The document defines several key terms used in Indian income tax law:
1) It defines assessee, assessment year, company, convertible foreign exchange, foreign exchange asset, and gross total income.
2) It also defines income, Indian company, investment income, long term capital gains, manufacture, non-resident Indian, person, previous year, principal officer, and specified asset.
3) The definitions provide clarity on entities and concepts central to calculating and assessing income tax in India such as what constitutes an assessee, assessment periods, types of corporate entities and income.
Income Tax Act with Supplement
As Amended by The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020
The Present Publication is the 65th Edition, with the following noteworthy features:
· Taxmann’s Bestseller Book for more than Five-Decades
· Follows the Six Sigma Approach to achieve the Benchmark of
‘Zero Error’
· Amended Provisions as per the following:
o The Finance Act, 2020
o The Taxation and Other Laws (Relaxation and Amendment of
Certain Provisions) Act, 2020
· Legislative History of Amendments, since 1961
· Relevant provisions of all other allied laws referred to in the
Income-tax Act
· Specially curated 'Guide to Amendments'
· Comprehensive Table of Contents
· Relevant Section Numbers are printed in Folios for Quick
Navigation
Supplement to Income-tax Act
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020, has inserted or amended 39 Sections of the Income-tax Act, 1961. This supplement to Income-tax Act provides all amended and newly inserted Sections. These amendments are relating to:
· Change in the due dates of various compliances
· Reduction in the rates of TDS/TCS
· Clarifications regarding amended provisions of residential
status
· Faceless proceedings
· Restoration and deferment of certain provisions relating to
trusts
· Exemptions and deductions
· Taxation of Alternative Investment Funds (AIFs)
· Reduced rates of surcharge on dividend income in case of
FPIs
SEBI(LODR)Regulations - Obligations on listing of specified securities - Part IIDVSResearchFoundatio
Key Takeaways:
Related party transactions
Obligations of directors including independent directors, employees including KMPs
Corporate Governance requirements
Why does India need FDI, How will FDI benefit us, What will be the disadvantages? Read everything you wanted to know about Foreign Direct Investment and the role played by Foreign Exchange Management Act, in this Research Report from Resurgent India
Income Tax Act with Supplement
As Amended by The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020
The Present Publication is the 65th Edition, with the following noteworthy features:
· Taxmann’s Bestseller Book for more than Five-Decades
· Follows the Six Sigma Approach to achieve the Benchmark of
‘Zero Error’
· Amended Provisions as per the following:
o The Finance Act, 2020
o The Taxation and Other Laws (Relaxation and Amendment of
Certain Provisions) Act, 2020
· Legislative History of Amendments, since 1961
· Relevant provisions of all other allied laws referred to in the
Income-tax Act
· Specially curated 'Guide to Amendments'
· Comprehensive Table of Contents
· Relevant Section Numbers are printed in Folios for Quick
Navigation
Supplement to Income-tax Act
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act 2020, has inserted or amended 39 Sections of the Income-tax Act, 1961. This supplement to Income-tax Act provides all amended and newly inserted Sections. These amendments are relating to:
· Change in the due dates of various compliances
· Reduction in the rates of TDS/TCS
· Clarifications regarding amended provisions of residential
status
· Faceless proceedings
· Restoration and deferment of certain provisions relating to
trusts
· Exemptions and deductions
· Taxation of Alternative Investment Funds (AIFs)
· Reduced rates of surcharge on dividend income in case of
FPIs
SEBI(LODR)Regulations - Obligations on listing of specified securities - Part IIDVSResearchFoundatio
Key Takeaways:
Related party transactions
Obligations of directors including independent directors, employees including KMPs
Corporate Governance requirements
Why does India need FDI, How will FDI benefit us, What will be the disadvantages? Read everything you wanted to know about Foreign Direct Investment and the role played by Foreign Exchange Management Act, in this Research Report from Resurgent India
Icai 17.02.2017 Taxation of foreign remmitancesShweta Ajmera
Due to globalisation,cross border transaction has been growing. Understanding TDS applicability on cross border transaction or foreign remmitance to Non residents is need of an hour. In this PPT I have covered TDS provisions on foreign remmitance.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
Labour Law Compliance in India - Promptpersonneljackmethyu
we ensure our clients are protected from consequences of non-compliance by keeping risks and losses at bay, with our statutory expertise. To know more, visit our website.
