Section 88 Of Income Tax Act

The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail.

Section 88 of income tax act. Section 88 of income tax act 1961 rebate on life insurance premia contribution to provident fund etc is defined under section 88 of income tax act 1961. Amount outstanding to the credit is fully exempted from wealth tax also said sbi. Central government act section 88 in the income tax act 1995 88.

88 1 where a taxable canadian corporation in this subsection referred to as the subsidiary has been wound up after may 6 1974 and not less than 90 of the issued shares of each class of the capital stock of the subsidiary were immediately before the winding up owned by another taxable canadian corporation in this subsection referred to as the parent and all of the shares of the subsidiary that were not owned by the parent immediately before the winding up were owned at. Tax benefits income tax benefits are available under sec 88 of income tax act. Rebate on life insurance premia contribution to provident fund etc.

The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts. Section 88 1 provides a tax free rollover of assets transferred to the parent provided that there is substantial evidence that the subsidiary will be dissolved within a short period of time transfer of assets and flow through of balances. Rebate in respect of securities transaction tax stt persons covered.

Income tax act 2015 no 32 of 2015 1 commenced on 1 january 2016 except section 9 and part 6 which commence on the date notified by minister in the gazette as amended by. Amending legislation date of. The interest income on ppf is totally exempt from income tax.

Income chargeable under the head profits and gains of business or profession arising from taxable securities transactions i e. Furthermore subsections 88 1 e 1 through i generally provide for the flowthrough of various tax attributes and accounts of the subsidiary to the parent while subsections 88 1 1 1 and 1 2 provide for the flowthrough to the parent of the subsidiary s non capital and net capital loss carryforwards. Section 88 of the income tax act allows tax rebate from the amount of tax payable in respect of sums paid or deposited towards the life insurance premium contribution to provident fund etc.

Income tax rebate under section 88e. Securities transactions subjected to stt.