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Ie apart from the items listed in the definition any receipt which satisfies the basic condition of being income is also to be treated as income and charged to income tax accordingly.
Income tax act definition. Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. 1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions. In such a case the provisions of section 46a of the income tax act would not apply. The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts.
2008 09 to 2017 18 income years repealed. Taxable income 2 the taxable income of a taxpayer for a taxation year is the taxpayer s income for the. Comptroller means the comptroller of income tax appointed under section 3 1 and includes for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f 9 37ie 7 37j 5 67 1 a 95 96 96a and 101 a deputy comptroller or an assistant comptroller so appointed. In this act unless the context otherwise requires 1 agricultural income means a any rent or revenue derived from land which is used for agricultural purposes and is either assessed to land revenue in india or is subject to a local rate assessed and collected by officers of the government as such b any income derived from such land by.
The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail. 20 march 2008 the definition of income under the income tax act is of an inclusive nature. The term income is defined in section 2 24 of the income tax act 1961. Income tax is used to fund public services pay government.
The taxability as per the provisions of the income tax act is discussed below. Nature of capital gains as per the provisions of the income tax act. However since income has a very broad scope it is not possible to attribute some characteristics to the term and define it exhaustively. Income arising from tax accounting provision for aircraft engine overhauls cz 35 treatment of backdated payments for social rehabilitation.
As per the provisions of section 46a buyback of shares held as investment would attract capital gains in the hands of shareholders as per provisions of. Therefore even the income tax act 1961 gives an inclusive definition of the term.
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