Section 34 Of Income Tax Act
10 34 of it act 1961 any income received by the assessee in the way of dividend from an indian company who is liable to dividend distribution tax then such income from dividend is exempt.
Section 34 of income tax act. Professional business 34 in computing the income of a taxpayer for a taxation year from a business that is the professional practice of an accountant dentist lawyer medical doctor veterinarian or chiropractor the following rules apply. Act sections code sections chapter vii allowable deductions section 34. Qualifying amalgamations under section 34c of the income tax act ita note.
1 in ascertaining the adjusted income of a person from a business for the basis period for a year of. 2 for the purposes of section 32 i the aggregate of all deductions in respect of depreciation made under sub section 1 or sub section 1a of section 32 or under the indian income tax act 1922 11 of 1922 or under any act repealed by that act or under the indian income tax act 1886 2 of 1886 shall in no case exceed the actual cost to the assessee of the building. In simple terms a dividend is the distribution of the profit of the company among its shareholders.
Scope of total income. The income tax department never asks for your pin numbers. Chapter 4 adjusted income and adjusted loss section.
Amending legislation date of. Deductions from gross income. A if the taxpayer so elects in the taxpayer s return of income under this part for the year and the year begins before march 22 2017.
1961 income tax department all acts income tax act 1961. Income tax act part. Except for taxpayers earning compensation income arising from personal services rendered under an employer employee relationship where no deductions shall be allowed under this section other than under subsection m hereof in computing taxable income subject to income tax under.
Apportionment of income between spouses governed by portuguese civil code. Which means all the income received by you fr. Special provisions applicable to adjusted income from a business.