The excellent download file is in the format of pdf. Apportionment of income between spouses governed by portuguese civil code. People can claim deduction under section 80u who are suffering from disability at least 40%, they can claim a tax deduction up to rs. Be it enacted by parliament in the seventieth year of the republic of india as follows. Till 31st march, 2020, the tds rate applicable to both fees for professional services and. Section 80ccd new pension scheme tax benefits under. List of sections of income tax act 1961 download pdf. As per section 1951, any interest or any other sum chargeable under the provisions of income tax act shall be covered. Section 194i was inserted vide the finance act, 1994. An individual suffering from disabilities himself is eligible for tax deductions under section 80u. 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. Exemption under section 11 of income tax act, 1961. Download latest interest calculator for financial year 20172018 or assessment.
As per section 6 of the income tax act, 1961, all the assessees are divided in the following categories for the purpose of determining their residential status. Tax on capital gains in cases of assessees other than companies. As per 562vii, the following received by an individul or huf was considered as income. Calculate your taxable liability for the assessment year 201819 as per budget 201718. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income.
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. The present article covers the important section 194i of the income tax act, 1961, which deals with the provisions of tds on rent meaning of the term rent before going into the nittygritty of the provisions of section 194i of the income tax act, 1961, first of all, let us understand the term rent which has been. Latest income tax act sections list has been provided for finance people. Deductions under section 80c to 80 u of income tax act 1961 ay 201920 fy 201819. It has been proposed to insert a new provision to allow deduction of up to rs. 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. Premiums paid toward all life insurance policies are eligible for tax benefits under section 80c. The income chargeable under the head salaries shall be computed after making the. Sec 4 charge of income tax sec 5 scope of total income. 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. Section 16 of incometax act 19612017 deductions from. Circumstances when income of some other person is included in the. Given income tax act sections list includes revised, omitted and newly added tax rules.
For understanding the overall concept of income tax law in india, one should have to know the title or contents topics covered under sections 1 to 298 of income tax act, 1961 as amended by the. All about the new section 269su of the income tax act, 1961. The following investments and payments are eligible for deduction under section 80c of the income tax act, 1961. Section 80c of incometax act, 1961 amended by finance act, 2016 deduction in respect of life insurance premia, deferred annuity, contributions to provident fund, subscription to certain equity shares or debentures, etc.
Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. Income tax act 58 of 1962 south african government. Inclusion of others incomes in the income of the assessee is called clubbing of income and the income which is so included is called deemed income. Students taking ca intermediate ca ipcc exams or students preparing for taxation will find the file very useful. Rebate of income tax in case of women below sixtyfive years. Interpretation 1 in this act, unless the context otherwise requires. Any trust or institution which is registered under section 12aa of income tax act, 1961 can claim the exemption under this section. 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. Income tax act 1961 complete act citation 530 bare. 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. Special offer on gst package for cas as per the mou with icai. Supreme court on registration under section 12aa of income.
Supreme court on substantial question of law 4 261. Complete list of sections of income tax act, 19612019 aubsp. Rebate of incometax in case of women below sixtyfive years. No tax on notional rent on second selfoccupied house has been proposed. Download the list of sections of income tax act, 1961 in pdf and excel format. The most comprehensive guide for all income tax deductions section 80c to section 80u covered in chapter vi a of income tax for the fy 201920 ay 202021 many of you may be aware that investments can help you save tax, but what you may not be aware of is that income tax department gives tax benefits for incurring some personal expenses as. Deductions under section 80c to 80 u of income tax act 1961. Section 80c of incometax act, 1961 taxindiaupdates in. Clubbing of income under income tax act, 1961 section 60. Deductions under chapter vi a of income tax act for fy. The registration is mandatory for claiming benefits under sections 11 and 12 of the income tax act 1961.
Section 224xv of the act, defining income, includes therein any sum of money or value of property referred to in section 562viiviia of the act. Further sums chargeable to tax in india to be read with. Section 16 of income tax act 1961 2017 provides for deductions from salaries. The present article features the amendment to tds section 194j of the income tax act, 1961 by the finance act, 2020 as per the proposed amendment to tds section 194j, tds on fees for technical services other than professional services is reduced from 10% to 2% with effect from 1st april, 2020. 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. Section 1 of the income tax act, 1961 gives power to tax authorities to issue summons or to force attendance of any person for being examined on oath or to compel production of books of account and other documents if any proceeding is pending. Rebate in respect of securities transaction tax stt persons covered. Rebate of income tax in case of individuals of sixtyfive years or above omitted. Section 4 of the income tax act would apply, meaning income chargeable to tax would attract tds.
Income tax act 1961 section 88c citation 23347 bare. Under section 80c of the income tax act 1961, taxpayers can claim deduction benefit on payments, contributions, or investments in a way specified by the income tax law. Section 80u income tax deduction under section 80c. This document is an unofficial consolidation of the eighth schedule to the income tax act, 58 of 1962, introduced by the taxation laws amendment act, 5 of 2001, the amendments effected by the revenue laws amendment act, 19 of 2001, the amendments effected by second revenue laws amendment act, 60. Income receivedderived from property held by charitable trustsocieties, and if it is utilised for charitable or religious purposes exemption can be claimed under section 11. Section 1 of the income tax act, 1961 an overall view. Text of remaining provisions of allied acts referred to in income tax act 1. Employers contribution on the behalf of employee towards national pension scheme is also included in the same section as per the rules of income tax act. An act further to amend the income tax act, 1961 and to amend the finance no. 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. Determination of residential status of an assessee under the income tax act. Prior to omission, section 88c, as inserted by the finance act, 2000, with effect from 1st april, 2001, stood as under. There are certain conditions attached while claiming this deduction.
It is as per the provisions contained in sections 60 to 64 of the income tax act. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. 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. Income chargeable under the head profits and gains of business or profession arising from taxable securities transactions i. Residential status under income tax act,1961 revisited. Deductions under section 80c to 80 u of income tax act 1961 ay 202021 fy 201920 currently fy 201819, income tax on notional rent is payable if one has more than one selfoccupied house. Section 80ccd of the income tax act, 1961 refers to income tax deductions allowed to individual tax assessee on the contribution made towards notified pension schemes from central government i. Omitted by the finance act, 2005, with effect from 1st april, 2006. 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.