Section 10 38 income tax act 1961 pdf

Exempt under section 10 34 of the income tax act 1961 provided dividend distribution tax ddt under section 115o of the income tax act 1961, is paid by the indian company declaring the dividend. Oct 18, 2017 section 10 38 of the income tax act speaks about exemption on transfer of long term capital assets of equity shares, equity oriented mutual funds and unit of business trust. Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. Income from units exempt under section 1035 of the income tax act, 1961 income other than above in respect of securities. Section 1010d of the income tax act, 1961 as per section 1010d of the income tax act, 1961 the amount of sum assured plus any bonus i. Jul 10, 2017 income not included in total income us 10 the income tax act 1961 enumerates in section 10, the items of income which are exempt from tax. The finance act, 2018 has withdrawn the exemption under section 10 38 of the income tax act, 1961 and has introduced a new section 112a in order to levy long term capital gain tax on the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented funds or unit of a business trust w. Cbdt notifies rules with respect to nonfurnishing of pan. Section 1038 of the incometax act, 1961 the act, prior to its amendment by finance act, 2017 provided that the income arising by way of a transfer of long term capital asset, being equity share in a company shall be exempt from tax if such transfer is undertaken after 1st october, 2004. In exercise of the powers conferred by clause 46 of section 10 of the income tax act, 1961 43 of 1961 the central government hereby notifies for the purposes of the said clause, rajasthan state pollution control board, a board constituted under the provisions. Section 10 34 of the income tax act, 1961 deals with the exemption of dividend income received from domestic companies. Section 112a of the income tax act, 1961 states that long term capital gains on sale of equity shares or units of equity oriented fund will be taxed at 10% in excess of. Income tax act 1961 complete act citation 530 bare. Agricultural income is defined under section 2 1a of the income tax act.

Most individuals are aware of the benefits available under section 80c. Apportionment of income between spouses governed by portuguese civil code. Equity oriented mutual funds means where funds are invested in equity s. Section 1038 of the incometax act, 1961 the act, prior to its amendment by the finance act, 2017, provided that the income arising by way. Tax paid on income does not include salary, royalty, and technical fees by central govt. As per section 21a, agricultural income generally means. Income tax nse national stock exchange of india ltd. Notification issued under section 112a specifying modes of acquisition not covered october 12, 2018 in brief the finance act, 2018 withdrew the exemption provided under section 1038 of the incometax act, 1961 act and instead inserted section 112a to tax longterm capital gains arising from transfer of. Of the income tax act, 1961 shall not apply 1 section 1038 of the incometax act, 1961 the act, prior to its amendment by finance act, 2017 provided that the income arising by way of a transfer of long term capital asset, being equity share in a company shall be exempt from tax if such transfer is undertaken after 1st october, 2004.

Income exempted under section 10 of income tax act 1961. What you must know about taxability of life insurance. Notification issued under section 112a specifying modes of. Bank of india subsidiary banks act, 1959 38 of 1959, a corresponding new bank constituted under section 3 of the. Act and introduced a new section 112a in the act, to provide that longterm capital gains. Comptroller means the comptroller of income tax appointed under section 31 and includes, for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f9, 37ie7, 37j5, 671a, 95, 96, 96a and 101, a deputy comptroller or an assistant comptroller so appointed. The remuneration so paid is not liable to be deducted from income of employer chargeable under the income tax act, 1961. Rebate of incometax in case of individuals of sixtyfive years or above omitted. Notwithstanding the amendments made by this act to the income tax act, in computing, in the case of any person, the total income of a previous year relevant to the assessment year commencing on the 1st day of april, 1972, any income falling within clause 3 of section 10 of the income tax act as it stood immediately before the 1st day of.

