Section 2 Income Tax Act

1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions 18 deductions 22 ceasing to carry on business.

Section 2 income tax act. The income tax department never asks for your pin numbers. Apportionment of income between spouses governed by portuguese civil code. Under the act the term perquisites is defined by section 17 2 as including the following items.

Under the se tax act self employed people are responsible for the entire. The value of rent free accommodation provided to the assessee by his employer sec. The value of any concession in the matter of rent respecting any accommodation provided to the assessee by his employer sec.

1961 income tax department all acts income tax act 1961. Under section 96 of the income tax act a partnership is not a person but partnership income is calculated as though it were a person for income tax purposes. Definitions in this act unless the context otherwise requires 1 3 advance tax means the advance tax payable in accordance with the provisions of chapter xvii c.

Canada s income tax act does not define the term partnership. It is divided into 5 sections. Section 2 22 of income tax act deemed dividend is the dividend which is not actually paid as a dividend but assumed to be dividend for the purpose of taxation under income tax law.

1403 the se tax act. This tax is imposed not by the federal insurance contributions act but instead by the self employment contributions act of 1954 which is codified as chapter 2 of subtitle a of the internal revenue code 26 u s c. Consequently partners in a partnership report the income or losses of the partnership on their personal income tax returns.

Here we will discuss every such section one by one. Section 2 31 of the income tax act 1961 defines a person in an inclusive manner and states person includes i an individual ii a hindu undivided family iii a company iv a firm v an association of persons or a body of individuals whether incorporated or not vi a local authority and. Section 68 of the income tax act 1961.