Wealth tax act, 1957 bls
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The document summarizes key aspects of the Wealth Tax Act of 1957 in India. It introduces that the Act aims to tax wealth over Rs. 15 lakh at 1% to reduce income and wealth inequalities. Assets defined under the Act include residential/commercial buildings, motor vehicles (excluding for business use), jewelry, yachts, urban land, and cash over Rs. 50,000. Certain entities like companies registered under the Companies Act of 1956 and mutual funds are excluded from the Act. Wealth tax was abolished in India's 2015 budget and replaced with a 2% surcharge on individuals with over Rs. 1 crore annual taxable income.
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![1] Applicability
Sec. 1
(1) This Act may be called the Wealth-tax Act, 1957.
(2) It extends to the whole of India.
(3) It shall be deemed to have come into force on the 1st day
of April, 1957.](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Wealth Tax Act, 1957
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The document summarizes key aspects of the Wealth Tax Act of 1957 in India, including who is chargeable for wealth tax, how net wealth is computed, valuation rules, and assessment procedures. It outlines what constitutes an "asset" and "net wealth" under the Act. It also describes various deemed assets that get included in a person's net wealth, such as assets transferred to a spouse or minor child. Exceptions to certain assets like residential houses are also provided.
Wealth tax act 1957
Wealth tax was introduced in India in 1957 and levied on net wealth exceeding 30 lakhs. It was repealed in 2015 as the government aimed to simplify tax compliance. Under wealth tax, assets such as residential homes, vehicles, yachts, jewelry, cash in hand, and urban land were included in calculating net wealth, while exemptions were provided for one self-occupied residence, former rulers' property, and assets of charitable trusts. Wealth tax was charged at 1% of the value of net wealth exceeding 30 lakhs and aimed to tax accumulated assets rather than income flows. It is no longer levied from assessment year 2016-17 onward.
Basics of Wealth Tax
- Wealth tax is a tax imposed by the government on individuals, HUFs, and companies based on their net wealth above Rs. 30 lakhs. Net wealth is determined by totaling the value of assets and deemed wealth and subtracting exempted assets and debts.
- Key assets that are included in wealth tax calculation are buildings, motor vehicles, jewelry, boats, aircrafts, urban land, and cash in excess of Rs. 50,000 for individuals/HUFs. Some exempted assets are one house up to 500 sqm, property held in trust for charity, member's share in HUF property, and assets brought to India by NRIs returning to reside permanently.
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This document provides an overview of wealth tax in India. Some key points:
- Wealth tax is charged annually on the net wealth of individuals, HUFs, and companies exceeding Rs. 15 lakhs. Net wealth is total assets minus total debts.
- Assets include buildings, cars, jewelry, boats, aircraft, urban land, and cash over Rs. 50,000. Some assets like primary residence, assets used for business, and agricultural land are exempt.
- Deemed assets include assets transferred to a spouse or minor child without adequate payment, assets transferred but retain benefit, assets transferred under a revocable trust. These are included in the transferor's net wealth.
Wealth tax 1957
1. The document discusses the valuation of various types of assets under the Wealth Tax Act of 1957. It provides details on valuation methods for immovable property, assets of businesses, interests in firms, life interests, jewelry, and residual assets.
2. For immovable property, it describes how to calculate the gross and net maintainable rent. For businesses, it outlines adding 20% of balance sheet values for certain assets. Life interests are valued based on average annual income.
3. Jewelry valuations may be referred to a valuation officer if the declared value differs significantly from fair market value. Jewelry values are then adjusted in subsequent years based on gold prices and acquisitions/disposals.
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The document discusses various aspects of wealth tax in India, including:
1) Persons and entities covered and not covered under wealth tax, with individuals, HUFs, and companies covered but certain organizations like cooperatives and political parties exempt.
2) An exemption limit of net wealth up to Rs. 30 lakhs, with wealth tax of 1% levied on net wealth exceeding this amount.
3) Details on the valuation date, definition of net wealth, assets and debts included, and residential status determining liability for wealth tax on worldwide or Indian assets.
4) Various assets covered like residential and commercial property, vehicles, jewelry, and cash, as well as methods for valuation of
Wealth Tax Act,1957
The document provides an overview of the Wealth Tax Act of 1957 presented by CA Tejas Andharia. It discusses key concepts such as the charging section, valuation date, assets and deemed assets, exempted assets, net wealth, and judicial rulings. Specifically, it defines assets and deemed assets according to Section 2 and Section 4 of the Act. It also outlines the computation of net wealth and provides examples of specific types of assets that are included or excluded per the Act.
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The document summarizes key aspects of the Wealth Tax Act of 1957 in India, including who is chargeable for wealth tax, how net wealth is computed, valuation rules, and assessment procedures. It outlines what constitutes an "asset" and "net wealth" under the Act. It also describes various deemed assets that get included in a person's net wealth, such as assets transferred to a spouse or minor child. Exceptions to certain assets like residential houses are also provided.
