Section 10 of income tax act 1961 pdf

Section 10 47 of the income tax act 1961 infrastructure debt fund approved structure of infrastructure debt fund press release dated june 2011 finance minister in his budget speech for 2011 12 had announced setting up of infrastructure debt funds idfs in order to accelerate and enhance the. In exercise of the powers conferred by clause 46 of section 10 of the income tax act, 1961 43 of 1961 the central government hereby notifies for the purposes of the said clause, the gujarat state council for blood transfusion, a trust constituted by the government of gujarat, in respect of the following specified income arising to the. Income tax act 1961 complete act citation 530 bare. 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. Allowances exempt under section 10 for salaried employees. 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. 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 10 of the income tax act, 1961 includes those incomes which do not form part of the total income while calculating the tax for an individual. It is certified that no person is being adversely affected by giving retrospective. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall.

Apportionment of income between spouses governed by portuguese civil code. Latest income tax act sections list has been provided for finance people. 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. In section 494, reference of clause x is inserted to provide that cost of acquisition of property, value whereof is subject to tax under section 562x, shall include such value, for computing capital gains. 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. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income.

Section 1047 of the incometax act, 1961 income tax forum. The place should be located in the tribal area in order that the employee may be eligible for exemption under section 1026 of the incometax act, 1961. Text of remaining provisions of allied acts referred to in income tax act 1. The place should be located in the tribal area in order that the employee may be eligible for exemption under section 10 26 of the income tax act, 1961. New notifications has been isssued no 692010 by the ministry of finance for reducing interest rate as per the notification 692010, interest accrued to pf account of employee not exceeding 8. Income tax act 58 of 1962 south african government. For understanding the overall concept of income tax law in india, one should have to know the title or contents topics covered. 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. Section 1010d of the income tax act, 1961 coverfox insurance. Further, share of profit received by a partner of llp from the llp will be exempt from tax in the hands of such partner. In exercise of the powers conferred by clause 46 of section 10 of the income tax act, 1961 43 of 1961, the central government hereby notifies for the purposes of the said clause, the state pollution control board, odisha, a board established by the government of odisha, in. Further as per clause vi of subsection 5 of section 80g of the incometax act, 1961, the institutions or funds to which the donations are made have to be approved by the commissioner of incometax in accordance with the rules prescribed in rule 11aa of the incometax rule, 1962. Section 10 in the income tax act, 1995 indian kanoon.

Income exempted under section 10 of income tax act 1961 for. 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. Jan 17, 2015 the matter has been examined in consultation with the ministry of law. Tax deductions under section 1010d of the income tax act, 1961, is applicable on any sum received under a life insurance plan i. Download the list of sections of income tax act, 1961 in pdf and excel format. 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. According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption. 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. Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. In case, such tax is paid by an employer on behalf of an employee, the same being in the nature of an obligation which, but for such.

Actual expenditure incurred in such cases does not have any relevance. As per the finance act, 2012, incometax is required to be deducted under section 192 of the incometax act 1961 from income chargeable under the head salaries for the financial year 2012 i. Complete list of sections of income tax act, 19612019 aubsp. Text of remaining provisions of allied acts referred to in incometax act 1. Given income tax act sections list includes revised, omitted and newly added tax rules. Exemption under section 104ii is available only if such individual is a person resident. Tax benefits under section 1010d of the income tax act, 1961 can be claimed only on the following terms and conditions. Timelimit for completion of assessment under section 153a. 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 32 of income tax act 19612017 depreciation aubsp. The said section requires the commissioner to be so satisfied in order to ensure that the object of the trust and activities are charitable in nature. 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. Exemption from payment of income tax under section 1026 of. 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 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. 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. Section 562x of income tax act, 1961 ca devendra h. Special provisions in respect of newly established units in. List of sections of income tax act 1961 download pdf. 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. 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. Section 10 exemptions under section 10 of income tax act.

Ppt special class of assessee under income tax act, 1961. Provided that nothing in this clause shall apply to any income by way o. Year of accumulation date of filing form 10 amount accumulated period for. The above allowances exempt under section 10 14iifor salaried employees are exempted to the extent of amount received or the limit specified whichever is less. In computing the total income of a previous year of any person, any income falling within any of the. 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. Exemption under section 11 of income tax act, 1961 income. Sep, 2010 new notifications has been isssued no 692010 by the ministry of finance for reducing interest rate as per the notification 692010, interest accrued to pf account of employee not exceeding 8. Subclause xviia is inserted in clause 24 of section 2 so as to include income. 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.

Cbdt circular on section 1016 of the incometax act. Death benefit or maturity benefit or bonus received from life insurance policies. Income tax act 94 of 1983 income tax amendment act 30 of 1984 income tax act 121 of 1984 income tax act 96 of 1985. The amount so accumulated or set apart has been invested or deposited in any one or more of the forms or modes specified in subsection 5 of section 11 of the incometax act, 1961. Income of local authorities section 1020 income tax. Income of local authorities section 1020 income tax income of local authorities section 1020. 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.

The matter has been examined in consultation with the ministry of law. The position is that the source of income of the government servant is at the place where the services are rendered. Agricultural income is defined under section 21a of the incometax act. However in the corresponding section 40aii of the incometax act, 1961 the. 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. Article is been prepared keeping in view the amendments made by finance no. The high court discussed that under the income tax act, 1922, section 104 had banned allowance of any sum paid on account of any cess, rate or tax levied on the profits or gains of any business or profession. Section 32 of income tax act 1961 2017 provides special provision for depreciation. Income tax act 1961 complete act citation 530 bare act. Interpretation 1 in this act, unless the context otherwise requires. Mar 01, 2018 a his or its total income in respect of which he or it is assessable under this act during the previous year consisted only of income referred to in clause a of sub section 1.

Exemption from payment of income tax under section 1026. Special provisions in respect of newly established units in special economic zones. Be it enacted by parliament in the twelfth year of the republic of india as follows. Cbdt circular on section 1016 of the incometax act, 1961. Income exempted under section 10 of income tax act 1961. 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. The registration is mandatory for claiming benefits under sections 11 and 12 of the income tax act 1961. 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. Taxfree incomes agricultural income section 101 as per. The income tax act, 1961 specifies that every individual who earns an income in india should pay income tax on such income earned.