Income tax bare act ay 2015 16 pdf

Income tax slabs income tax rates fy 201415 av 201516. Section 87a was newly inserted by the finance act, 20 to provide. Buy incometax act book online at low prices in india. My question is that this arrear should not be added in previous year.

Hitherto, for the purchase of immovable property as an asset, any quantum of cash could be paid and repayment of advance for immovable property could be paid in cash without attracting any penal provisions under the income tax law. The finance act 2017 india ministry of law and justice legislative department new delhi, the 31st march, 2017chaitra 10, 1939 saka the following act of parliament received the assent of the president on the 31st march, 2017, and. Presuming that an assessee for the ay 201718, has an annual turnover of. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 2015 16 for last fy 201415.

Any other profession that may be notified by cbdt in future. The designs act, 2000 published in the gazette of india extraordinary part iisection i dated may 12, 2000 no. Dec 27, 20 27 december 20 hii, anyone have a link for download pdf of income tax bare act 1961, amended finance act 20. Income tax act 1961 assessments under income tax law. For understanding the overall concept of income tax law in india, one should have to know the title or contents topics covered under sections 1 to 298 of income tax act, 1961 as amended by the. Request for further information by commissionergeneral 75. Aug 21, 2010 tax on distributed income to unit holders. Assessments under income tax law income tax ratesipc. Kolkata 700001 edition based on provisions applicable for ay 201415 references 1. Section 80ic of income tax act about deduction on undertaking. Section 562viib of the incometax act is not applicable to a stepdown subsidiary of a listed company for valuation of shares at a share premium is june 2019 recently, the hyderabad bench of the incometax.

Such deduction is allowed on accrual basis, not on paid basis. Even before the finance act 2016 was introduced, presumptive taxation scheme existed under sections 44ad and 44ae of the income tax act, 1961 to give relief to small tax payers from the maintenance of books of accounts and audit of acc. Is presumptive taxation applicable for fy 201516 ay 2016. Incometax act 19612017 chapter xixa settlement of cases incometax act 19612017 chapter xixa settlement of cases. Depreciation is calculated as per the provisions of income tax act for income tax return and companies are calculated as per companies act. Kolkata 700001 edition based on provisions applicable for ay 201617 references 1. 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. Rates of incometax, surcharge and additional surcharge. Section 32ac of income tax act investment allowance. Income tax act 1961 complete act citation 530 bare act. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 201516 for last fy 201415. Declaration under subsection 1c of section 197a of the incometax act, 1961, to be made by an individual who is of the age of sixtyfive years or more claiming certain receipts without deduction of tax. My next question is that how should be calculated the income tax for current year. 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.

This book is divided into two parts, covering the income tax act of 1961, and the finance act of 2010. Undisclosed foreign income and assets and imposition of tax act, 2015. My next question is that how should be calculated the income. Text of remaining provisions of allied acts referred to in income tax act 1. Is presumptive taxation applicable for fy 201516 ay 201617. Section 562viib applicable at the time of share allotment.

Black money undisclosed foreign income and assets and imposition of tax act, 2015. Bare acts in india statutes and laws free download. Income tax oincome tax is a tax on yearly taxable income of a person levied by the central government at prescribed rates. An act to make provision for the charge, assessment and collection of income tax, for the ascertainment of the income to be charged and for matters incidental thereto. Text of remaining provisions of allied acts referred to in incometax act 1. Unit trust of india or mutual fund to be assessee in default. Income tax department all act income tax department all act text search. The to noted that the taxpayer is duty bound to submit the basis of calculation of share premium, as per rule 11u and rule 11ua of the incometax rules, 1962 rules, and justify the. Such loan should be taken for purchase or construction or repair or reconstruction of house property. Section 24b of income tax act allows deduction of interest on home loan from the taxable income. Just to add, even if you could not file return after the last date i. The proposed amendments will certainly deter the transactions from being back dated by use of cash consideration. This incometax ready reckoner is based on the directtax laws as amended by the finance no. Abolition of levy of wealth tax under wealth tax act, 1957 it is proposed to abolish the levy of wealth tax under the wealth tax act, 1957 with effect from the 1st april, 2016.