Wealth tax act 1957
Wealth tax was introduced in India in 1957 and levied on net wealth exceeding 30 lakhs. It was repealed in 2015 as the government aimed to simplify tax compliance. Under wealth tax, assets such as residential homes, vehicles, yachts, jewelry, cash in hand, and urban land were included in calculating net wealth, while exemptions were provided for one self-occupied residence, former rulers' property, and assets of charitable trusts. Wealth tax was charged at 1% of the value of net wealth exceeding 30 lakhs and aimed to tax accumulated assets rather than income flows. It is no longer levied from assessment year 2016-17 onward.
Basics of Wealth Tax
- Wealth tax is a tax imposed by the government on individuals, HUFs, and companies based on their net wealth above Rs. 30 lakhs. Net wealth is determined by totaling the value of assets and deemed wealth and subtracting exempted assets and debts.
- Key assets that are included in wealth tax calculation are buildings, motor vehicles, jewelry, boats, aircrafts, urban land, and cash in excess of Rs. 50,000 for individuals/HUFs. Some exempted assets are one house up to 500 sqm, property held in trust for charity, member's share in HUF property, and assets brought to India by NRIs returning to reside permanently.
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This document provides an overview of wealth tax in India. Some key points:
- Wealth tax is charged annually on the net wealth of individuals, HUFs, and companies exceeding Rs. 15 lakhs. Net wealth is total assets minus total debts.
- Assets include buildings, cars, jewelry, boats, aircraft, urban land, and cash over Rs. 50,000. Some assets like primary residence, assets used for business, and agricultural land are exempt.
- Deemed assets include assets transferred to a spouse or minor child without adequate payment, assets transferred but retain benefit, assets transferred under a revocable trust. These are included in the transferor's net wealth.
Wealth tax 1957
1. The document discusses the valuation of various types of assets under the Wealth Tax Act of 1957. It provides details on valuation methods for immovable property, assets of businesses, interests in firms, life interests, jewelry, and residual assets.
2. For immovable property, it describes how to calculate the gross and net maintainable rent. For businesses, it outlines adding 20% of balance sheet values for certain assets. Life interests are valued based on average annual income.
3. Jewelry valuations may be referred to a valuation officer if the declared value differs significantly from fair market value. Jewelry values are then adjusted in subsequent years based on gold prices and acquisitions/disposals.
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The document discusses various aspects of wealth tax in India, including:
1) Persons and entities covered and not covered under wealth tax, with individuals, HUFs, and companies covered but certain organizations like cooperatives and political parties exempt.
2) An exemption limit of net wealth up to Rs. 30 lakhs, with wealth tax of 1% levied on net wealth exceeding this amount.
3) Details on the valuation date, definition of net wealth, assets and debts included, and residential status determining liability for wealth tax on worldwide or Indian assets.
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Wealth Tax Act,1957
The document provides an overview of the Wealth Tax Act of 1957 presented by CA Tejas Andharia. It discusses key concepts such as the charging section, valuation date, assets and deemed assets, exempted assets, net wealth, and judicial rulings. Specifically, it defines assets and deemed assets according to Section 2 and Section 4 of the Act. It also outlines the computation of net wealth and provides examples of specific types of assets that are included or excluded per the Act.
Wealth tax
This document provides an overview of wealth tax in India. Some key points:
- Wealth tax is governed by the Wealth Tax Act of 1957 and applies to individuals, HUFs, companies, firms, and certain trusts.
- Assets subject to wealth tax include residential houses (beyond a certain size), motor vehicles, yachts, jewelry, urban land, and cash (beyond Rs. 50,000 for individuals).
- The tax rate is 1% of net wealth exceeding Rs. 30 lakhs. Compliance includes filing a return by the due date of income tax return.
- Various exemptions and provisions around valuation date, clubbing of assets, and deemed
wealth tax
Wealth Tax Act, 1957 charges tax on the net wealth of individuals and Hindu Undivided Families (HUFs) at a rate of 1% of net wealth exceeding Rs. 15 lakhs. Net wealth includes all assets owned in India and abroad for citizens and residents, and assets in India for non-citizens and non-residents, less prescribed deductions for debts and exemptions. The valuation date is March 31st or the last day of the previous financial year if the person is not assessed under the Income Tax Act. Returns must be filed by those with net wealth over the taxable limit, and assessments can be re-opened within 4-6 years from the end of the assessment year. However,
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Wealth tax is levied at 1% on net wealth exceeding Rs. 30 lakhs as of March 31. Net wealth is total assets minus exempted assets and debts incurred to purchase taxable assets. Individuals and HUFs resident in India are taxed on worldwide assets, while non-residents are taxed only on Indian assets. Common taxable assets include cars, boats, jewelry, urban land and cash in hand exceeding Rs. 50,000. One residential house and certain other assets are exempt from tax. Wealth tax returns are due by July 31 if not liable for audit, else by September 30, with late filing penalties of 1% per month. Wealth tax was abolished from FY 2016
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The document discusses wealth tax in India, including that it is a tax on assets owned by individuals, HUF, and companies. It defines taxable assets such as buildings, motor vehicles, jewelry, urban land, and cash. The document also covers topics like valuation of different asset types, exemptions, deemed ownership, and liability of wealth tax for a deceased person.
Wealth tax act,1957.bose
This document summarizes key aspects of the Wealth Tax Act of 1957 in India, including:
- Who is required to file wealth tax returns and by what deadline.
- The types of assets that are included in calculating net wealth and subject to the 1% wealth tax, such as residential/commercial property, jewelry, vehicles, and cash over a certain amount.
- Exceptions and exemptions to assets included in net wealth, such as one residential property or assets held in trust.
- How different types of assets are valued for wealth tax purposes, such as through capitalizing rental income for property or independent appraisals for jewelry.
Wealth tax act,1957.bose
The document summarizes key aspects of the Wealth Tax Act of 1957 in India. It outlines that wealth tax is charged on the net wealth of individuals, HUFs, and companies above a certain threshold. It defines what constitutes an asset and exceptions. Some key assets include residential and commercial properties, motor vehicles, cash in hand, and jewelry. It also discusses deemed assets, asset valuation methods, tax rates, and filing of wealth tax returns.
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This document discusses whether a person is liable to pay wealth tax in India. It explains that wealth tax is levied on individuals, HUFs, and companies if their net wealth exceeds Rs. 30 lakh as of March 31. Some key assets covered include residential property within 25 km of city limits, urban land, jewelry, cars, and cash over Rs. 50,000. Debts related to taxable assets can be deducted from the total value to arrive at net taxable wealth. A return must be filed by the due date if liable for wealth tax. Penalties may be levied for late filing or concealment.
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It cover all the aspects of wealth tax act in india. Moreover it covers appeals, review, revision and rectification.
Tax clubbing of income tax
- Clubbing of income provisions allow the income of certain other persons to be included in the taxable income of the assessee in specific circumstances outlined in sections 60-64 of the Income Tax Act.
- This includes income transferred without asset transfer, income from revocable transferred assets, spouse/dependent's employment income where the assessee has substantial interest in the employer concern, and income from assets transferred to certain relatives without adequate consideration.
- The objectives are to prevent tax avoidance by attributing income to the actual beneficiary.
Wealth tax- 2015
1. Wealth tax is levied on the net wealth of individuals, HUFs, and companies. Net wealth is total assets less total debts on the valuation date of March 31.
2. Major assets that attract wealth tax include urban land, jewellery (above Rs. 5 lakhs value), cars, yachts, aircrafts, cash in hand (above Rs. 50,000) and house property.
3. Assets are generally valued at their fair market value on the valuation date. House property is valued using the capitalized net annual rent or cost of acquisition, whichever is higher. Jewellery requires valuation by a registered valuer if value is over Rs. 5 l
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The document discusses various aspects of wealth tax in India such as:
1. Individuals, HUFs, and companies are covered under wealth tax, while certain organizations like cooperative societies and political parties are exempt.
2. Wealth tax of 1% is levied on net wealth (assets minus debts) exceeding Rs. 30 lakhs as of the valuation date of March 31.
3. Assets covered include residential property within 25km of cities, vehicles, jewelry, urban land, and cash over Rs. 50,000. Certain exemptions apply for self-occupied houses and agricultural land.
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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
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• [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
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• 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
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• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
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• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
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The document discusses the valuation of assets for wealth tax purposes in India. It outlines the steps to value a self-occupied residential building, including calculating the gross maintainable rent (GMR) and net maintainable rent (NMR), capitalizing the NMR, and making adjustments for unbuilt area and unearned increase. It also provides an example calculation valuing a leasehold house. The objective is to understand asset valuation and the filing and assessment of wealth tax returns.
Income under the 5 heads
1) There are 5 heads of income under the Indian Income Tax Act: income from salary, house property, business or profession, capital gains, and other sources.
2) Computation of taxable income involves determining residential status, classifying income, aggregating, applying clubbing provisions, deducting losses, exemptions, and rebates to calculate total tax payable.
3) Income from salary includes wages, pension, gratuity, fees, commissions, perquisites, and advances. Certain allowances like conveyance, education, transport, and house rent are fully or partially exempted.
4) Income from house property is based on annual value, which is the expected rent (municip
Income tax act 1961
This document is the Income Tax Act of 1961 from India. It lays out definitions for key terms used in the Act. Some key definitions include:
- Agricultural income, which includes rent or revenue from agricultural land, income from cultivating such land, and income from buildings used in agriculture.
- Amalgamation, which refers to the merger of two or more companies to form one company.
- Assessee, which refers to any person required to pay tax or other sums under this Act.
- Assessment, which includes reassessment of a person's income or tax liability.
- Block of assets, which refers to a group of tangible or intangible assets that are depreciated at the same rate
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This document is the Income Tax Act of 1961 from India. Some key points:
1. It consolidates and amends laws relating to income tax and super tax in India.
2. It establishes definitions for various tax-related terms like "agricultural income", "amalgamation", "Assessing Officer", and "capital asset".
3. It establishes the framework for levying and collecting income tax in India, including rules around assessment, exemptions, tax rates and penalties.
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The document provides details about income under the salary head in India, specifically focusing on perquisites and retirement benefits. It defines perquisites as benefits provided in addition to salary. Perquisites are further classified into categories - those taxable for all employees, those taxable only for specified employees, and those fully exempt. Various perquisites like rent-free housing, transport, medical benefits, and education are described in detail including tax treatment and valuation methods. Retirement benefits and the process for computing taxable salary income are also outlined.
