In chapter xvii of the income tax of the income tax act, under the subheading b. The present law of income tax is governed by the income tax act, 1961, which has 298 sections and 4 schedules and is applicable to whole of india including the state of jammu and kashmir. After chapter x of the incometax act, the following chapter shall be inserted with effect from the 1st day of april, 2016, namely. Rebate of income tax in case of individuals of sixtyfive years or above omitted.
Latest income tax act sections list has been provided for finance people. The constitution of india a schedule vii a union list a entry 82 has given the power to the central government to levy a tax on any income other than agricultural income, which is defined in section 101 of the income tax act, 1961. Substituted for computation of the advance tax payable under chapter xvii c, the rate or rates of income tax specified in this behalf in the finance act of the relevant year by the finance act, 1970, w. Chapter i preliminaryshort title, extent and commencement. Chapter iii incomes which do not form part of total income.
Finance act, 2012 chapter i preliminary short title and. Incometax act, 1961 43 of 1961 as amended by finance act, 2012an act to consolidate and amend the law relating to incometax and supertaxbe it enacted by parliament in the twelfth year of the republic of india asfollows. The issue involved in this batch of civil appeals, by special leave, filed by the department relates to the question whether mat credit admissible in terms of section 115jaa has to be set off against the tax payable assessed tax before calculating interest under sections 234a, b and c of the income tax act, 1961 the act. Chapter i preliminary short title, extent and commencement. Chapter iv computation of total income heads of income. Apportionment of income between spouses governed by portuguese civil code. Income tax rates in force meaning jan 1, 2020 income tax act 1961 kewal garg as per section 237a of income tax act, 1961, unless the context otherwise requires, the term rate or rates in force or rates in force, in relation to an assessment year or financial year, means. Chapter xviic of the said act has to be computed at the rate or rates in force, such incometax or, as the case may be, advance tax shall be so charged, deducted or computed at the rate or rates specified. Income tax in india wikimili, the best wikipedia reader. Be it enacted by parliament in the twelfth year of the republic of india as follows. Deduction at source, 1 in section 193, the explanation shall be omitted.
The income tax law consists of income tax act 1961, income tax rules 1962, notifications and circulars issued by central board of direct taxes cbdt. Chapter via all deductions, deductions under section 80c. Under section 191 of the act, income tax is payable by the assessee at the stage of selfassessment and not by. Section 2 of the income tax act is definition section for various terms and words used in the tax statute. To get the books of accounts audited us 44ab of the income tax act, 1961. Incometax act, 1961 43 of 1961 as amended by finance act, 2008 an act to consolidate and amend the law relating to incometax and supertax be it enacted by parliament in the twelfth year of the republic of india as follows.
Income tax act 1961 chapter xvii citation 23606 bare act. Download the list of sections of income tax act, 1961 in pdf and excel format. Chapter xvii c of the said act has to be computed at the rate or rates in force, such income tax or, as the case may. In this act, unless the context otherwise requires, 31 advance tax means the advance tax payable in accordance with the provisions of chapter xviic. Latest circular regarding efiling of income tax returns details of forms 10th oct. In this article we provide complete list of deductions with name of section, brief details for section, list of assessees who can avail that exemption, amount of deduction etc.
Deductions under chapter vi a of income tax act for fy. It was held in this case that the provisions of sections 234b and 234c of the incometax act, 1961, are mandatory in nature. 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. Itived, at shall be the incometax, in respect,of the total income. Substituted for computation of the advance tax payable under chapter xvii c, the rate or rates of income tax specified in this behalf in the finance act of the. The 1961 act came in to force with effect from 1 april 1962 by replacing the indian income tax act, 1922 which had remained in operation for 40 years. List of sections of income tax act 1961 download pdf. Chapter xa of the incometax act as inserted by section 41 of the finance act, 2012 relating to general antiavoidance rule shall be omitted with effect from the 1st day of april, 2014. In chapter xvii of the incometax of the incometax act, under the subheading b. The most comprehensive guide for all income tax deductions section 80c to section 80u covered in chapter vi a of income tax for the fy 201920 ay 202021 many of you may be aware that investments can help you save tax, but what you may not be aware of is that income tax department gives tax benefits for incurring some personal expenses as. Income tax act 1961 section 44ad citation 23179 bare act. The assessee opting for this section shall be exempted from the provisions of chapter xvii c i.
The assessee opting for this section shall be exempted from the provisions of chapter xviic i. Chapter via list of all deductions at a glance, deduction under chapter via. Here we are providing list of all deductions covered under chapter via of income tax act. Given income tax act sections list includes revised, omitted and newly added tax rules. The income tax law consists of income tax act 1961, income tax rules 1962, notifications and circulars. Inserted by the finance act, 1999, with retrospective effect from 1st april, 1998. Benefit under chapter to be available in certain cases even after the assessee becomes resident. The relevant sections of chapter xviic may be discussed as follows. Chapter xviic of the said act, at the rate or rates in force. The constitution of india schedule vii union list entry 82 has given the power to the central government to levy a tax on any income other than agricultural income, which is defined in section 101 of the income tax act, 1961. Incometax act, 1961 tax return and planning services.
Be it enacted by parliament in the sixtyseventh year of the republic of india as follows. Income tax act 1961 complete act citation 530 bare. However, in order to attract these provisions, it must be established. The income tax act, 1961 43 of 1961 last updated th december, 2019 12607. Earlier subsection 5 was omitted by the finance act, 1997, with effect from 1st april, 1997. Inserted by the income tax second amendment act, 1998, with retrospective effect from 1st april, 1997. The incometax act, 1961 43 of 1961 12607 th september, 1961 an act to consolidate and amend the law relating to incometax and supertax. Inserted by the incometax second amendment act, 1998, with retrospective effect from 1st april, 1997.