Most of the taxes of Ancient India were highly productive. The admixture of direct taxes with indirect Taxes secured elasticity in the tax system, although more emphasis was laid on direct tax. The tax-structure was a broad based one and covered most people within its fold. The taxes were varied and the large variety of taxes reflected the life of a large and composit population".
Tag: Income Tax
Taxation Laws (Amendment) Act, 2021, inter-alia, amended Income-tax Act, 1961 Notified
The Taxation Laws (Amendment) Act, 2021 (2021 Act), inter-alia, amended the Income-tax Act, 1961 (Income-tax Act) so as to provide that no tax demand shall be raised in future on the basis of the amendment to section 9 of the Income-tax Act made vide Finance Act, 2012 for any offshore indirect transfer of Indian assets if the transaction was undertaken before 28th May, 2012
Section – 139, Income-tax Act 1961
Section - 139, Income-tax Act, 1961-2020 PROCEDURE FOR ASSESSMENT Return of income. (1) Every person,— (a) being a company or a firm; or (b) being a person other than a company or a firm, if his total income or the…
Section – 2, Income-tax Act, 1961
Section - 2, Income-tax Act, 1961-2020 Definitions. 2- In this Act, unless the context otherwise requires,— (1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C; (1A) "agricultural income"1 means— (a) any rent or…
Section – 80E, Income-tax Act, 1961
Section - 80E, Income-tax Act, 1961-2020 Deduction in respect of interest on loan taken for higher education. 80E. (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to…
Section – 80DDB, Income-tax Act, 1961
Section - 80DDB, Income-tax Act, 1961-2020 Tax Deduction in respect of medical treatment, etc. 80DDB. Where an assessee who is resident in India has, during the previous year, actually paid any amount for the medical treatment of such disease or…
Section – 80D, Income-tax Act, 1961
Section - 80D, Income-tax Act, 1961-2020 Tax Deduction in respect of health insurance premia 80D. (1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, as…
Section – 80AB, Income-tax Act, 1961
Section - 80AB, Income-tax Act, 1961-2020 Deductions to be made with reference to the income included in the gross total income. 80AB. Where any deduction is required to be made or allowed under any section included in this Chapter under…
Section – 80A, Income-tax Act 1961
Section - 80A, Income-tax Act, 1961-2020 DEDUCTIONS TO BE MADE IN COMPUTING TOTAL INCOME A.—General Deductions to be made in computing total income. 80A. (1) In computing the total income of an assessee, there shall be allowed from his…
Section – 80G, Income-tax Act 1961
Section - 80G, Income-tax Act, 1961-2020 Edition 2020 September Deduction in respect of donations to certain funds, charitable institutions, etc. 80G. (1) In computing the total income of an assessee, there shall be deducted, in accordance with and subject to…
Income Tax rate for individuals and Hindu undivided family 2021-2022
Finance Act 2020 Assessment year 2021-2022 Assessment year beginning on or after the 1st day of April, 2021 Tax on income of individuals and Hindu undivided family (1) Notwithstanding anything contained in this Act but subject to the provisions of…
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Direct Tax Vivad Se Vishwas Act 2020
Direct Tax Vivad Se Vishwas Act 2020 (Act No. 3 of 2020) Dated 17.3.2020. An Act to provide for resolution of disputed tax and for matters connected therewith or incidental thereto. Be it enacted by Parliament in the Seventy-first Year…
Advocatetanmoy Law Library 