation on acquisition of capital asset. Recently, the hyderabad bench of the income tax appellate tribunal the tribunal in case of apollo sugars clinics ltd1 the taxpayer dealt with the issue of taxability of share premium on allotment of shares under section 56 of the income tax act, 1961 the act.

Section 4 of the income tax act would apply, meaning income chargeable to tax would attract tds. Section 55 of income tax act meaning of adjusted cost of. The current provision of the incometax act, 1961 the it act provides for. Section 80a of the income tax act specifies that the amount of such deductions shall not exceed the amount of gross taxable income of the assessee. 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.

Under section 55 of the it act prior to the amendment by the. The finance act, 2016 has amended section 352ab of the act where it has been provided that the weighted deduction shall be reduced under. The section 80u of income tax act 1961 takes care of deductions meant for the indian residents categorised into the disabled category as per the rules of the government. As per the finance act, 2012, income tax is required to be deducted under section 192 of the income tax act 1961 from income chargeable under the head salaries for the financial year 2012 i.

People can claim deduction under section 80u who are suffering from disability at least 40%, they can claim a tax deduction up to rs. The available tax deduction limit under section 80ee is over and above of what has been provided under section 80c and section 24 of the income tax act, 1961. Section 115e and 115f of income tax act 1961 tax on investment income and longterm capital gains and capital gains on transfer of foreign exchange assets not to be charged in certain cases are defined under sections 115e and 115f of income tax act 1961. Income tax act 58 of 1962 south african government. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Penalty for failure to comply with the provisions of section 269ss. Section 55 provides the basis for ascertaining the cost of. For meaning of fair market value refer explanation to section 55 2ac. Companies income tax act an act to consolidate the provisions of the companies income tax act 1961 and to make other provisions relating thereto. Provisions relating capital gain us 50 of income tax act.

Capital gain arising on sale of the house amounted to rs. Substituted for sections 48, 49 and 50 by the taxation laws amendment and miscellaneous provisions act, 1986, w. Income tax act rules list 2019 has been provided for tax payers which includes revised and newly added tax rules. Conditions for applicability of sections 11 and 12 1. Section page contents division one 111 income tax act, 1961 page u arrangement of sections i3 u text of the income tax act, 1961 as amended by the finance act, 2011 1. List of sections of income tax act 1961 download pdf. Section 56 of income tax act, 1961 section 56 updates. Further sums chargeable to tax in india to be read with. Income tax rules, 1962 the rules as well as specified forms with respect to expenditure on scientific research under section 35 of the act. Article explains what is meant by cost of acquisition section 55, cost of.

Chapter vi a of the income tax act 1961 specifies in detail the permissible deductions from the gross total income under section 80c to 80u of the income tax act. Updating and uploading of all central acts available on this web page is the proprietary of the legislative department in the ministry of law and justice. A note on the determination of cost of acquisition for capital assets. As per 562vii, the following received by an individul or huf was considered as income.

Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. Companies act, 1973, or deemed by that section to be so formed and incorporated, if i. Income tax act 1961 section 56 citation 23220 bare act. Timelimit for completion of assessment under section 153a. To directly answer your question, you should provide all the information asked for in the notice.