Nsection 10 of income tax act 1961 pdf merger

Tax paid on income does not include salary, royalty, and technical fees by central govt. 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. Gain arising on compulsory acquisition of urban agricultural land. The remuneration so paid is not liable to be deducted from income of employer chargeable under the income tax act, 1961. As per existing section 10 12, interest accrued on pf account of the employees upto 9. The provisions of section 68 of the act cannot be taken as governing by section 562viib of the act. Gratuity received by a government employee will be fully exempted from income tax. Apportionment of income between spouses governed by portuguese civil code. Section 43b leave encashment is allowed as expense to employer when paid before due date. Gratuity act 1972 is applicable to an establishment where 10 or more employees are employed during the financial year. The income tax act deems certain income as profits and gains of business and profession.

Exemption when gratuity received under the payment of gratuity act, 1972. 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 under the industrial disputes act, 1947, or. Income exempt from tax according to section 10 of income tax act 1961. 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. The finance act, 2012 introduced indirect transfer related provisions under section 91i of the income tax act, 1961 the act and consequently the income deemed to accrue or arise to nonresidents directly or indirectly. Section 200 of income tax act duty of person deducting tax section 200. Section 1016 of the income tax act provides an exemption towards the scholarship. Section 10 24 in the income tax act, 1995 24 any income chargeable under the heads income from house property and income from other sources of a registered union within the meaning of the indian trade unions act, 1926 16 of 1926, formed primarily for the purpose of regulating the relations between workmen and employers or between. Section 2 1b of income tax act defines amalgamation as merger of one or more companies with another company or merger of two or more companies to from one company in such a manner that all the property of the amalgamating company or companies immediately before the amalgamation becomes the property of the amalgamated company by virtue of the amalgamation. Section 41 of the income tax act, 1961 a complete analysis by ms. In india, the income tax act, 1961 is the primary legislation dealing with taxability of income arising in the hands of an individual or business entity. 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. Further, the provisions of section 56 of the act falls under the chapter computation of income, whereas section 68 comes under aggregation of income and. Exempted income under income tax act linkedin slideshare.

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. Any voluntary contribution received by a charitable trust or institution or a fund is included in the definition of income. Income exempt from tax according to section 10 of income. An act to consolidate and amend the law relating to incometax and supertax. In a recent decision in the case of just lifestyle pvt. The provisions relating to rectification of mistake under section 154 are discussed in this part.

Section 10 exemptions under section 10 of income tax act. The existing provisions of section 224 of the income tax act, 1961 define income in an inclusive manner. Section 10 of the income tax act, 1961 act for short provides for the income which shall not be included in the total income. Section 41 of the income tax act, 1961 a complete analysis. Section 99, 100 and 101 of income tax act 1961 treatment of connected person and accommodating party, application of this chapter and framing of guidelines are defined under sections 99, 100 and 101 of income tax act 1961. 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. For tax treatment of leave encashment us 10 10aa of income tax act 1961 the employees has been classified into two types. This section deals with the payment of compensation on acquisition of capital asset. Section 1046 of the incometax act, 1961 exemptions. The aforesaid notified rules are broadly inline with the draft rules issued by cbdt in may, 2017 for the public comments.

Special provisions in respect of newly established units in. Section 10 in the income tax act, 1995 indian kanoon. The notified rules have undoubtedly provided the much needed guidance for the taxpayers with respect to valuation. Order which can be rectified under section 154 with a view to rectifying any mistake apparent from the record, an income tax authority may, a amend any order passed under any provisions of the income tax act. Income of local authorities section 10 20 income tax income of local authorities section 10 20. Change in shareholding triggers section 79 of the income tax act 1961 even if within the group. Income exempted under section 10 of income tax act 1961. Special provisions in respect of newly established units in special economic zones.

It is further brought to your notice that the said. Exempt under section 10 34 of the income tax act 1961 provided dividend distribution tax ddt under section 115o of the income tax act 1961, is paid by the indian company declaring the dividend. Be it enacted by parliament in the twelfth year of the republic of india as. What are the benefits available under the income tax act, 1961, to companies going in for merger. Exemption under section 104ii is available only if such individual is a person. This notification shall be deemed to have been apply for the financial year 201415 and shall apply with respect to the financial years 201516, 201617, 201718 and 201819. 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.

Income tax act 58 of 1962 south african government. Section 194 of income tax act understanding section 194l of income tax act 1961. Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. The tribunal observed that since the taxpayer is a stepdown subsidiary of a listed. Timelimit for completion of assessment under section 153a. Consequent to the merger, investors of fund p became investors in fund q. Income exempt from tax according to section 10 of income tax act 1 authorstream presentation. Capital gain on compulsory acquisition of lands and buil dings not to. Section 10 23ciiiab provides that the income of any university or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the government does not. Rebate of income tax in case of individuals of sixtyfive years or above omitted. Leave encashment or leave salary tax section 1010aa.

New notifications has been isssued no 692010 by the ministry of finance for reducing interest rate. Purpose for which amount is being accumulated or set apart amount period of accumulation setting apart ending on. Provisions of section 1016 simply exempt any scholarship granted to meet the cost of education. Agricultural income is defined under section 21a of the incometax act. The section guides or has set the law that must be followed while payment of income tax and deductibles based on compensation regarding capital asset. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. Amount received by a member of the hindu undivided family huf section 10 2 amount received by a member of the huf from the income of the huf, or in case of impartible estate out of. Scholarship exemption section 1016 income tax act 1961.

In this act, unless the context otherwise requires. Cbdt circular on section 1016 of the incometax act. If on a single day, an establishment has employed more than 10 or more. Income tax act 1961 section 179 liability of directors of. Tax audit under section 44abof income tax act, 1961. Capital gain on compulsory acquisition of lands and buildings not to be charged in certain cases. Taxfree incomes agricultural income section 101 as per. 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. Income tax nse national stock exchange of india ltd. Exempted incomes under section 10 indian tax updates. 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 21b of income tax act defines amalgamation as merger of one or more companies with another company or merger of two or more companies to from one company in such a manner that. Income of local authorities section 1020 income tax. Income tax act 1961 complete act citation 530 bare. 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 from units exempt under section 10 35 of the income tax act, 1961 income other than above in respect of securities. Further, share of profit received by a partner of llp from the llp will be exempt from tax in the hands of such partner. 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.