Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf. Students taking ca intermediate ca ipcc exams or students preparing for taxation will find the file very useful. Section 32ab of income tax act investment deposit account. Where the business of any industrial undertaking carried on in india is discontinued in any previous year by reason of extensive damage to, or destruction of, any building, machinery, plant or furniture owned by the assessee. Note on maternity leave pay tax deduction section 11 of the maternity protection act, ch. Section 35 of income tax act 19612017 provides special provision for expenditure on scientific research. The income chargeable under the head salaries shall be computed after making the following deductions, namely. Thc indian income t a x act 1961 andforeign c o l l a b o r a t i o n in industry in i n d i a. Exemption under special provisions sections 10a10aa10b. Where an assessee, being an indian company or a person other than a company who is resident in india, is engaged in any operations relating to prospecting for, or extraction or production of, any mineral and incurs, after.
Text of remaining provisions of allied acts referred to in incometax act 1. Section 352ab of the act provides weighted tax deduction of 150% 1 of expenditure incurred by a specified company 2, on scientific research not being expenditure in the nature of cost of any land or building in the in. 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. Deduction benefit under section 35ac only till march 31 the. Rebate of incometax in case of individuals of sixtyfive years or above omitted. The newly introduced provisions of section 12aa of the act provides for a procedure to be followed for grant of registration to a trust or institution. Section 35ab expenditure on knowhow incometax act, 1961. Stays order passed under black money act, absent counsel representation amidst covid19 pandemic. Section 10aa special provisions in respect of newly established units in special economic zones. What are the provisions of section 35 of the incometax. Section 35ab of income tax act expenditure on knowhow. Section 32ab of income tax act investment deposit account 32ab.
Download the list of sections of income tax act,1961 in pdf and excel format. The contention of the assessee is that section 35ab of the act is not applicable to this case. Where the business of any industrial undertaking carried on in india is discontinued in any previous year by reason of extensive damage to, or destruction of, any building, machinery, plant or furniture owned by the assessee and used. Income tax rules, 1962 the rules as well as specified forms with respect to expenditure on scientific research under section 35 of the act. The finance act, 2016 has amended section 352ab of the act where it has been provided that the weighted deduction shall be reduced under. It act 1961 section 154 rectification of mistake 154. Section 35 of incometax act 19612017 expenditure on. Aug 25, 2018 article discusses exemption under special provisions of sections 10a, section 10aa and section 10b of income tax act, 1961. Given income tax act sections list includes revised, omitted and newly added tax rules. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. Substituted for other than interest on securities and salary by the finance act, 2003, with effect from 1st june, 2003. Apportionment of income between spouses governed by portuguese civil code.
Latest income tax act sections list has been provided for finance people. May 30, 2019 download the list of sections of income tax act, 1961 in pdf and excel format. Income tax act 1961 complete act citation 3688 bare act. Section 11 and 12 of income tax act 1961 both section are covered under income which do not form part of total income section 11 section 11 tax exemption after consider provisions of section 60 to 63, the income of a religiouscharitable trustinstitutions, to the extent specified in the act, is exempt from tax after fulfill certain conditions. Deduction benefit under section 35ac only till march 31. Section page i3 incometax act, 1961 arrangement of sections section chapter i page preliminary 1. For the purposes of this section, know how means any industrial information or technique likely to assist in the manufacture or processing of goods or in the working of a mine, oil well or other sources of mineral deposits including the searching for, discovery or testing. Subject to the provisions of sub section 2, where the assessee has paid in any previous year any lump sum consideration for acquiring any know how for use for the purposes of his business. However, the department allowed the expenditure to be amortized under section 35ab of the act. 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 35ad, incometax act, 1961 2015 86deduction in respect of expenditure on specified business.
Students taking ca intermediate ca ipcc exams or students preparing for. Article discusses exemption under special provisions of sections 10a, section 10aa and section 10b of income tax act, 1961. In section 9 of the income tax act, in subsection 1, in clause i, the existing explanation shall be numbered as explanation 1 thereof and after explanation 1 as so numbered, the following explanations shall be inserted by finance act, 2003 with effect from the 1st day of april, 2004 explanation 2. Section 35abb of income tax act expenditure for obtaining. The incometax act, 1961 43 of 1961 12607 th september, 1961 an act to consolidate and amend the law relating to incometax and supertax.
