Bonafide Certificate
Introduction As an essential document that certifies an individual’s identity or status, a Bonafide Certificate holds immense importance in various domains. It is an official document that verifies the individual’s identity or affiliation with an organization. In this article, we’ll delve into the depths of the Bonafide Certificate, discussing its purpose, content, and requirements. Purpose […]
section 62 of Income Tax act 1961
Transfer irrevocable for a specified period (1) The provisions of section 61 shall not apply to any income arising to any person by virtue of a transfer— (i) by way of trust which is not revocable during the lifetime of the beneficiary, and, in the case of any other transfer, which is not revocable during the lifetime […]
section 61 of Income Tax act 1961
Revocable transfer of assets All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income-tax as the income of the transferor and shall be included in his total income.
section 60 of Income Tax act 1961
Transfer of income where there is no transfer of assets All income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as […]
section 59 of Income Tax act 1961
Profits chargeable to tax (1) The provisions of sub-section (1) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56, as they apply in computing the income of an assessee under the head “Profits and gains of business or profession”. (2) [***] (3) [***]
section 58 of Income Tax act 1961
Amounts not deductible (1) Notwithstanding anything to the contrary contained in section 57, the following amounts shall not be deductible in computing the income chargeable under the head “Income from other sources”, namely :— (a) in the case of any assessee,— (i) any personal expenses of the assessee; (ia) any expenditure of the nature referred […]
section 57 of Income Tax act 1961
Deductions The income chargeable under the head “Income from other sources” shall be computed after making the following deductions, namely :— (i) in the case of dividends, or interest on securities, any reasonable sum paid by way of commission or remuneration to a banker or any other person for the purpose of realising such dividend […]
section 56 of Income Tax act 1961
Income from other sources (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head “Income from other sources”, if it is not chargeable to income-tax under any of the heads specified in section 14, items A to E. (2) In particular, and without […]
section 55A of Income Tax act 1961
Reference to Valuation Officer With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the Assessing Officer may refer the valuation of capital asset to a Valuation Officer— (a) in a case where the value of the asset as claimed by the assessee is in accordance […]
section 55 of Income Tax act 1961
Meaning of “adjusted”, “cost of improvement” and “cost of acquisition (1) For the purposes of sections 48 and 49,— (a) [***] (b) “cost of any improvement”,— (1) in relation to a capital asset being goodwill 19-20[or any other intangible asset] of a business or a right to manufacture, produce or process any article or thing or right to carry […]