The Indian government has launched a plan called the Special Provision for Newly Established Undertakings in Free Trade Zone, etc. This strategy is designed to promote investment in particular regions of the country by providing tax benefits and other incentives to newly established undertakings operating in Free Trade Zones (FTZs) and Special Economic Zones (SEZs). […]
The Income Tax Act provides for various types of income that are not taxable and are thus excluded from an individual’s total income. Let’s discuss some of the most common examples of such income. Agricultural income is a typical category of income that is exempt from tax. It refers to any income earned from selling
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Procedure, format and standards for filling an application in Form No. 15C or Form No. 15D for grant of certificate for no-deduction of income-tax under sub-section (3) of section 195 of the Income Tax Act, 1961 through TRACES-. F.No. Pro DGIT(S)CPC(TDS)/NOTIFICATION/2022-23 Notification No. 01/2023 New Delhi, 29th March, 2023 Section 195(3) ofthe Income-tax Act, 1961
The following incomes shall be deemed to be received in the previous year :— (i) the annual accretion in the previous year to the balance at the credit of an employee participating in a recognised provident fund, to the extent provided in rule 6 of Part A of the Fourth Schedule ; (ii) the
For the purposes of this Act,— (1) An individual is said to be resident in India in any previous year, if he— (a) is in India in that year for a period or periods amounting in all to one hundred and eighty-two days or more ; or (b) [***] (c) having within the four years
(1) Notwithstanding anything contained in section 139, section 147, section 148, section 149, section 151 and section 153, where the Assessing Officer is satisfied that,— (a) any money, bullion, jewellery or other valuable article or thing, seized or requisitioned, belongs to; or (b) any books of account or documents, seized or requisitioned, pertains or pertain to, or any information contained therein, relates
BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows :— Short title, extent and commencement. 1. (1) Income Tax Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on
Section 2(47) of Income Tax Act defines relative as follows:“relative”, in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual Meaning there by, the following person are included in the definition of a relative:1: Husband/Wife of the Individual2: Brother and Sister of the Individual3: