Section 70 Of Income Tax Act
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Section 70 of income tax act. Assessee paid tax on total income. In this article we are going to provide information about set off losses under section 70 71 of income tax act 1961. Section 67 67a 68 69 and 70 service tax has been subsumed in gst 1 67.
For section 70 of the income tax act the following section shall be substituted with effect from the 1st day of april 2003 namely 70. This set off losses from. Set off of loss from one source against income from another source under the same head of income 1 save as otherwise provided in this act where the net result for any assessment year in respect.
Losses in the income tax act 1961 are dealt in accordance with chapter vi of the act which consist of section 70 to section 80. Set off losses from one source against income from another source under the same head of income. Set off losses section 70 71 income tax act 1961.
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. 68 of the finance act 2006 21 of 2006. It might be possible that assessee earn income from one source of income losses from other sources of income under the same head.
Chapter ii income tax part i. 1 income tax is hereby imposed on every individual trustee company and non resident who has chargeable income for the year of assessment. Note on maternity leave pay tax deduction section 11 of the maternity protection act ch.
6 set off of loss from one source against income from another source under the same head of income 7 8 save as otherwise provided in this act where the net result for. Section 70 in the income tax act 1995. 2 in interpreting this act regard should be had to the explanatory memorandum accompanying the act.
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