Prohibition of benami property transactions act, 1988. This article provide quick excel income tax calculator for fy 201516 ay 201617 for individual resident whose age is below than 60 years i. Taxable income means income calculated under the provisions of the income tax act. Capital gains being one of the sources of income are taxable under section 45 of the income tax act, 1961. In section 43d of the incometax act, with effect from the 1st day of april, 2020. Because now the criteria for tax audit under section 44ad is given under sub section 5 i,e an assesee should have availed 44ad in the ay 201718 and subsequent five years. Tax audit under section 44ad with effect from the ay 2017. Apr 09, 2015 the proposed amendments will certainly deter the transactions from being back dated by use of cash consideration. Income tax is a direct tax which is levied by the government. The income tax slab is remain unchanged in this financial year. Since section 561 of the act is residuary head of income, it falls in the head of income f i. Finance bill 2014 has increased income tax exemption limit by rs. This book was written after the changes made by the finance act of 2011.

This notification shall come into force with effect from 1st day of april, 2015, and shall accordingly apply to the assessment year 201617 and subsequent assessment years. Section 561 of the act, the income earned by the taxpayer should be classified as revenue income as per section 14 of the act but should not fall within any of the head of income a, c, d or e. Abolition of levy of wealthtax under wealthtax act, 1957 it is proposed to abolish the levy of wealth tax under the wealthtax act, 1957 with effect from the 1st april, 2016. Incometax slab rates for individual for fy 201516 ay. So depreciation is calculated by two method one is as per companies act or one is as per income tax act. Now the question arises is do rebate of incometax under section 87a as applicable for fy 2014 also available for fy 201415 and subsequent years. Assessment year ay 201516, the taxpayer allotted equity shares to ahll and ssil at a premium of inr990 and inr1220 per share.

Assessments under income tax law income tax ratesipc, crpc. Now my total income is rs 591684 including the arrears. Surcharge increase by 2% in all cases except in case of foreign company which is continue to be at the rate of 2% if taxable income exceeds rs. Be it enacted by parliament in the twelfth year of the republic of india as follows. Section 562viib of the incometax act is not applicable. Capital gains were charged to tax for the first time by the income tax and excess profits tax amendment act, 1947, which inserted, inter alia, section 12 b in the 1922 act. Fy 201415 note the new government has presented the budget for ay 201516 on 10. An act to consolidate and amend the law relating to incometax and supertax. Deduction of interest on housing loan section 24b taxadda. As per section 44aa, any person carrying on any of the following professions is required to maintain books of accounts. In computing the total income of a previous year of any person, any income falling within any of the. 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.

Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. Applicability of certain provisions of incometax act and of chapter v of. 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. May 23, 2017 chaturvedi pithisaria income tax law companies act 20 bare act taxmann companies act 20 bare act taxmann pdf companies act 20 book taxmann companies act 20 taxmann companies act 20 with. The first part throws light on the sections, and text of the income tax act of 1961, while the second part contains text of the finance act of 2011, along with the 2010 act. Amendments as per finance act, 2015 applicable for june 2016. 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. This investment allowance is only for fy 201415,fy 201516 and fy 201617 fy means financial year earlier it was 15% of new machines installed in fy 2014 and fy 201415 if aggregate of machine cost exceeds 100 cr total of both years combined. Complete list of sections of income tax act, 19612019 aubsp. Now the question arises is do rebate of income tax under section 87a as applicable for fy 2014 also available for fy 201415 and subsequent years. Quick excel income tax calculator for fy 201516 ay 201617. Income tax act 1961 complete act citation 530 bare. Declaration for nondeduction of tax at source to be. The to noted that the taxpayer is duty bound to submit the basis of calculation of share premium, as per rule 11u and rule 11ua of the income tax rules, 1962 rules, and justify the.