Sec 48 of income tax act 1961 pdf

Section 49 of incometax act 19612017 cost with reference. This section deals with exemptions on the interest paid on home loans. Section 49 of income tax act cost with reference to certain. Section 49 of income tax act 1961 2017 provides for cost with reference to certain modes of acquisition. List of sections of income tax act 1961 download pdf. Agriculture income section 101 as per section 101, agricultural income earned by the taxpayer in india is exempt from tax. Dec 30, 2018 section 45 of the income tax act 1961. As we know, buying a home is either a need, investment, asset or all three. As per section 21a, agricultural income generally means.

What is cost with reference to certain modes of acquisition. Capital asset any profit or gain arising from the sale or transfer of a capital asset is computed under this head. Insertion of new section 54ec income tax department. Sc upholds deletion of capital gains under section 247v. Determination of residential status of an assessee under the income tax act. Tax on income from bonds or global depository receipts purchased in foreign currency or. Income tax section 50c was introduced in the incometax act, 1961 by the finance act, 2002 with effect from 142003 for substituting valuation done for. Apportionment of income between spouses governed by portuguese civil code. The income tax act, 1961 prescribes five heads of income for taxation purpose. Taxpayer held entitled to benefit of indexation on long. Residential status under income tax act,1961 revisited. Section 10 exemptions under section 10 of income tax act. It means an enterprise a which participates, directly or indirectly, or. Act, 1882 topa to qualify as transfer of capital asset under section 247v of the incometax act, 1961 act.

Income tax act 58 of 1962 south african government. Section 1038 of the incometax act, 1961, the income arising from a transfer of. Income tax act 1961 complete act citation 530 bare act. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. As per section 453 of the income tax act 1961 if any.

This change is evident from a decrease in the purchasing power of money due to a sustained rise in the prices of goods and services. Cost inflation index explanation v to section 48 of. For meaning of the term assessee, see taxmanns direct taxes manual, vol. A note on the determination of cost of acquisition for capital assets. Unexplained investment under section 69 of income tax act, 1961. Income from businesses where foreign exchange loss or gain is realized. The present article features the amendment to section 194j of the income tax act, 1961 by the finance act, 2020. As per section 247 of income tax act, 1961, unless the context otherwise requires, the term transfer, in relation to a capital asset, includes the sale, exchange or relinquishment of the asset. Income tax act, 1961 as amended by finance act 2019 2018 2017 2016 2015 2014 20 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961. Section 68 of the income tax act, 1961 reads as follows for the purpose of easy understanding of the provision, let us divide the section into 7 parts as under. Section 48 of income tax act 1961 2017 provides for mode of computation.

Mar 28, 2017 all cases related to conversion of capital asset into stock in trade are dealt by sec 452 of income tax act, 1961 at any point of time. Section 184, of the incometax act, 1961, read with article 226 of the constitution of indiafirm daljeet singh anand vs. Section 48 in the income tax act, 1995 indian kanoon. And every one works upon saving tax by the investment that individuals do in. The gardening channel with james prigioni recommended for you. Return of income and procedure of assessment section 9 to 154 penalties under income tax act. This lecture is on how to file tds lower deduction certificate us 197 of income tax act, 1961 form in traces website online. Download the list of sections of income tax act, 1961 in pdf and excel format. Given income tax act sections list includes revised, omitted and newly added tax rules. 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. In computing the total income of a previous year of any person, any income falling within any of the.

Section 48 of incometax act 19612017 mode of computation. What is special provision for computation of capital gains in case of depreciable assets. The reprint consolidates the income tax act, cap 340, the value added tax act, cap 349 and statutory instruments made. Be it enacted by parliament in the twelfth year of the republic of india as follows. Section 48 mode of computation income tax act, 1961. In exercise of the powers conferred by clause 48 of section 2 of the income tax act, 1961 43 of 1961, read with clause ii, clause iii and clause v of subrule 3 and subrule 6 of rule 8b of the income tax rules, 1962, the central government hereby specifies the bond with the following particulars as zero coupon bond for. What is disclosure of information respecting assessees. Special offer on gst package for cas as per the mou with icai. It provides for levy, administration, collection and recovery of income tax. As per the proposed amendment to section 194j, tds on fees for technical services other than professional services is reduced from 10% to 2% with effect from 1st april, 2020. Section 1 of the income tax act, 1961 an overall view. The term associated enterprise in relation to another enterprise is defined in section 92a1. How to build a hinged hoophouse for a raised bed garden duration.

Agricultural income is defined under section 21a of the incometax act. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Section 248 of the incometax act, 1961 zero coupon bond. Further, the sc held that profits and gains being in the nature of capital gains, should arise from the transfer of a capital asset and income that has not arisen or accrued cannot be taxed on a hypothetical basis. Special provision relating to incomes of political parties. According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption. Income tax case laws section wise containing decisions of supreme court, high court, tribaul, cestat, cegat, aar, advance ruling authority etc. Latest income tax act sections list has been provided for finance people. The government of india brought a draft statute called the direct taxes code intended to replace the income tax act,1961 and the wealth tax act, 1957. Section 24 of income tax act check tax deductions paisabazaar. Section 24 of the income tax act is in relation to the income from house property. Section 24 of income tax act tax benefit on home loan.

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. Cost inflation index explanation v to section 48 of the income tax act, 1961 the worlds economy is dynamic and subject to constant change. One can claim an interest as an income tax deduction under section 24 of the income tax act, 1961. 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. Computation of capital gains under income tax act 1961 slideshare. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Is proceedings before income tax authorities to be judicial proceedings. Aug 04, 2015 section 184 incometax act, 1961firm cit vs. Page 1 of 3 section 1 of the income tax act, 1961 an overall view by paras kochar, advocate powers us 1 section 1 is contained in chapter xiii c of the income tax act, 1961. Taxability of short term capital gains section 111a of the income tax act provides. Chapter 470 income tax act arrangement of sections part i preliminary section 1. Section 45 in the income tax act, 1995 indian kanoon. An act to consolidate and amend the law relating to incometax and supertax. The incometax act, 1961 is the changing statute of income tax in india.

Jan, 2020 however, no penalty shall be levied if such income is disclosed in the return of income and tax on such income is paid under section 115bbe on or before the end of the relevant previous year. Capital gain not to be charged on investment in certain bonds. After section 54eb of the incometax act, the following section shall be inserted with effect from the 1st day of april, 2001, namely. Whenever a capital asset whether short term or long term is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital gain as per the provisions of the act, in spite of the fact that the ownership of such. Cost with reference to certain modes of acquisition. Section 48 mode of computation incometax act, 1961.