https://www.promptpersonnel.com/labour-law-advisory-compliance/
labour law compliance, labour law compliance india
Key Takeaways:
Need for Legislation
Establishment and Functions of Authority
Accounts and Finance Functions
Powers of Authority and Central Government
Overview of Regulators in Other Countries
Fast track notes on income tax.Total Tax With maximum Effective Question'sEducation At The Edge
The Income-tax Act, 1961,Income under the head
salary,Income under the head house property,
Income under the head business and profession,
Income under the head capital gains,
Income under the head other sources,Revenue Vs Capital, RESIDENTIAL STATUS,CALCULATION OF INCOME TAX,CLUBBING OF INCOMES,SET OFF & CARRY FORWARD OF LOSSES,INCOME FROM AGRICULTURE,DEDUCTIONS FROM GTI,EXEMPTED INCOMES,ASSESSMENT PROCEDURE,ADVANCE TAX AND INTEREST PAYABLE ,TAX DEDUCTED AT SOURCE,CHARITABLE OR RELIGIOUS TRUSTS,SERVICE TAX,VALUE ADDED TAX (VAT),
Icai 17.02.2017 Taxation of foreign remmitancesShweta Ajmera
Due to globalisation,cross border transaction has been growing. Understanding TDS applicability on cross border transaction or foreign remmitance to Non residents is need of an hour. In this PPT I have covered TDS provisions on foreign remmitance.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
Labour Law Compliance in India - Promptpersonneljackmethyu
we ensure our clients are protected from consequences of non-compliance by keeping risks and losses at bay, with our statutory expertise. To know more, visit our website.
https://www.promptpersonnel.com/labour-law-advisory-compliance/
labour law compliance, labour law compliance india
Key Takeaways:
Need for Legislation
Establishment and Functions of Authority
Accounts and Finance Functions
Powers of Authority and Central Government
Overview of Regulators in Other Countries
Fast track notes on income tax.Total Tax With maximum Effective Question'sEducation At The Edge
The Income-tax Act, 1961,Income under the head
salary,Income under the head house property,
Income under the head business and profession,
Income under the head capital gains,
Income under the head other sources,Revenue Vs Capital, RESIDENTIAL STATUS,CALCULATION OF INCOME TAX,CLUBBING OF INCOMES,SET OFF & CARRY FORWARD OF LOSSES,INCOME FROM AGRICULTURE,DEDUCTIONS FROM GTI,EXEMPTED INCOMES,ASSESSMENT PROCEDURE,ADVANCE TAX AND INTEREST PAYABLE ,TAX DEDUCTED AT SOURCE,CHARITABLE OR RELIGIOUS TRUSTS,SERVICE TAX,VALUE ADDED TAX (VAT),
Under the Constitution of India Central Government is empowered to levy tax on
the income. Accordingly, the Central Government has enacted the Income Tax
Act, 1961. The Act provides for the scope and machinery for levy of Income Tax
in India. The Act is supported by Income Tax Rules, 1961 and several other
subordinate and regulations. Besides, circulars and notifications are issued by the
Central Board of Direct Taxes (CBDT) and sometimes by the Ministry of Finance,
Government of India dealing with various aspects of the levy of Income tax.
Unless otherwise stated, references to the sections will be the reference to the
sections of the Income Tax Act, 1961. Income tax is a tax on the total income of a
person called the assessee of the previous year relevant to the assessment year at
the rates prescribed in the relevant Finance Act.
Some of the important definitions under Income Tax Act, 1961 are as follows:
1. Useful and Important
Definitions
By
Shankar Bose
Inspector of Income-tax
MSTU, Puri
2. Taxation - Useful and Important Definitions
Assessee
Income Tax Act 1961 (Act no. 43) defines 'assessee' as a person by whom any tax or any other
sum of money is payable under this Act, and includes -
Every person in respect of whom any proceeding under this Act has been taken for the
assessment of his income or of the income of any other person in respect of which he is
assessable, or of the loss sustained by him or by such other person, or the amount of
refund due to him or to such other person;
Every person who is deemed to be an assessee under any provision of this Act;
Every person who is deemed to be an assessee in default under any provision of this Act;
Assessment year
Assessment year means the period of twelve months commencing on 1st April every year and
ending on 31st March of the next year. Income of previous year of an assessee is taxed during
the following assessment year at the rates prescribed by the relevant Finance Act.
Company
Section 2(17) of the act defines company. The term company includes:
1. any Indian company
2. any corporate incorporated by or under the laws of country outside India
3. any institution, association or body which is or was assessable or was assessed as a
company for any assessment year under the 1922 Act or under the 1961 act any
institution, association or body, whether incorporated or not and whether Indian or non
Indian, which is declared by general or special order of the board to be a company only
for such assessment year or assessment years
Convertible Foreign exchange
This mean foreign exchange which is for the time being treated by the Reserve Bank of India as
convertible foreign exchange for the purposes of the Foreign Exchange Regulation Act, 1973 and
any rules made there under.
