Table of Contents:
·
1. An Individual is liable to Pay Tax in
respect of the following incomes
o
(1) Income earned by an Individual himself
o
(3) Income Received as a Member of an Association
Of Persons (AOP) , etc.:
o
(4) Income of the Other Persons included in the
Income of the Individual [Sections 60 to 65]:
o
(5)
Income from Impartible Estate of HUF :
·
2. Incomes received from Firm /AOP / HUF
which are Exempt in the hands of an Individual
o
(a) [Section 10(2A)]- Share of Profit of the Firm
or Limited Liability Partnership (LLP):
o
(b) Where the income of AOP or BOI is chargeable
at Maximum Marginal Rate :
o
(c) [Section 10(2)]- Share of Income from
HUF:
·
3. Computation of Total income and Tax
Liability in case of Individual
·
5. [Section 115BAC(1)]- Tax on Income of
Individual – w.e.f. A.Y. 2021-22
Related Posts…
·
Penalties under
Income Tax Act. The various defaults in respect of which
Penalty can be imposed by the Income Tax Department are summaries in details.…
·
[Section
115JB(1)]- Provisions of MAT (Minimum Alternate Tax) for payment of Tax by
Certain Companies 1. Tax Payable for any Assessment
Year Cannot be Less than 18.5% of Book Profit: Where in the case of…
·
[Section 270A]-
Penalty for Under-Reporting and Misreporting of Income (1)
[Section 270A (1)]-Penalty for Under-Reported income The Assessing Officer or
the Commissioner (Appeals) or the Principal Commissioner or Commissioner…
·
Income Tax
Assessment Procedure in details 1. Self-Assessment
[Section 140A] before Submitting Return of Income Every person, before
submitting a return of income under: (i)
…
·
Taxability -
Income from Other Sources [Sections 56 to 59] 1.
Section wise Table – Income from Other Sources Sections Particulars 56 Income
from Other Sources 56(1) Chargeability 56(2) Specific…
·
Taxation In
Companies - Company Taxation 1. [Section 6(3)]-
Definitions & Types of Companies with Residential Status (1).
Definition and Types of Companies 1. Company: As…
·
Tax on Total
Income of a Company 1. Rates of Income Tax of a
Company other than covered U/s 115BA A company is assessed like any other…
·
Rates for TDS (
Deduction of Tax at Source) in case of a Person other than a Company for
Financial Year 2020-21 (Assessment Year 2021-22) 1.
Rates of TDS Where the Person is Resident in India Rates of TDS 1 on income by
way of…
·
[Section 193]-
TDS from Interest on Securities Under Section 2(28B), Interest
on Securities means.— (i) interest
on any security of the Central Government or a State…
·
Deductions from
Gross Total Income for computing Taxable Income 1.
[Section 80CCC]- Deduction in respect of Contribution to certain Pension Fund
Essential Conditions for Claiming Deduction under this Section…
·
Exempted Incomes
or Incomes which do not form part of Total Income [Section 10, 10AA, and 11 to
13A] 10(1) Agricultural income 10(2) Sum received
by a member from HUF 10(2A) Share of profit of a partner…
·
Points for
Consideration towards Assessment of Public Trusts for Charitable and Religious
Purpose 1. Voluntary Contribution Received by the
Trust: Voluntary contribution can be of two types: (a) Voluntary
contribution with a…
·
Assessment of
Association of Persons (AOP) / Body of Individual (BOI) The
income of AOP or BOI shall be computed under the heads of income by applying
the normal provisions of…
·
[Section 194A]-
Interest other than Interest on Securities Interest other than
Interest on Securities includes payments made in respect of: (i)
Inter-corporate deposits / loans,
(ii) …
·
[Section 64]- Clubbing
of Income of an Individual with income of Spouse, Minor Child, etc. 1.
[Section 64(1)(ii)]- Remuneration of Spouse from a Concern in which the
Other Spouse has Substantial Interest: In computing…
·
[Rule 12]- Form
and Manner of Furnishing Return of Income As per rule 12(1),
The return of income required to be furnished under section 139(I) or 139(3) or
139(4A) or…
·
Refund of Tax
under Income Tax Act. [Section 237 to 241] 1. Who
should claim Refund of Tax ? Where an assessee has submitted any return of
income and any refund…
·
[Section 190 to
206CA]- Deduction and Collection of Tax at Source (TDS & TCS) Tax
Deduction at Source (TDS) and Advance Payment [Section 190] Although regular
assessment in respect of any income is to…
·
[Section 2(24)]
- ‘Income’ Under Income Tax Act.– Concept & Definition The
word 'Income' covers receipts in the shape of money or money's worth
which arise with certain regularity or expected…
·
[Sections 115R
to 115T]- Special Provisions relating to Tax on Distributed Income to Unit
Holders 1. [Section 115R (2)]- Tax on Income Distributed
to Unit Holders by the Specified Company or a Mutual Fund :…
You May Also Like…
Revision by the Principal
Commissioner or Commissioner under Income Tax Act.
Appeals & Revisions, Direct Taxes Ready Reckoner, Tax Management /
[Section 285BA]-Obligation to Furnish Statement of
Financial Transaction or Reportable Account
Direct Taxes Ready Reckoner, Misc. Provisions, Tax Management /
Service of Notice under the Income-tax Act [Sections 282
to 284]
Direct Taxes Ready Reckoner, Misc. Provisions, Tax Management /
[Section 281B]- Provisional attachment of Property to
protect revenue in certain cases
Direct Taxes Ready Reckoner, Misc. Provisions, Tax Management /
Restriction on Cash Transactions [Section 269ST and
271DA]
Direct Taxes Ready Reckoner, Misc. Provisions, Tax Management /
[Section 269T]- Mode of repayment of certain Loans or
Deposits and Specified Advance Received
Direct Taxes Ready Reckoner, Misc. Provisions, Tax Management /
[Section 269SS]- Mode of taking or accepting certain
Loans, Deposits and Specified Sum
Direct Taxes Ready Reckoner, Misc. Provisions, Tax Management /
Appeals to Appellate Tribunal [Section 253(1) and (2)]
Appeals & Revisions, Direct Taxes Ready Reckoner, Tax Management /
First Appeal Filed by the Assessee
Appeals & Revisions, Direct Taxes Ready Reckoner, Tax Management /
[Section 273A]- Power to Reduce or Waive Penalty
Direct Taxes Ready Reckoner, Penalties, Tax Management /