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This document provides an overview of wealth tax in India. Some key points:
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- Assets subject to wealth tax include residential houses (beyond a certain size), motor vehicles, yachts, jewelry, urban land, and cash (beyond Rs. 50,000 for individuals).
- The tax rate is 1% of net wealth exceeding Rs. 30 lakhs. Compliance includes filing a return by the due date of income tax return.
- Various exemptions and provisions around valuation date, clubbing of assets, and deemed
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Wealth Tax Act, 1957 charges tax on the net wealth of individuals and Hindu Undivided Families (HUFs) at a rate of 1% of net wealth exceeding Rs. 15 lakhs. Net wealth includes all assets owned in India and abroad for citizens and residents, and assets in India for non-citizens and non-residents, less prescribed deductions for debts and exemptions. The valuation date is March 31st or the last day of the previous financial year if the person is not assessed under the Income Tax Act. Returns must be filed by those with net wealth over the taxable limit, and assessments can be re-opened within 4-6 years from the end of the assessment year. However,
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Wealth tax is levied at 1% on net wealth exceeding Rs. 30 lakhs as of March 31. Net wealth is total assets minus exempted assets and debts incurred to purchase taxable assets. Individuals and HUFs resident in India are taxed on worldwide assets, while non-residents are taxed only on Indian assets. Common taxable assets include cars, boats, jewelry, urban land and cash in hand exceeding Rs. 50,000. One residential house and certain other assets are exempt from tax. Wealth tax returns are due by July 31 if not liable for audit, else by September 30, with late filing penalties of 1% per month. Wealth tax was abolished from FY 2016
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The document discusses wealth tax in India, including that it is a tax on assets owned by individuals, HUF, and companies. It defines taxable assets such as buildings, motor vehicles, jewelry, urban land, and cash. The document also covers topics like valuation of different asset types, exemptions, deemed ownership, and liability of wealth tax for a deceased person.
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This document summarizes key aspects of the Wealth Tax Act of 1957 in India, including:
- Who is required to file wealth tax returns and by what deadline.
- The types of assets that are included in calculating net wealth and subject to the 1% wealth tax, such as residential/commercial property, jewelry, vehicles, and cash over a certain amount.
- Exceptions and exemptions to assets included in net wealth, such as one residential property or assets held in trust.
- How different types of assets are valued for wealth tax purposes, such as through capitalizing rental income for property or independent appraisals for jewelry.
Wealth tax act,1957.bose
The document summarizes key aspects of the Wealth Tax Act of 1957 in India. It outlines that wealth tax is charged on the net wealth of individuals, HUFs, and companies above a certain threshold. It defines what constitutes an asset and exceptions. Some key assets include residential and commercial properties, motor vehicles, cash in hand, and jewelry. It also discusses deemed assets, asset valuation methods, tax rates, and filing of wealth tax returns.
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This document discusses whether a person is liable to pay wealth tax in India. It explains that wealth tax is levied on individuals, HUFs, and companies if their net wealth exceeds Rs. 30 lakh as of March 31. Some key assets covered include residential property within 25 km of city limits, urban land, jewelry, cars, and cash over Rs. 50,000. Debts related to taxable assets can be deducted from the total value to arrive at net taxable wealth. A return must be filed by the due date if liable for wealth tax. Penalties may be levied for late filing or concealment.
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It cover all the aspects of wealth tax act in india. Moreover it covers appeals, review, revision and rectification.
Tax clubbing of income tax
- Clubbing of income provisions allow the income of certain other persons to be included in the taxable income of the assessee in specific circumstances outlined in sections 60-64 of the Income Tax Act.
- This includes income transferred without asset transfer, income from revocable transferred assets, spouse/dependent's employment income where the assessee has substantial interest in the employer concern, and income from assets transferred to certain relatives without adequate consideration.
- The objectives are to prevent tax avoidance by attributing income to the actual beneficiary.
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1. Wealth tax is levied on the net wealth of individuals, HUFs, and companies. Net wealth is total assets less total debts on the valuation date of March 31.
2. Major assets that attract wealth tax include urban land, jewellery (above Rs. 5 lakhs value), cars, yachts, aircrafts, cash in hand (above Rs. 50,000) and house property.
3. Assets are generally valued at their fair market value on the valuation date. House property is valued using the capitalized net annual rent or cost of acquisition, whichever is higher. Jewellery requires valuation by a registered valuer if value is over Rs. 5 l
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The document discusses various aspects of wealth tax in India such as:
1. Individuals, HUFs, and companies are covered under wealth tax, while certain organizations like cooperative societies and political parties are exempt.
2. Wealth tax of 1% is levied on net wealth (assets minus debts) exceeding Rs. 30 lakhs as of the valuation date of March 31.
3. Assets covered include residential property within 25km of cities, vehicles, jewelry, urban land, and cash over Rs. 50,000. Certain exemptions apply for self-occupied houses and agricultural land.
4. Residential status determines taxability of global versus Indian assets, and returns must
194I TDS
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Taxation I (ranjan sir) '16 Updated Lecture sheet
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ICAB Knowledge : Level
Study Manual - Assistive Material
Tamann's Income Tax Act
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.
