Section 55 of income tax act 1961 pdf

Meaning of adjusted, cost of improvement and cost of acquisition for the purposes of 1 sections 48 and 49,2 omitted by the taxation laws amendment and miscellaneous provisions act, 1986, w. Given income tax act sections list includes revised, omitted and newly added tax rules. Article explains what is meant by cost of acquisition section 55, cost of. Clarification in respect of option exercised under section 115bba of the income tax act, 1961 inserted through the recent ordinance.

Section 1 of the income tax act, 1961 an overall view. The income chargeable under the head income from other sources shall be computed after making the following deductions, namely. Income tax act 1961 complete act citation 530 bare. It is as per the provisions contained in sections 60 to 64 of the income tax act. Inclusion of others incomes in the income of the assessee is called clubbing of income and the income which is so included is called deemed income. 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. Section page contents division one 111 incometax act, 1961 page u arrangement of sections i3 u text of the incometax act, 1961 as amended by the finance act, 2011 1. Exemptions section 51i of the wealthtax act, 1957 adit vs. Substituted for sections 48, 49 and 50 by the taxation laws amendment and miscellaneous provisions act, 1986, w.

Section 5 scope of total income, section 6, apportionment of income between spouses governed by portuguese civil code. Income tax amendment act 90 of 1962 income tax amendment act 6 of 1963 income tax act 72 of 1963 income tax act 90 of 1964 income tax act 88 of 1965 income tax act 55 of 1966 income tax act 95 of 1967 income tax act 76 of 1968. This document is an unofficial consolidation of the eighth schedule to the income tax act, 58 of 1962, introduced by the taxation laws amendment act, 5 of 2001, the amendments effected by the revenue laws amendment act, 19 of 2001, the amendments effected by second revenue laws amendment act, 60 of 2001, the. Interpretation 1 in this act, unless the context otherwise requires. Income tax act 21 of 1995 income t ax act 36 of 1996 revenue laws amendment act 46 of 1996. Income tax act 58 of 1962 south african government.

Being substituted by the following by the finance act, 1995, w. Income tax act 1961 section 56 citation 23220 bare act. Section 3 previous year, section 4, charge of income tax. What are the provisions of section 54 of the incometax act. Feb 12, 2020 what is section 50c of income tax act. Text of remaining provisions of allied acts referred to in income tax act 1. Hi, the exemption under section 54b is available when any agriculture land is sold and investment is made in the purchase of agricultural landurbanrural. Income tax act 21 of 1995 income t ax act 36 of 1996. What are the provisions of section 54 of the incometax. Companies act, 1973, or deemed by that section to be so formed and incorporated, if i. Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf. Clubbing of income under income tax act, 1961 section 60. Rebate of incometax in case of individuals of sixtyfive years or above omitted. Clubbing of income under income tax act, 1961 section 60 to 64.

Section 54 of income tax act 1961 provides tax exemption on capital gains that result from sale of residential house property. Treatment of income from different sources income tax. As per section 50 the value of the car is to be taken at 8,50,000 and the depreciation for the year is to be calculated on 8,50,000 and not 8 lacs. Students taking ca intermediate ca ipcc exams or students preparing for taxation will find the file very useful. Section 50c deals with the computation of capital gain on sale of land or building or both which is held as capital asset. Learn the basics of capital gains tax, capital asset, chargeability of capital gains. 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. Capital gain arising on sale of the house amounted to rs.

Imposition of tax there is hereby imposed a tax on the income a of individuals, communities and families. Provisions of section 54 of income tax act, 1961 section 54 of incometax act, 1961 provides for tax exemption on long term capital gains that result from sale of residential house property, provided that the residential house was sold after 3 ye. Act 53 income tax act 1967 arrangement of sections part i preliminary section 1. Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. As per this section, the value of sale consideration should not be less than the stamp duty value which is assessed by the stamp valuation authority.

