The income tax act provides multiple tax exemptions to every individual. Taxfree incomes agricultural income section 101 as per. Article is been prepared keeping in view the amendments made by finance no. Dec 31, 2012 the scheme of voluntary retirement should be framed as per rule 2ba of the income tax rules. Subclause xviia is inserted in clause 24 of section 2 so as to include income. Exgratia from employer for settling industrial dispute is. Section 101e exempts from income tax the levy income of a body corporate, a. Click to view the institutions registered under section 80g, 12 a and more. Interpretation 1 in this act, unless the context otherwise requires. Section 10 exemptions under section 10 of income tax act.
As per section 21a, agricultural income generally means. Taxable income and classification of income heads 6. Exemption when gratuity received under the payment of gratuity act, 1972. Income tax amendment act, 2011 a 111 for an act to amend the personal income tax act, cap. Acts of parliament are available without charge, and updated monthly at. Section 10 of income tax act, exemptions, allowances under sec 10.
Comptroller means the comptroller of income tax appointed under section 31 and includes, for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections. Jul 31, 20 useful for undergraduate students of taxation, covers selected items exempt from tax under section 10 of income tax act 1961 slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Tax deductions under section 1010d of the income tax act, 1961, is. As per the finance act, 2012, incometax is required to be deducted under section 192 of the incometax act 1961 from income chargeable under the head salaries for the financial year 2012 i. Agricultural income is defined under section 2 1a of the income tax act. Any rent or revenue derived from land which is situated in india and is used for. Section 11 imposition of nonresident international shipping income tax section 12 general provisions relating to taxes imposed under. Notwithstanding the amendments made by this act to the income tax act, in computing, in the case of any person, the total income of a previous year relevant to the assessment year commencing on the.
Income tax act 90 of 1988 income tax amendment act 99 of 1988 income tax act 70 of 1989 legal succession to the south african transport services act 9 of 1989. Comptroller means the comptroller of income tax appointed under section 31 and includes, for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f9, 37ie7, 37j5, 671a, 95, 96, 96a and 101, a deputy comptroller or an assistant comptroller so appointed. Section 16 of the incometax act what is section 16. Section 10 imposition of nonresident withholding tax on nonresident payments section 11 imposition of nonresident international shipping income tax section 12 general provisions relating to taxes imposed under sections 9, 10 and 11.
The assessing officer declaimed the claim of the assessee on the following grounds the payment received by the assessee is an exgratia payment and not a compensation. Agricultural income is defined under section 21a of the incometax act. The scheme of voluntary retirement should be framed as per rule 2ba of the income tax rules. Section 10 15 the income earned from interest exempt from the tax. Agriculture income section 10 1 as per section 10 1, agricultural income earned by the taxpayer in india is exempt from tax. If on a single day, an establishment has employed more than 10 or more. According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption. Here are nine incomes you need not pay tax on economic times. Income tax act 58 of 1962 south african government. 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. Exemption under section 104ii is available only if such individual is a person resident. This article discusses in brief about income which are exempt from tax under income tax, 1961 and covers income exempt under section 10 1 to section 10 49.
Act current to 20200127 and last amended on 20200101. In exercise of the powers conferred by clause 46 of section 10 of the income tax act, 1961 43 of 1961 the central government hereby notifies for the purposes of the said clause, the gujarat state council for blood transfusion, a trust constituted by the government of gujarat, in respect of the following specified income arising to the. In computing the total income of a previous year of. Year of accumulation date of filing form 10 amount accumulated period for. Section 10 of the income tax act, 1961 includes those incomes which do not form part of the total income while calculating the tax for an individual. This act may be cited as the income tax act, 1973 and shall, subject to the sixth schedule, come into operation on 1st january, 1974, and apply to assessments for the year of income 1974 and subsequent years of income. Income tax act, 2058 2002 date of authentication and the publication 205812292 18 april, 2002 an act made to amend and consolidate the law relating to income tax preamble. Year of accumulation date of filing form 10 amount accumulated period for which accumulated set apart.