Lesson 18 weath-2
The document discusses the valuation of assets for wealth tax purposes in India. It outlines the steps to value a self-occupied residential building, including calculating the gross maintainable rent (GMR) and net maintainable rent (NMR), capitalizing the NMR, and making adjustments for unbuilt area and unearned increase. It also provides an example calculation valuing a leasehold house. The objective is to understand asset valuation and the filing and assessment of wealth tax returns.
Income under the 5 heads
1) There are 5 heads of income under the Indian Income Tax Act: income from salary, house property, business or profession, capital gains, and other sources.
2) Computation of taxable income involves determining residential status, classifying income, aggregating, applying clubbing provisions, deducting losses, exemptions, and rebates to calculate total tax payable.
3) Income from salary includes wages, pension, gratuity, fees, commissions, perquisites, and advances. Certain allowances like conveyance, education, transport, and house rent are fully or partially exempted.
4) Income from house property is based on annual value, which is the expected rent (municip
Income tax act 1961
This document is the Income Tax Act of 1961 from India. It lays out definitions for key terms used in the Act. Some key definitions include:
- Agricultural income, which includes rent or revenue from agricultural land, income from cultivating such land, and income from buildings used in agriculture.
- Amalgamation, which refers to the merger of two or more companies to form one company.
- Assessee, which refers to any person required to pay tax or other sums under this Act.
- Assessment, which includes reassessment of a person's income or tax liability.
- Block of assets, which refers to a group of tangible or intangible assets that are depreciated at the same rate
Income tax act 1961
This document is the Income Tax Act of 1961 from India. Some key points:
1. It consolidates and amends laws relating to income tax and super tax in India.
2. It establishes definitions for various tax-related terms like "agricultural income", "amalgamation", "Assessing Officer", and "capital asset".
3. It establishes the framework for levying and collecting income tax in India, including rules around assessment, exemptions, tax rates and penalties.
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The document provides details about income under the salary head in India, specifically focusing on perquisites and retirement benefits. It defines perquisites as benefits provided in addition to salary. Perquisites are further classified into categories - those taxable for all employees, those taxable only for specified employees, and those fully exempt. Various perquisites like rent-free housing, transport, medical benefits, and education are described in detail including tax treatment and valuation methods. Retirement benefits and the process for computing taxable salary income are also outlined.
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Cst 1956
Central Sales Tax (CST) is a tax levied by the Central Government of India on the inter-state sale of goods. It applies only to sales that involve the movement of goods between states and not on intra-state sales. Under the CST Act, any dealer involved in inter-state trade must register and pay tax. The Act provides a framework for determining whether a sale constitutes inter-state trade and for the levy, collection, and distribution of CST.
Insurance act for class
The document discusses key concepts related to insurance contracts in India including the Insurance Act of 1938, essential elements of insurance contracts, types of insurance, principles of insurance contracts, and concepts like insurable interest, indemnity, contribution, and subrogation. It also provides examples of different types of insurance like life, fire, and marine insurance and discusses the nature of insurance contracts.
INTERNATIONAL TAXATION FOR BEGINNER
Our presentation covers the aspect of tax deduction u/s 195, DTAA, Transfer Pricing , Eqalisation Levy
Tds provisions [income tax act, 1961]
A presentation describing definition, applicability and other TDS related provisions laid down in the Income Tax Act, 1961.
The Insurance Act 1938 and The Insurance Regulatory Authority Act 2000
The document discusses insurance law in India. It provides context on the history and development of insurance regulation in India, including key milestones like the nationalization of life insurance in 1956 and general insurance in 1972. It summarizes the key Indian insurance acts like the Insurance Act of 1938, Life Insurance Corporation Act of 1956, and the Insurance Regulatory and Development Authority Act of 1999 which partially deregulated the insurance sector. The document also contrasts the market scenario before and after the 1999 act, which allowed private companies and foreign investment in the insurance sector.
Agricultural income
The document defines agricultural income and non-agricultural income for tax purposes. Agricultural income includes any income derived from land used for agricultural purposes in India, such as rent, crop sales, or farm building income. Non-agricultural income includes income from activities like stone quarries, dairy farming, poultry, fisheries, and brick making. Some incomes are partially agricultural and partially business. For individuals and HUFs with both agricultural and non-agricultural income, tax is calculated by integrating the incomes and comparing to the tax on agricultural income alone.
Customs Act
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Agricultural income in Indian Income Tax Act 1961
This document discusses agricultural income as defined in the Indian Income Tax Act of 1961. It defines agricultural income as income derived from agricultural sources in India. The document outlines the various types of agricultural income, including rents from agricultural land, income from cultivating land, income from processes to make agricultural produce marketable, and income from the sale of agricultural produce. It also discusses the tests to determine what constitutes agricultural income and provides examples of incomes that are considered agricultural versus non-agricultural. The document concludes by explaining the process of integrating agricultural income with non-agricultural income for tax purposes when thresholds are exceeded.
Law of insurance
The document discusses various types of insurance contracts in India including life, fire, and marine insurance. It outlines key elements such as insurable interest, indemnity, disclosure requirements, and types of policies for each. For life insurance, it describes who can have an insurable interest and different types of life policies. For fire insurance, it discusses the average clause, insurable interest, and types of fire policies. For marine insurance, it discusses insurable interest, maritime perils, and types of marine policies.
