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An individual shall be deemed to have substantial interest in a concern
(a) In a case wehere the concern is a comapny, he by himself or along with his relative beneficially holds equity shares carrying not less than 20% of voting power;
(b) In any other case, he or himself or together with his relatives is entitled to 20% of profits of such concern.
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∙ 12y ago
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PPF interest is exempt under which section of Income Tax Act 1961?
section 10(11)
What is covered under 'Income from other Sources'?
Income from other sources, which is the last among the five heads of income sketched out in the Income Tax Act, is essentially ahead of income that includes all receipts that cannot otherwise be classified under any of the other heads of income. According to section 56 of the Income Tax Act, the following three conditions need to be satisfied for a receipt to be categorized as income from other sources. There is an income. Such income is not exempted under any other provisions of the Income Tax Act. Such income cannot be charged as salary, income from house property, profits and gains from business or profession, or capital gains. What does this head of income include? Here’s a list of the receipts that fall under the category of income from other sources. Dividends: Dividends are taxable as income from other sources depending on the residential status of the company that paid them out. One-time income: One-time incomes like winnings from lotteries, crossword puzzles, horse races, card games and other games of any sort, or gambling or betting of any form or nature are covered under income from other sources. Interest on compensation: Interest received by an assessee (tax payer) on the amount of compensation or reimbursement given in situations like compulsory acquisition is taxable under this head of income. Gifts: Gifts such as any sum of money and movable or immovable property that’s received without consideration are also taxable.
Depreciation rate for inverter battery under income tax act?
10%
Under which section is dividend income exempt according to Income Tax Act 1961?
Under section 10(34) dividend form a domestic company OS exempt.
Which section condon the delay for filing appeal to ITAT under Income tax Act 1961?
none
Depreciation rate for mobile phone under income tax act?
Depreciation on Mobile Phone will be charged @ 15%.
What are the consequences of unregistered trade unions?
unregistered trade union is not competent to represent its member's interest in proceedings initiated under the industrial disputes act, 1947, because only an officer of a registered trade union is entitled to represent its member's interest in any proceeding under this act.
Do California residents pay state taxes on retirement pension under Railroad Retirement Act?
Do California residents pay state income taxes on their Rairoad Retirement pension under the Railroad Retirement Act?
Do you believe that you could undertake a whistle blow act?
Yes, you raise an issue of public concern, effecting public interest, under the Whistle Blow Act
What is the difference between tax audit and statutory audit?
Audit under any statute in a Country(State) is called statutory audit & Audit under any taxation law is called tax audit. For example books of accounts are audited under the Companies Act, 1956 (Statutory Audit) and Financial Statements of companies are prepared as per the provisions of this Act. Books are also audited under the Income Tax Act, 1961 and the income arrived at as per the provisions of this Act is taxed (Tax Audit).
Difference between income tax act and income tax rule?
The income tax act focuses its concern on total income and the income tax rule focuses on which types of income are taxable. That is the biggest difference between the two.
Purpose of the income tax act?
To raise Income Tax.
