Web(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 … Web2 days ago · 1. Presumptive taxation regime of Section 44AD of the Act. The objective of section 44AD of the Act is to provide a presumptive income scheme for small taxpayers to lower compliance costs for them and to reduce the administrative burden on the tax machinery. In the case of an “eligible assessee” engaged in an “eligible business”, the ...
Introduction to Income Tax Act 1961 - Commerce Tutors
WebApr 13, 2024 · Exemptions under Section 194EE of the Income Tax Act, 1961 Tax is not required to be deducted in the following circumstances: Payment up to Rs. 2,500: When … WebIncome tax in India is governed by Entry 82 of the Union List of the Seventh ... of the Income-tax Act, 1961. Income-tax law consists of the 1961 act, Income Tax Rules 1962, Notifications and Circulars issued by the Central Board ... the tax rate is 15 percent. Both rates apply only if a company claims no exemptions or concessions. For foreign ... popcorn chain
Introduction and Basic Concept of Income Tax - Law Times Journal
WebApr 29, 2024 · Section 194Q applies to payment of any sum to a resident seller for purchase of any goods of the value or aggregate of such value exceeding 50,00,000 in any previous year. It does not matter whether purchase of goods is by way of capital expenditure or by way of revenue expenditure. WebSep 24, 2024 · According to the Indian Income Tax Act, if a foreign company's income is received or deemed to be received in India, or is accrued/ arisen or deemed to have accrued/ arisen in India, the source of such income is said to be in India, and India has the right to tax such income under the principle of "source base" taxation. WebAug 31, 2024 · The Income Tax Act, 1961, governs the taxes collected from the earnings of individuals and companies. The government enacted this Act in order to levy, administer, collect, or recover the income taxes applicable on various goods and services. It came into force on 1st April 1962 and applies to the whole of India. sharepoint list view threshold is 5000