WebUnit 1 Introduction to Income Tax act 1961. • Income • Person • Assessee • Assessment year • Pervious year • Agricultural Income • Exempted Income • Residential Status of an … WebMay 12, 2024 · The Income Tax Act of 1961 applies to the entire country of India. The Income Tax Act addresses: The basis for charging revenue. Income that is not subject to income tax. Income computation under multiple categories. Income grouping. Losses are set off and carried forward. Allowable deductions. Rebates and tax breaks.

The Income-tax Act, 1961 - Wikipedia

WebApr 11, 2024 · This notification to notify the Cost Inflation Index (CII) for FY 2024-24 (AY 2024-25) is notified under clause (v) of the Explanation to section 48 of the Income-tax Act, 1961. The importance of CII or the Cost Inflation Index is that this number is used to arrive at the inflation-adjusted cost price of assets transferred for the purpose of ... WebSection 9. : Income deemed to accrue or arise in India. Section 9A. : Certain activities not to constitute business connection in India. Section 9B. : Income on receipt of capital asset or … bully hat

Summary of the Income Tax Act - lawteacher.net

WebApr 15, 2024 · Investments made in ELSS funds are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. There is no upper limit to the amount that can be … The Income-tax Act, 1961 is the charging statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. 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. However the bill was later scrapped. haki location grand piece online