Customs act 1962
A brief overview of Customs Act and Customs provisions applicable to Central Excise.
Prepared by Debjyoti Bhattacharyya
Insurance act 1938
This document provides an overview of insurance regulations and acts in India. It defines key terms like life insurance and general insurance. Some main points covered include:
- The Insurance Act of 1938 governs all forms of insurance in India and regulates the insurance business.
- The Insurance Regulatory and Development Authority (IRDA) was established in 1999 to protect policyholders and oversee the growth of the insurance sector.
- Some principles of insurance discussed are insurable interest, utmost good faith, indemnity, subrogation, contribution, and causation.
- There are various life insurance plans like term insurance, endowment plans, and money back policies. Regulations cover deposits, investments, valu
Customs duty basics
This document discusses customs duty in India. It provides definitions and explanations of key terms related to customs law such as customs duty, customs waters, conveyance, vehicle, and goods. It describes the taxable events for imports and exports and when the duty becomes payable. It also explains provisions for reduction of customs liability in cases of pilferage, damage/deterioration, and loss/destruction/abandonment of goods. The key sources of customs law and their scope of application are also outlined.
Income Tax Introduction
The document provides an overview of key concepts in India's Income Tax Act of 1961, including that it extends to all of India and sets tax rates annually. It defines income broadly to include various sources like salary, business profits, capital gains, and more. An assessee is anyone liable to pay tax, including individuals, HUFs, companies, and firms. The previous year refers to the year income is earned and taxed the following assessment year. Exceptions apply for some incomes taxed in the year before the normal assessment year. Returns must be filed by certain categories and assessments include reassessments.
Income tax act 1961
Tax is an important source of revenue for governments worldwide. Taxes are collected on income, sales, purchases, and properties to fund government operations. There are two types of taxes: direct taxes which are paid directly by individuals like income tax; and indirect taxes which are passed on through other entities like sales tax. Income tax was first introduced in India in 1860 under British rule to fund expenses from the 1857 rebellion. The current Income Tax Act of 1961 governs income tax in India and has been amended over time. It details the taxation of various types of income for individuals and organizations.
Customs duty ppt
The document discusses customs duties in India. It outlines that [1] customs duties are levied on imports and exports according to the Customs Act of 1962 and Customs Tariff Act of 1975, [2] basic customs duty is charged on all imported goods at rates specified in the Customs Tariff Act, and [3] additional duties include an additional countervailing duty equal to internal excise duties and an education cess.
Indirect taxes
This document discusses various indirect taxes in India including central sales tax, value added tax, central excise duty, and customs duty. It defines key terms related to these taxes such as incidence and impact of direct vs indirect taxes. It also covers the classification of taxes, authorities that levy different taxes, taxable events, and calculation of taxes. The key highlights are that indirect taxes are imposed on goods and services while direct taxes are imposed on individuals, and indirect tax burden can be shifted to consumers.
Income tax-ppt-revised
The Tax rate have been revised for 2013-14.
The exemption limit has been increased to 2 lakhs .
The second slab has been increased to 5laks
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Deduction under chapter VI-A (section 80C- 80U) income tax, 1961
Deduction under chapter VI-A (section 80C- 80U) income tax, 1961
The Insurance Act 1938 and The Insurance Regulatory Authority Act 2000
The Insurance Act 1938 and The Insurance Regulatory Authority Act 2000
Similar to Wealth tax act, 1957 bls
Taxability of Capital Gain on Transfer of Agricultural Land
The document discusses the taxability of capital gains on the transfer of agricultural land under the Income Tax Act of 1961. It outlines the key provisions around defining agricultural land and capital assets. Specifically, it examines: (1) the definition of agricultural land and exceptions where agricultural land could be considered a capital asset; (2) judicial decisions around determining if land is agricultural based on its use and classification; and (3) conditions for exempting capital gains from compulsory acquisition of urban agricultural land under section 10(37). The document provides clarity on the assessment and tax treatment of gains from transferring different types of agricultural land.
Taxability of Capital Gain on Transfer of Agricultural Land
"As you are aware that Capital Gain Tax is charged on transfer of Capital Assets under provisions of Section 45 to 55A of the Income Tax Act, 1961. The main ingr"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/income-tax/taxability-capital-gain-transfer-agricultural-land.html
Civil aviation policy
The National Civil Aviation Policy aims to prepare for 30 crore domestic and 50 crore international passengers by 2027. Key objectives include ensuring safety through technology, enhancing regional connectivity through infrastructure development, and promoting the aviation sector through cargo, maintenance, and skill development. The policy introduces a regional connectivity scheme to subsidize flights to small towns, liberalizes bilateral rights, and transitions airport tariffs to a hybrid model using 30% of non-aeronautical revenues. It also reforms ground handling, eases maintenance rules to grow the MRO sector, and develops aviation education.
LIC act 1956 Provisions
The Life Insurance Corporation Act of 1956 established the Life Insurance Corporation of India as a statutory body to carry on life insurance business in India. Some key points:
- The Act was passed by Parliament in 1956 and came into effect on July 1, 1956. It established LIC as a body corporate with perpetual succession.