Section 35, incometax act, 19612016 expenditure on scientific research. The amended rules come into effect from 1 july 2016. It act 1961 section 154 rectification of mistake 95154. Nov 02, 2015 i have prepared a list of section of the income tax act, 1961 and rules and form separate post which have served their purpose and are now redundant and can be omitted from statutes with an appropriate savings clause. Section 35 of income tax act 1961 2017 provides special provision for expenditure on scientific research. Income tax act 1961 section 195 citation 23627 bare. After section 33a of the incometax act, the following section shall be inserted, namely. Section 35ab of income tax act 1961 expenditure on knowhow is defined under section 35ab of income tax act 1961. What is expenditure for obtaining licence to operate telecommunication services. The expenditure referred to in sub section 1 is that incurred by the assessee after the date specified in that sub section at any time during the year of commercial production and any one or more of the four years immediately preceding that year, wholly and exclusively on any operations relating to prospecting for any mineral or group of associated minerals specified in part a or part b. For availing the benefit under section 352ab of the act what is relevant is not the date of recognition or the cutoff date mentioned in.
Section 35ab expenditure on knowhow income tax act, 1961 1expenditure on knowhow. Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. Section 35ab of income tax act 1961 2017 provides special provision for expenditure on knowhow. Section 35ac of the income tax act, 1961, provides for a deduction in computing the business income of an assessee, of the amount paid by him to a psu or a local authority or to an association or institution approved by the national committee for carryingout any eligible project or scheme.
Jul 27, 2016 section 35, incometax act, 19612016 expenditure on scientific research. Get detail info on what are the sources for tax exemptions, how to get exemption in income tax and can save taxable income. Know about the income tax exemptions act of india, rule to get exemptions to corporate and assessee. List of sections of income tax act 1961 download pdf. Introduction sections 35d, 35dd and 35dda of the act provides for amortisation on preliminary expenses, expenditure in case of amalgamation or demerger and expenditure incurred under voluntary retirement scheme respectively. All ngos should avail the advantage of these provisions to attract potential donors. The excellent download file is in the format of pdf. Dec 27, 20 27 december 20 hii, anyone have a link for download pdf of income tax bare act 1961, amended finance act 20. Present chapter deals with cases relating to amortisation where aos did not apply relevant provisions correctly.
What is expenditure on eligible projects or schemes. Income tax exemption get info on individual and various other income tax exemptions in india. What are the provisions of section 35 of the incometax act. Section 10a special provision in respect of newly established undertakings in free trade zone, etc. Test check of assessment records in andhra pradesh, chhattisgarh, gujarat, karnataka, and tamil nadu charges revealed that 12 assessees irregularly claimed and were allowed amortisation expenses under section 35d which resulted in under assessment of income to that extent involving tax effect of rs. Member strength 31,02,083 and growing get latest updates. Apportionment of income between spouses governed by.
Section 16 of income tax act 1961 deductions from salaries. Income tax act 1961 complete act citation 530 bare act. Subsequently, the case of the assessee relevant to assessment year 200304, was taken up for scrutiny and assessment under section 1433 of the act, which. Chapter iv sections 1459 of income tax act, 1961 deals with provisions related to computation of total income. Insertion of new section 33b income tax department. In exercise of the powers conferred by subsection 1a of section 143 of income tax act, 1961 43 of 1961, the central board of direct taxes hereby specifies the following scheme for processing of returns of income, namely. Section 35ab of incometax act 19612017 expenditure on. Section 35ab of income tax act 19612017 provides special provision for expenditure on knowhow. The income tax act, 1961 43 of 1961 last updated th december, 2019 12607. Download the list of sections of income tax act, 1961 in pdf and excel format. This scheme may be called the centralised processing of returns scheme, 2011. Aug 19, 2016 section 35ac of the income tax act, 1961, provides for a deduction in computing the business income of an assessee, of the amount paid by him to a psu or a local authority or to an association or institution approved by the national committee for carryingout any eligible project or scheme. Chapter i1 to 3 1 short title, extent and commencement. 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.
Section 35ab of income tax act expenditure on knowhow 35ab. Be it enacted by parliament in the twelfth year of the republic of india as follows. The income tax act has certain provisions which offer tax benefits to the donors. Section 35a withholding tax and assetforshare transactions august 2010 issue 2 with effect from 1 september 2007, section 35a of the income tax act no.