Foreign Exchange Asset
This mean any specified asset which the assessee has acquired, purchased with or subscribed to,
in convertible foreign exchange.
3. Gross Total Incom
Under the scheme of computation of total income under the Income Tax Act, the income falling
under each head is to be computed as per the relevant provisions of the Act relating to
computation of income under that head. The aggregate of income under each head is known as
'Gross Total Income'
Income
There is no specific definition of income but for statutory purposes there are certain items which
are listed under the head income. These items include those heads also which normally will not
be termed as income but for taxation we consider them as income. These items are included
under section 2(24) of the income tax act, 1961. As per the definition in section 2(24), the term
income means and includes:
profits and gains
dividends
voluntary contributions received by a trust created wholly or partly for charitable or
religious purposes or by an institution established wholly or partly for such purposes
the value of any perquisite or profit in lieu of salary taxable under clause (2) and (3) of
section 17 of the act
any special allowance or benefit, other than those included above
any allowance granted to the assessee either to meet his personal expenses at the place
where the duties of his office or employment of profits are ordinarily performed by him
or at a place where he ordinarily resides or to compensate him for the increased cost of
living
capital gains
any sum chargeable to income tax under section 28 of the income tax act
any winnings from lotteries, crossword puzzles, races, including horse races, card games
and games of any sort or from gambling or betting of any form or nature whatsoever
any received as contribution to the assessee's provident fund or superannuation fund or
any fund for the welfare of employees or any other fund set up under the provisions of
the emplyees state insurance act
profits on sale of a licence granted under the imports (control) order, 1955 made under
the imports and exports (control) act, 1947
Indian company
Indian company means a company formed and registered under the companies act, 1956. Any
company formed and registered under any law relating to companies formerly in force in any
part of India, other than Jammu and Kashmir and the union territories as specified or a
corporation established by or under a central, state or provincial act or any institution, association
or a body which is declared by the board to be company under section 2 (17) are referred as
Indian company. In the case of state of Jammu and Kashmir, a company formed and registered
under any law for the time being in force in the state. Similarly in case of union territories.
4. Investment Income
This mean any income other than dividends derived from a foreign exchange asset.
Long term Capital Gains
This mean income chargeable under the head "capital gains relating to a capital asset being a
foreign exchange asset which is not a short term capital asset.
Manufacture
To "manufacture" is to produce new out of the existing materials. It further implies
transformation in to new and different articles having a distinct name, character or
use.Section2(f) of the Central Excises and Salt Act,1944 gives statutory definition for
"manufacture".
Non Resident Indian (NRI)
NRI means an individual being a citizen of India or a person of Indian origin who is not a
resident. A person shall be deemed to be of Indian origin if he or either of his parents or any of
his grand parents was born in undivided India.
Person
The income tax is charged in respect of the total income of the previous year of every 'person'.
Here the person means--
1. an individual : a natural human being i.e male, female minor or a person of sound or
unsound mind
2. a Hindu undivided family (HUF)
3. a company :
o any Indian company
o any body corporate incorporated by under the laws of a country outside India
o any institution, association or body whether Indian or non Indian, which is
declared by general or special order of the board to be a company
o any institution, association or body which is or was assessable or was assessed as
a company for any assessment year under the Indian Income tax Act, 1922 or
which is or was assessable or was assesses under this act as a company for any
assessment year commencing on or before the 1st day of April. 1970
4. a firm i.e a partnership firm
5. an association of persons or a body of individuals whether incorporated or not
6. a local authority-- means a municipal committee, district board, body of port
commissioners, or other authority legally entitled to or entrusted by the government with
the control and management of a municipal or local fund.
7. every artificial, juridical person, not falling within any of the above categories.
5. Previous year
The Financial Year in which the income is earned is known as the previous year. Any financial
year begins from 1st of April and ends on subsequent 31st March. The financial year beginning
on 1st of April 2003 and ending on 31st March 2004 is the previous year for the assessment year
2004-2005.
Principal Officer
Any public body or association of persons or any body of individuals or a company or a local
authority is referred as the principle officer. They include the secretary, treasurer, manager or
agent of the authority, company, association or body. Also any person connected with the
management or administration of the local authority, company, association or body upon which
the assessing officer has served a notice of his intention of treating him as the principal officer.
Specified Asset
This includes any of the following assets-
1. Shares in an Indian company
2. debentures issued by an Indian company which is not a private company as defined in the
companies act, 1956
3. deposits with an Indian company which is not a private company
4. any security of the central government
5. units of the unit trust of India
6. Such other assets as the central government may specify in this behalf by notification in
the official gazette
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