Section 18 Of Income Tax Act
Short title and commencement 2.
Section 18 of income tax act. 2 act 2020 and applicable for a y. Charge of income tax 3 a. Comptroller means the comptroller of income tax appointed under section 3 1 and includes for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f 9 37ie 7 37j 5 67 1 a 95 96 96a and 101 a deputy comptroller or an assistant comptroller so appointed.
Interpretation part ii imposition and general characteristics of the tax 3. Determined without reference to the existence of or the amount of any interest paid or payable on any other debt obligation that amount shall for the purposes of clause 18 9 2 a iii a subparagraph 18 9 2 b i paragraph 18 9 3 b and subsection 18 9 6 be deemed to be an amount of interest payable on the debt obligation by the borrower in respect of the subsequent period and not to be an amount of interest payable on the debt obligation by the borrower in respect of the. In addressing this problem section 18a of the income tax act provides local npos with the opportunity to give private individuals and companies a tangible incentive to make donations by making the donation tax deductible within certain limits.
Act 53 income tax act 1967 arrangement of sections part i preliminary section 1. 18 company in which the public are substantially interested a company is said to be a company in which the public are substantially interested a 2 if it is a company owned by the government or the reserve bank of india or in which not less than forty per cent of the shares are held whether singly or taken together by the government or the reserve bank of india or a corporation owned by that bank. Non chargeability to tax in respect of offshore business activity 3 c.
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. The income tax department never asks for your pin numbers. Income tax act 34 of 1953.
1961 income tax department all acts income tax act 1961. Application of the act. Article is been prepared keeping in view the amendments made by finance no.
The income tax act 58 of 1962 aims. Classes of income on which tax. To consolidate the law relating to the taxation of incomes and donations.