In computing the total income of a previous year of any person, any income falling within any of the. Any updates to the subsidiary legislation will be made available on the first friday of every month. This act may be cited as the income tax act, 1973 and shall, subject to the sixth schedule, come into operation on 1st january, 1974, and apply to assessments for the year of income 1974 and. Death benefit or maturity benefit or bonus received from life insurance policies. As per the finance act, 2012, income tax is required to be deducted under section 192 of the income tax act 1961 from income chargeable under the head salaries for the financial year 2012 i. Income tax act 2007 viewing now as at 01 january 2020. Income exempted under section 10 of income tax act 1961. Useful for undergraduate students of taxation, covers selected items exempt from tax under section 10 of income tax act 1961 slideshare uses cookies to improve functionality and. Under this new provision of the income tax act, a taxpayer who has income that is chargeable under the head salaries should allow deduction of rs. Those who earn the income from interest are exempted as per the rules of section 10 15. In section 494, reference of clause x is inserted to provide that cost of acquisition of property, value whereof is subject to tax under section 562x, shall include such value, for computing capital gains. The belowmentioned table will show the exact details which come under the sheds of this section of the income tax act. Rebate of incometax in case of individuals of sixtyfive years or above omitted.
Year of accumulation date of filing form 10 amount accumulated period for which accumulated set apart amount applied up to the end of the previous year amount remaining for application amount deemed to be income within meaning of. Taxfree incomes agricultural income section 101 as per section 101, agricultural income earned by the taxpayer in india is exempt from tax. Gratuity act 1972 is applicable to an establishment where 10 or more employees are employed during the financial year. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. In order to claim the exemption under the section it is necessary that the amount of gratuity should be calculated exactly on the basis laid down in the section. Agricultural income is defined under section 21a of the income tax act. Tax can be paid by the employer not withstanding section 200 of the companies act.
Tax deductions under section 1010d of the income tax act, 1961, is applicable on any sum received under a life insurance plan i. Income tax act 2007 no 97 as at 25 march 2020, public. Income of local authorities section 1020 income tax. Section 1010 in the income tax act, 1995 10 i any death cum retirement gratuity received under the revised pension rules of the central government or, as the case may be, the central civil services. The cbdt or central board of direct taxes has announced the finance act, 2018 wherein it has amended the income tax acts section 18. Tax benefits under section 1010d of the income tax act, 1961 can be claimed only on the following terms and conditions. As per section 2 1a, agricultural income generally means. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included 1 agricultural income. Note on maternity leave pay tax deduction section 11 of the maternity protection act, ch. Income not included in total income us 10 the income tax act 1961 enumerates in section 10, the items of income which are exempt from tax. This note provides guidance on the application and interpretation of section101 e. Assessable income chapter 3 calculation of income 7. Taxation annual rates for 201718, employment and investment income, and remedial matters act 2018. The rules of a fund approved for the purposes of income tax act should not permit the payment of gratuity in the form of annuities payable over a specified number of years.
Income tax act 1961 complete act citation 530 bare. Gratuity received by a government employee will be fully exempted from income tax. Income tax act 2015 revised up to 31st october 2019. Agricultural income is defined under section 21a of the. The assessee claimed exemption under section 10 10b of the income tax act in respect of the above ex gratia amount he received. May 09, 2014 gratuity received by a government employee will be fully exempted from income tax. Acts of parliament are available without charge, and updated monthly at the singapore statutes online website. Notwithstanding the amendments made by this act to the income tax act, in computing, in the case of any person, the total income of a previous year relevant to the assessment year commencing on the 1st day of april, 1972, any income falling within clause 3 of section 10 of the income tax act as it stood immediately before the 1st day of. The income tax act, 1961 specifies that every individual who earns an income in india should pay income tax on such income earned. Exempted incomes under section 10 indian tax updates. Legislation is reproduced on this website with the permission of the government of singapore. Be it enacted by parliament in the twelfth year of the republic of india as follows. An act to provide for simplification of the individual income tax.
1191 1121 567 1413 502 881 310 1521 873 712 295 558 1191 526 535 1175 209 1278 96 1185 930 1168 314 696 1423 353 985 576 668 1164 1057 438 1379 1392