Assessment of persons leaving India. 174. (1) Notwithstanding anything contained in section 4, when it appears to the Assessing Officer that any individual may leave India during the current assessment year or shortly after its expiry and that he has no present intention of returning to India, the total income of such individual for the period from the expiry of the previous year for that assessment year up to the probable date
Assessment of association of persons or body of individuals or artificial juridical person formed for a particular event or purpose. 174A. Notwithstanding anything contained in section 4, where it appears to the Assessing Officer that any association of persons or a body of individuals or an artificial juridical person, formed or established or incorporated for a particular event or purpose is likely to be dissolved in the assessment year in
RBI has issued Circulars A.P. (DIR SERIES 2011-12) CIRCULAR NO. 79, DATED 15-2-2012 by which the Form API which is declaration of immovable property acquired in India by a person resident outside India who has established in India a branch, office or other place of business, excluding a liaison office. It has been clarified that : 1. The declaration should be completed in duplicate and submitted directly to the Chief...
AOP or Association of Person is defined as a person under section 2(31)(v ) of the Income Tax Act . However, what is an Association of Person itself is not defined . Therefore, understanding the meaning of this taxable entity is very important , because in many cases for deciding whether a receipt is chargeable in hand of an entity , one is required to decide the nature of assessee...
The season of tax has arrived. Therefore , there is need for easy chart of all tax deduction u/s 80c to 80U for an Individual taxpayer?Under Income tax , deduction u/s 80C,80CCC, 80D, 80DD,80DDB,80G , 80GG, 80GGA, 80GGC , 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U are relevant to Individuals depending on the condition fulfillment. The following chart of deductions will give...
Section 78 of Direct Tax Code 2010 are equivalent to section 80DD. Section 78 provides deduction for expenditure and insurance on treatment , nursing and maintenance of disable dependant person.
First the postive news ! Under the Income Tax Act 1961 , if you have more than one property, there was provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such aconcept has been abolished.
No. This is great relief and right relief for all persons having more than one house . Under the Income Tax Act 1961 , if you have more than one property, there is provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such a concept has been abolished.
Section 80U of the I T Act provides deduction to person sffering from specified disability by at least to the extent of 40 % or in case of sever disability , 80 % suffering. For claiming deduction,you ought to have the certificate first , before you can claim the deduction u/s 80U. As per Rule 11A of I T Rules, medical authority for issuing certificate of disability are