Income Tax
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View Income Tax as PDF for free.
More details
- Words: 421
- Pages: 8
Income Tax
Section 4:- Charging Section
Income earned by every person during the previous year is charged to tax in Assessment Year at the rates specified in the Finance Act.
Income – 2(24) Income includes:
Profit & Gains from Business & Profession. Dividend Voluntary Contribution received by a trust Perquisite or Profit in Lieu of Salary Any special allowance or benefit granted to meet expenses in performance of duty Export Incentives. Value of any Benefit or Perquisite to businessman or professional. Interest, Salary, Bonus, Commission or Remuneration received by partner or partnership firm contd…….
……. contd
Capital Gains Profits of Insurance Business. Winning of Lottery, Crossword puzzles, horse races and card games. Sum Received from Employees as Contribution to provident fund or employee benefit fund. Sum received under Keyman Insurance Policy Sum received under an agreement for not carrying out an activity Gifts exceeding Rs. 25,000 received by Individual Banking Income of a Co-operative Society
Person u/s 2(31) Person includes: Individual HUF Company Firm Association of Person or Body of Individuals Local Authority Artificial Juridical person (not falling within any of the above category)
Previous Year - 2(34)
Previous Year means the previous year as defined in Section 3 Section 3 states: Previous Year is the financial year immediately preceding the assessment year. For E.g. For A.Y. 2007-08, previous year starts from 1st April 2006 and ends on 31st March 2007.
Exception:
Previous year for a Newly set up Business:In the case of a newly set up business or profession or a new source of income during the financial year, the previous year will begin from the date of setting up or coming into existence of the new business, profession or new source of income and will end on immediately following 31st March.
For e.g. Business starts on 01/02/07 Previous Year 01/02/07 to 31/03/07
Assessee: 2(7):Assessee means a person by whom any tax or any other sum of money is payable under the Act. The term Assessee includes:
Every person in respect of whom any proceeding under this act has been taken for the assessment of his income or loss or the amount of refund due to him Every person who is deemed to be an assessee under any provisions of this Act. Every person who is deemed to be an Assessee in default under the provisions of this Act.
Section 4:- Charging Section
Income earned by every person during the previous year is charged to tax in Assessment Year at the rates specified in the Finance Act.
Income – 2(24) Income includes:
Profit & Gains from Business & Profession. Dividend Voluntary Contribution received by a trust Perquisite or Profit in Lieu of Salary Any special allowance or benefit granted to meet expenses in performance of duty Export Incentives. Value of any Benefit or Perquisite to businessman or professional. Interest, Salary, Bonus, Commission or Remuneration received by partner or partnership firm contd…….
……. contd
Capital Gains Profits of Insurance Business. Winning of Lottery, Crossword puzzles, horse races and card games. Sum Received from Employees as Contribution to provident fund or employee benefit fund. Sum received under Keyman Insurance Policy Sum received under an agreement for not carrying out an activity Gifts exceeding Rs. 25,000 received by Individual Banking Income of a Co-operative Society
Person u/s 2(31) Person includes: Individual HUF Company Firm Association of Person or Body of Individuals Local Authority Artificial Juridical person (not falling within any of the above category)
Previous Year - 2(34)
Previous Year means the previous year as defined in Section 3 Section 3 states: Previous Year is the financial year immediately preceding the assessment year. For E.g. For A.Y. 2007-08, previous year starts from 1st April 2006 and ends on 31st March 2007.
Exception:
Previous year for a Newly set up Business:In the case of a newly set up business or profession or a new source of income during the financial year, the previous year will begin from the date of setting up or coming into existence of the new business, profession or new source of income and will end on immediately following 31st March.
For e.g. Business starts on 01/02/07 Previous Year 01/02/07 to 31/03/07
Assessee: 2(7):Assessee means a person by whom any tax or any other sum of money is payable under the Act. The term Assessee includes:
Every person in respect of whom any proceeding under this act has been taken for the assessment of his income or loss or the amount of refund due to him Every person who is deemed to be an assessee under any provisions of this Act. Every person who is deemed to be an Assessee in default under the provisions of this Act.
Related Documents
Income Tax
July 2020 11
Income Tax
November 2019 33
Income Tax
June 2020 31
Income Tax
June 2020 20
Income Tax
November 2019 40