Sec 10 38 of income tax act 1961 pdf

Exempt under section 1034 of the income tax act 1961 provided dividend distribution tax ddt under section 115o of the income tax act 1961, is paid by the indian company declaring the dividend. Section 112a 10% longterm capital gains tax on sale of. Under section 10 38 of income tax act, the capital gain on sale of shares held for more then 12 months is exempt if the shares under consideration are listed on a stock exchange in india what is the position if esop are allotted and sold outside india, employee is indian resident,working and based in india on foreign stock exchange and the sale price also recieved in another country. No clubbing of incomes when husband pays remuneration to a professionally qualified spouse under the general provisions of the income tax act, as provided in section 641ii, if an assessee pays any salary, commission, fees or any other form of remuneration, whether in cash or kind to his spouse, from a concern in which he has substantial. Section 44bb of income tax act special provision for. Section 44bb of income tax act 1961 special provision for computing profits and gains in connection with the business of exploration, etc. Cbdt notifies rules with respect to nonfurnishing of pan. Equity oriented mutual funds means where funds are invested in equity s.

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. For ur confirmation, u can also visit income tax department site. Agricultural income is defined under section 21a of the incometax act. New notifications has been isssued no 692010 by the ministry of finance for reducing interest rate as per the notification 692010, interest accrued to pf account of employee not exceeding 8. Short title and commencement this act may be cited as the income tax act, 1973 and shall, subject to the sixth. Death benefit or maturity benefit or bonus received from life insurance policies. Income tax act 1961 complete act citation 530 bare.

Section 35dd and 35dda of income tax act 1961 amortisation of expenditure in case of amalgamation or demerger and amortisation of expenditure incurred under voluntary retirement scheme are defined under section 35dd and 35dda of income tax act 1961. Most individuals are aware of the benefits available under section 80c. Section 1038 tax on long term capital gains from on. Under section 80c of the income tax act, 1961, the life insurance premiums that you pay during any financial year are exempted from your taxable income up to a maximum of inr 1. Companies income tax act an act to consolidate the provisions of the companies income tax act 1961 and to make other provisions relating thereto. Sanjay p sawant dessai associate professor vvms shree damodar college of commerce and economics margao goa 2. This exemption is allowed inorder to avoid double taxation. Income of local authorities section 1020 income tax. The finance act, 2017 introduced clause x in 7 may 2017 background section 562 of the incometax act, 1961 the act so as to widen the scope of taxability of receipt of sum of money or property withoutinadequate consideration. Section 10 38 of the income tax act speaks about exemption on transfer of long term capital assets of equity shares, equity oriented mutual funds and unit of business trust. Income from units exempt under section 1035 of the income tax act, 1961 income other than above in respect of securities. Tax benefits under section 1010d of the income tax act, 1961 can be claimed only on the following terms and conditions. Section 1038 of the incometax act, 1961 the act, prior to its amendment by the finance act, 2017, provided that the income arising by way.

Complete list of sections of income tax act, 19612019 aubsp. Income exempted under section 10 of income tax act 1961. Income tax act 94 of 1983 income tax amendment act 30 of 1984 income tax act 121 of 1984 income tax act 96 of 1985. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890.

For meaning of the term assessee, see taxmanns direct taxes manual, vol. Section 1037 exemption for urban agricultural land. 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. Special provisions in respect of newly established units in. Home loan trap bank loan trap zorba the zen duration. The incometax act, 1961 the act seeks to enforce tax compliance in a three fold manner. Apportionment of income between spouses governed by portuguese civil code. Income tax deductions under section 80d of income tax act.

Finance act, 2017 amended section 1038 of the incometax act, 1961 the act stating that long term capital gains from transfer of listed equity. Fully exempt from payment of income tax by the receiver as per section 1034 as the company already paid the tax on its distributable profits. As per section 101, agricultural income earned by the taxpayer in india is exempt from tax. Act and introduced a new section 112a in the act, to provide that longterm capital gains. Section88b rebate of incometax in case of individuals of sixtyfive years or above omitted section88c rebate of incometax in case of women below sixtyfive years omitted. Section 1010d income tax act 1961 kotak mahindra bank. Central board of direct taxes releases draft notification to be issued under section 1038 of the incometax act, 1961 april 5, 2017 in brief finance act, 2017 amended section 1038 of the incometax act, 1961 the act stating that long. Income exempted under section 10 of income tax act 1961 for assessment year 201718 1. The finance act, 2017 amended section 1038 of the incometax act, 1961 act stating that long term capital gains from transfer of listed equity. However, this rule does not apply to the following amounts. Budget 2018 proposed to remove section 10 38 of the income tax act, 1961. Rule 37bc of the rules provides that a nonresident deductee without a pan, shall not be subject to higher withholding tax under section.

Following condition must be satisfied1 used for agricultutal purpose for 2 yearsthe land must have been used for agricultural purposes for atleast last 2 years by individual or his parents. Year 201920 and a new section 112a is introduced in the income tax act. Expenses borne by you under any central government health schemes. According to section 10 34 of the income tax act, 1961, any income by way of dividends referred to in section 115o shall not be included in the total income of the assessee. What is the meaning of adjusted cost of improvement and cost of acquisition.

Article is been prepared keeping in view the amendments made by finance no. Section 184, of the incometax act, 1961, read with article 226 of the constitution of indiafirmdaljeet singh anand vs. As per section 21a, agricultural income generally means. Income tax nse national stock exchange of india ltd. Income tax act 58 of 1962 south african government. Section 2a under powers of incometax authorities sections 1 to 6 income tax introduction of capital asset as capital contribution section 453 under scope and year of chargeability section 45 income tax.

Under the said clause read with rule 11ua of the incometax rules, 1962 the rules, if. The finance act, 2018 has withdrawn the exemption under section 1038 of the incometax act, 1961 and has introduced a new section 112a in order to levy long term capital gain tax on the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented funds or unit of a business trust w. Under section 80d of income tax act, an individual can the claim deduction for the following medical expenses during the financial year medical insurance premium paid by you through any mode of payment other than cash. Imposition of interests 234 a,b,c 2011a, 2202 imposition of penalties 270a 275 prosecutions 275a 280d the idea of undergoing imprisonment if convicted of offences can be a strong deterrent from brazen tax evasion and non compliance. Section 112a of the income tax act, 1961 states that long term capital gains on sale of equity shares or units of equity oriented fund will be taxed at 10% in excess of. However, tax benefits are also available under section 1010d of the income tax act, 1961. Text of remaining provisions of allied acts referred to in incometax act 1. Long term capital gains ltcg on sale of stocks budget 2018. Provided that nothing in this clause shall apply to any income by way o.

State bank of india subsidiary banks act, 1959 38 of 1959, a corresponding new bank constituted under section 3. As per this section, the longterm capital gains ltcg arising. Tax deductions under section 1010d of the income tax act, 1961, is applicable on any sum received under a life insurance plan i. Section 1038 of the income tax act,exempts following income. Section 1038 of the incometax act, 1961 the act exempts long term capital gains arising from transfer of listed equity shares, where transfer. As per section 1010d of the income tax act, 1961, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt from tax whether received from india or any foreign company. Income of local authorities section 1020 income tax income of local authorities section 1020. For understanding the overall concept of income tax law in india, one should have to know the title or contents topics covered under sections 1 to 298 of income tax act, 1961 as amended by the.