- LIC has exclusive privilege to carry on life insurance business in India. It must establish zonal offices in major cities and can form committees to oversee investments and operations.
- LIC is governed by a board of directors appointed by the central government. It must have its accounts audited annually and submit reports to Parliament. Any surplus funds are allocated to policyholders.
- The
Licact1956 170405094536
The Life Insurance Corporation Act of 1956 established the Life Insurance Corporation of India as a statutory body to carry on life insurance business in India. Some key points:
- The Act was passed by Parliament in 1956 and came into effect on July 1, 1956. It established LIC as a body corporate with perpetual succession.
- LIC has exclusive privilege to carry on life insurance business in India. It must establish zonal offices in major cities and can set up branches and agencies.
- The Act outlines LIC's constitution, capital, authorities like the Managing Director, finances/accounting practices, and penalties for violating provisions. LIC must allocate 95% of annual surplus to a reserve for policyholders.
Budget analysis 2013 14
This document provides a summary and analysis of the key proposals in the Indian Union Budget for the 2013-14 fiscal year. It begins with a comparison of tax revenue figures over the last five years, showing an increase each year. It then discusses estimates of black money held overseas and proposals to tackle the issue. The main part of the document analyzes important direct tax proposals, outlining the new rates of income tax for individuals and firms, the minimum alternate tax, and changes to capital gains tax, investment allowances, and deductions for home loans, equity investments, hiring new employees and more. Key proposals around general anti-avoidance rules are also summarized.
Airports presentation
The document discusses public-private partnerships in developing India's airport infrastructure. It outlines plans to modernize airports in major cities like Mumbai and Delhi by forming joint venture companies with private operators. The government aims to attract private investment to upgrade airports and build new ones, as the Airports Authority of India alone cannot meet the large funding needs. Private airports have been developed successfully at Cochin, Bangalore, and Hyderabad following this model. Similar partnerships are planned for other airports to improve facilities and management.
Draft sez rules
The document contains a draft of rules for Special Economic Zones (SEZ) in India. It defines key terms related to SEZs such as capital goods, raw materials, infrastructure, processing area, and others. It outlines the minimum area requirements to establish different types of SEZs, with some variations for certain states. It also specifies that multi-product SEZs must earmark at least 25% of the identified area for processing zones, while other SEZs must earmark at least 75%. Developers must obtain all required approvals and adhere to local laws and regulations.
Comprehensive study of agricultural income
A comprehensive and detailed analysis of agricultural income and taxation of the same. The article encompasses professional income, capital gains and method of computation of tax. Landmark case laws have also been included.
capital+value+tax.pptx
Capital value tax is payable on the acquisition of certain assets in Pakistan including immovable property, motor vehicles, air tickets, shares, and modaraba certificates. The rate of capital value tax varies depending on the type of asset and its value. For immovable property, the tax rate is 4% of the recorded value or Rs. 100/sq yard for unrecorded land value, plus Rs. 10/sq feet for constructed buildings. Motor vehicle tax rates range from 1.25-7.5% depending on engine capacity. Air ticket tax is 1.5% of ticket value. Securities like shares and modaraba certificates are taxed at 0.02% of purchase value.
GST- Place of Supply in course of Export and Import
In the earlier tax regimes, there was always a confusion as to whether a particular supply is inter-state supply or intra-state supply. GST laws takes into consideration the development of laws in the Sales Tax regime and legislatively clarified many points. This paper is a survey of the development of law in this field, and GST provisions applicable in such transactions.
Civil Aiation Policy Revised Draft Oct 15 - Comments by Cdr Kamaljit Singh ...
This document contains comments on India's revised draft civil aviation policy from October 2015. It provides feedback on several areas of the policy, including the need to include indigenous aircraft manufacturing, using unused runways for drone operations, reducing costs of limited use airports by utilizing military resources, correcting the 150 km rule on new airports near existing ones, and revising the regional connectivity scheme and 5/20 rule for airlines. The commenter proposes alternative approaches and recommends the policy address issues like taxation harmonization to help MRO growth and protecting Indian jobs in air cargo.
Prject Report on Tax law
The document provides an overview of India's tax system. It discusses:
- India has a three-tiered tax structure controlled by the central, state, and local governments.
- The tax system has undergone reforms in the last 20 years to simplify laws, lower rates, and improve compliance.
- Taxes are divided between the central and state governments, with the central government levying taxes like income tax and the states levying taxes like VAT.
- The tax system aims to generate government revenue and support economic growth through taxes on individuals, companies, goods, property and more.
Immovable property_International Tax
The document discusses the tax treatment of income from immovable property under the OECD Model Convention.
Key points:
- Article 6 of the OECD Model Convention grants primary right to tax income from immovable property to the source state where the property is located. The residence state may also tax but must provide relief from double taxation.
- Income includes rental income, income from agriculture/forestry, and capital gains from sale of immovable property.
- The source state has primary right to tax capital gains on sale of immovable property under Article 13. Gains on movable property of a PE are also taxed in the source state.