Text of remaining provisions of allied acts referred to in incometax act 1. For relevant case laws, see taxmanns master guide to incometax act. Section page contents division one 111 income tax act, 1961 page u arrangement of sections i3 u text of the income tax act, 1961 as amended by the finance act, 2011 1. Clarification in respect of option exercised under section 115bba of the incometax act, 1961 inserted through the recent ordinance. Students taking ca intermediate ca ipcc exams or students preparing for. Collection of tax from transfer of share of shareholder of stock exchanges. Section 55 of income tax act 1961 2017 provides for meaning of adjusted, cost of improvement and cost of acquisition. An act to provide for the taxation of incomes and matters connected therewith. Apportionment of income between spouses governed by portuguese civil code. Section 56 of income tax act, 1961 section 56 updates. As per the finance act, 2012, incometax is required to be deducted under section 192 of the incometax act 1961 from income chargeable under the head salaries for the financial year 2012 i. Income tax act 1961 complete act citation 530 bare act. Domestic company means an indian company, or any other company which, in respect of its income liable to tax under this act, has made the prescribed arrangements for the declaration and payment, within india, of the dividends including dividends on preference shares payable out of such income. Income tax act 55 of 1966 income tax act 95 of 1967 income tax act 76 of 1968.

In computing the total income of a previous year of any person, any income falling within any of the. Section 55 of income tax act 19612017 provides for meaning of adjusted, cost of improvement and cost of acquisition. Few other examples for better understanding of section 54 of the income tax act,1961. Mar 24, 2020 few other examples for better understanding of section 54 of the income tax act, 1961. Latest income tax act sections list has been provided for finance people. If either received in india or deemed to accrue or arise in india or received outside india it is taxable in the hands of resident individual. Circumstances when income of some other person is included in the. Section 55 provides the basis for ascertaining the cost of. Apportionment of income between spouses governed by.

Section 56 of income tax act 19612017 provides for income from other sources. Section 1 of the income tax act, 1961 gives power to tax authorities to issue summons or to force attendance of any person for being examined on oath or to compel production of books of account and other documents if any proceeding is pending. Complete list of sections of income tax act, 19612019 aubsp. For meaning of the term assessee, see taxmanns direct taxes manual, vol. 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.

Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. Section 57 of income tax act 1961 deductions is defined under section 57 of income tax act 1961. Section 56 of incometax act 19612017 income from other. Income tax act 55 of 1966 income tax act 95 of 1967. In section 55 of the incometax act, in subsection 2, after clause ab, the following clause shall be inserted, namely.

Section 57 of income tax act deductions section 57. Download the list of sections of income tax act, 1961 in pdf and excel format. Nonchargeability to tax in respect of offshore business activity 3 c. Companies income tax act an act to consolidate the provisions of the companies income tax act 1961 and to make other provisions relating thereto. Section page i3 incometax act, 1961 arrangement of sections section chapter i page preliminary 1. Section 55 cost of acquisition and improvement taxguru. What are the provisions of section 54b of income tax act 1961. Income tax case laws section wise containing decisions of supreme court, high court, tribaul, cestat, cegat, aar, advance ruling authority etc. The excellent download file is in the format of pdf. What are the provisions of section 54b of income tax act.

Mar 25, 2018 provisions of section 54 of income tax act, 1961 section 54 of income tax act, 1961 provides for tax exemption on long term capital gains that result from sale of residential house property, provided that the residential house was sold after 3 ye. Where capital gains is not levied on a transfer of capital asset between a. Section 45 of income tax act, 1961 provides that any profits or gains arising. Nov 11, 2019 hi, the exemption under section 54b is available when any agriculture land is sold and investment is made in the purchase of agricultural landurbanrural. List of sections of income tax act 1961 download pdf. An amendment to section 54 of income tax act was introduced in budget 2014 according to which starting financial year 201415, exemption under section 54 will be available only if the capital gains amount will be reinvested in 1 residential house only. Amendments to the finance bill, 2018 as passed by the. Interpretation part ii imposition and general characteristics of the tax 3.