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. Section 3 of income tax act 19612017 defines the term previous year. Given income tax act sections list includes revised, omitted and newly added tax rules. According to the assessing officer, since the assessee, during the relevant years, had income exclusively from publication and selling of text books to the students, exemption under section 10 22 of the income tax act, 1961 for short, the act, as it stood at the material time, was not admissible. However, there is still some debate on what exactly constitutes exempt income, and if such income is required to be declared by the taxpayer when filing his or her income tax returns. Section 24 of the income tax act is in relation to the income from house property. Income tax act 21 of 1994 income tax act 21 of 1995 income t ax act 36 of 1996 revenue laws amendment act 46 of 1996 general law amendment act 49 of 1996 income tax act 28 of 1997. Trruthis act may be cited as the individual income tax act of 1944. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. An act to provide for simplification of the individual income tax.
According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption. List of sections of income tax act 1961 download pdf. Income tax act 1961 with latest amendments pdf download. Introduction and basic concepts of income tax act 1961.
Subordination and control of income tax authorities. Income tax act chapter 470 revised edition 2018 2012 published by the national council for law reporting with the authority of the attorneygeneral. Download the list of sections of income tax act,1961 in pdf and excel format. Income tax act 58 of 1962 south african government. Hence let us discuss the calculation of house rent allowance exemption in income tax as per income tax act 1961, section 10a, read with rule 2a of income tax rules 1962. Students taking ca intermediate ca ipcc exams or students preparing for taxation will find the file very useful. Cbdt circular on section 1016 of the incometax act. Agricultural income is defined under section 21a of the incometax act. Section 3 of incometax act 19612017 previous year aubsp.
For ur confirmation, u can also visit income tax department site. Section 10 exemptions under section 10 of income tax act. Section 1010b of the income tax act, 1961 provides that in computing the total income of a previous year of any person any compensation received by a workman under the industrial. Download this app from microsoft store for windows 10 mobile, windows phone 8. 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. And for related matters 16th day of april, 2007 enacted by the national assembly of the federal republic of nigeria 1. State govtlocal bodies s employees from the date of enhanced gratuity. Income tax act 1961 complete act citation 530 bare. The objective of section 10 of the income tax act is to reduce the burden of the different. Income tax section 10a exemption of house rent allowance hra. As per section 101, agricultural income earned by the taxpayer in india is exempt from tax. Income tax act is used for determination of taxable. Be it enacted by parliament in the twelfth year of the republic of india as follows. In india income tax is governed by the income tax act 1961.
The excellent download file is in the format of pdf. Income exempted under section 10 of income tax act 1961. This section deals with exemptions on the interest paid on home loans. Important terms and definitions under the income tax act, 1961 assessment year and previous year as per section 29 of the income tax act, 1961, states that assessment year means the 12 month period. Exempt income specified under tax as per section 10. Download the list of sections of income tax act, 1961 in pdf and excel format. Section 10 21 in the income tax act, 1995 21 6 7 any income of a scientific research association for the time being approved for the purpose of clause ii of sub section 1 of section 35. Income exempted under section 10 of income tax act 1961 for assessment year 201718 1. Income tax manual part 1 national board of revenue. Section115bb tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever. Allowability of exemption us 1022 of it act, 1961 to a.
I preliminary section 1 short title, extent and commencement section 2 part a definitions clause 1 to clause 15 advance tax to charitable. Complete list of sections of income tax act, 19612019 aubsp. Special provisions in respect of newly established units in. Income tax act 1961 with latest amendments pdf download 156mvr. An act to consolidate and amend the law relating to incometax and supertax. Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf. Section 1010iii gratuity exemption limit raised to.
Incometax tax collected by the central government for each financial year on the total taxable income of an assessee earned during the previous year is called incometax. To amend the internal revenue code of 1954 to reduce individual and corporate. 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. India the income tax act 1961 section 11 income from. As per section 1010d of the income tax act, 1961, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt from tax. List of sections of income tax act, 1961 in excel format. According to the assessing officer, since the assessee, during the relevant years, had income exclusively from publication and selling of text books to the students, exemption under section.
Latest income tax act sections list has been provided for finance people. 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. In computing the total income of a previous year of any person, any income falling within any of the. The matter has been examined in consultation with the ministry of law.