New financial relation l lb c
The Indian Constitution incorporates a very elaborate scheme of centre state financial relations. Its chief characteristics are :-
The complete separation of taxing powers between centre and states
Tax sharing between the two
The allocation of funds to the state
2 The tax enumerated in the centre list are leviable by the centre exclusively.
The tax enumerated in the state list are leviable by the state exclusively
4 10-08 special economic zone
Special economic zones (SEZs) provide tax and duty exemptions to boost exports by streamlining procedures and offering infrastructure and logistics support. SEZs in China like Shenzhen have attracted massive foreign investment and created millions of jobs through their large size, flexible labor policies, and world-class infrastructure. However, SEZs also face issues like inadequate connecting infrastructure, bureaucratic hurdles, and losing cost advantages as wages rise in the host country over time.
Service Tax
This PPT talks about the services rendered outside the Territorial waters and the Service Tax applicability on the same. Under the International Law, recent developments have shown that the territory of a country, for exercising their jurisdictional rights and internal laws, has been extended to the Continental shelf and the Exclusive Economic Zones. But the rights given to the coastal country are limited and restricted. When compared with the previous notification passed by the Central Government, now the service tax will be charged irrespective of the area being designated or non-designated in the EEZ and the Continental shelf. This paper will analyse the implementations of the new amended notification. It will also compare the new notification with the other notifications of the Customs & Excise Act and Income Tax Act for drawing an extent of the applicability of the act to the territory of India, whether or not Service Tax can be charged for an area outside the territorial waters.
AGRICULTURAL INCOME.docx
Agricultural income derived from land situated in India is exempt from income tax under section 10(1) of the Income Tax Act of 1961. For income to be considered agricultural income, it must be derived from basic agricultural operations on the land like cultivation, planting, harvesting, etc. and subsequent operations related to making the produce fit for market. The income can be in the form of rent received in cash or kind, or revenue from the land. The land must be used for genuine agricultural purposes and situated in India. The burden of proof that income is agricultural income lies with the taxpayer.
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Similar to Wealth tax act, 1957 bls (20)
Taxability of Capital Gain on Transfer of Agricultural Land
Taxability of Capital Gain on Transfer of Agricultural Land
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原版制作(PSU毕业证书)宾州州立大学公园分校毕业证学历证书一模一样
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"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
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- 2. 1] Applicability Sec. 1 (1) This Act may be called the Wealth-tax Act, 1957. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 1st day of April, 1957.
- 3. Objectives Wealth tax was introduced to wipe out excess gains arising out of property and wealth to reduce inequalities of income and wealth.
- 4. CHARGEABILITY The Wealth Tax is charged for every assessment year in respect of the net wealth of the corresponding valuation date of every individual Hindu Undivided Family company @1% of the amount by which net wealth exceeds Rs.15 lakh.
- 5. Sec. 2(ea) Assets means (i) any building or land appurtenant thereto • whether used for residential or commercial purpose or • for the purpose of maintaining a guest house or • including a farm house situated within 25 kms from local limits of any municipality or a Cantonment Board
- 6. Sec. 2(ea) Assets means (ii) Motor Cars other than those used by the assessee in the business of running them on hire As stock in trade Case Law : In the case of Southern Roadways Ltd. Vs. CWT[2002] 122 Taxman 126 (Mad.), it was held that “Motor Car” does not cover Heavy Vehicles”
- 7. Sec. 2(ea) Assets means (iii) Jewellery, bullions, furniture, utensils or any other article made wholly or partly of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals Provided that where any of the said assets is used by the assessee as stock in trade, such asset shall be deemed as excluded from the assets specified in this sub-clause Note : Gold Deposit Bond is not an Asset
- 8. Sec. 2(ea) Assets means (iv) Yachts, boats and aircrafts (Other than those used by the assessee for commercial purposes) Case Law : In the case of Amalgamated Electricity Co. Ltd. V State of Rajasthan AIR 1983 Raj. 154, it was held that if the asset is used for doing business, the object of which is to make profit, then the asset is said to be used for “Commercial Purposes”. It is nowhere laid down that in order to satisfy the requirements of Commercial Purpose, aircraft should be used as air taxi.
- 9. (v) Urban Land Urban Land means land situated— - In jurisdiction of Municipality or Cantonment Board with population >= 10000 - In any area with in Distance from Population Local Limits of Municipality or Cantonment Board - 2 Kms >10000<=100000 - 6 Kms >100000<=1000000 - 8 Kms >1000000 (w.e.f. 01/04/2014 amendment made -distance is to be measured aerially)
- 10. (vi) Cash in Hand - For Individuals & HUF : >Rs.50000/- - For other Persons : Amt. not recorded in books of account
- 11. Exclusions from Applicability of Wealth Tax Act, 1957 By virtue of Sec. 45 of the Act No tax shall be levied in respect of Net Wealth of - Any Company registered u/s 25 of the Companies Act, 1956 - Any Co-Operative Society - Any Social Club - Any Political Party - A Mutual Fund specified u/s 10(23D) of the Income Tax act - The Reserve Bank of India
- 12. Present Status Wealth tax has been abolished in the union budget presented by Hon. finance minister Mr. Arun Jately on 28-Feb-2015. The wealth-Tax has been replaced with additional surcharge of 2 per cent on super rich with a taxable income of over `1 crore annually
- 13. THANK YOU