Income Tax

100 Questions on Indian Income Tax Act 1961

4 min read

Law Question Papers

100 Questions on Indian Income Tax Act 1961

Can we withdraw 1 crore bank? Can I keep 50 lakhs in my account? Is income tax deducted every month? What deductions are allowed for income tax? What happens if TDS is not deducted? Is it mandatory to file ITR? What is the minimum...

History of Income Tax in India

23 min read

Taxation

History of Income Tax in India

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...

2 min read

Government of India

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...

Section – 139, Income-tax Act 1961

17 min read

CIVIL

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...

Section – 2, Income-tax Act, 1961

40 min read

CIVIL

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...

Section – 80E, Income-tax Act, 1961

2 min read

CIVIL

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...

Section – 80DDB, Income-tax Act, 1961

2 min read

CIVIL

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...

Section – 80D, Income-tax Act, 1961

4 min read

CIVIL

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,...

Section – 80AB, Income-tax Act, 1961

1 min read

CIVIL

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...

Section – 80A, Income-tax Act 1961

4 min read

CIVIL

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...

Section – 80G, Income-tax Act 1961

14 min read

CIVIL

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...

Income Tax rate for individuals and Hindu undivided family 2021-2022

4 min read

CIVIL

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...