Income tax act 1961 complete act citation 530 bare act. Any rent or revenue derived from land which is situated in india and is used for. Income tax case laws section wise containing decisions of supreme court, high court, tribaul, cestat, cegat, aar, advance ruling authority etc. Notification issued under section 112a specifying modes of acquisition not covered october 12, 2018 in brief the finance act, 2018 withdrew the exemption provided under section 10 38 of the income tax act, 1961 act and instead inserted section 112a to tax longterm capital gains arising from transfer of. Under section 10 38 of income tax act, the capital gain on sale of shares held for more then 12 months is exempt if the shares under consideration are listed on a stock exchange in india what is the position if esop are allotted and sold outside india, employee is indian resident,working and based in india on foreign stock exchange and the sale price also recieved in another country. Exempted incomes under section 10 indian tax updates. While computing the total income of a previous year of any person, any income which falls within any of the following clause shall not be included in the total income. Agriculture income section 10 1 as per section 10 1, agricultural income earned by the taxpayer in india is exempt from tax. Income exempted under section 10 of income tax act 1961 for assessment year 201718 1. Special provisions in respect of newly established units in. Under section 80c of the income tax act, 1961, the life insurance premiums that you pay during any financial year are exempted from your taxable income up to a maximum of inr 1. Prior to the finance act, 2017, section 10 38 of the income tax act, 1961 ita provided exemption on any income arising on sale of listed equity shares held for a period of more than 12 months, if securities transaction tax stt was paid on such sale. According to section 10 of the income tax act 1961, the salaried employees are entitled to enjoy the tax exemption. Section a of income tax act 19612017 provides for special provision relating to incomes of political parties.

Analysis of recent amendment in section 1038 taxguru. In terms of section 10 38 of the income tax act, 1961, any income arising form transfer of long term capital asset, being an equity shares in a company or unit of equity oriented fund which is chargeable to securities transaction tax are exempt form tax. Section a of income tax act 1961 2017 provides for special provision relating to incomes of political parties. List of sections of income tax act 1961 download pdf. Section 36 37 38 of income tax act other deductions general. The major reason for providing exemption of dividend i. The finance act, 2018 has withdrawn the exemption under section 1038 of the incometax act, 1961 and has introduced a new section 112a in order to levy long term capital gain tax on the transfer of a long term capital asset being an equity share in a company or a unit of an equity oriented funds or unit of a business trust w. Chapter iii sections 10b of income tax act, 1961 deals with provisions related to incomes which do not form part of total income. Section 10 exemptions under section 10 of income tax act. Section page contents division one 111 incometax act, 1961 page u arrangement of sections i3 u text of the incometax act, 1961 as amended by the finance act, 2011 1. Under the said clause read with rule 11ua of the incometax rules, 1962 the rules, if a person receives shares and securities or jewellery.

Apportionment of income between spouses governed by. Rule 37bc of the rules provides that a nonresident deductee without a pan, shall not be subject to higher withholding tax under section. The finance act, 2017 amended section 1038 of the incometax act, 1961 act stating that long term capital gains from transfer of listed equity. May 29, 2018 1 this exemption is only for compulsory acquisition ofurban agricultural landbyindividual huf. Be it enacted by parliament in the twelfth year of the republic of india as follows. As per section 2 1a, agricultural income generally means. Income tax act 58 of 1962 south african government.

Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. Section 8 of income tax act 1961 disclosure of information respecting assessees is defined under section 8 of income tax act 1961. New rules on payment of long term capital gains tax on non. In computing the total income of a previous year of any person, any income falling within any of the. Section 562 of the incometax act, 1961 the act so as to widen the scope of taxability of receipt of sum of money or property withoutinadequate consideration. Exempt under section 1034 of the income tax act 1961 provided dividend distribution tax ddt under section 115o of the income tax act 1961, is paid by the indian company declaring the dividend. However, tax benefits are also available under section 1010d of the income tax act, 1961. Agricultural income is defined under section 21a of the income tax act. Section page i3 incometax act, 1961 arrangement of sections section chapter i page preliminary 1. Short title and commencement this act may be cited as the income tax act, 1973 and shall, subject to the sixth. Incometax rules f5d01c9355284be1b3415dc3e9647425 817. Section 10 10d income tax act 1961 kotak mahindra bank.

Section 10 38 of the income tax act,exempts following income. Year 201920 and a new section 112a is introduced in the income tax act. Dec 31, 2012 the remuneration so paid is not liable to be deducted from income of employer chargeable under the income tax act, 1961. Report under section 10ba of the incometax act, 1961. Section 112a 10% longterm capital gains tax on sale of. Income tax act rules list 2019 has been provided for tax payers which includes revised and newly added tax rules. Central government issues notification under section 1038 of the incometax act, 1961 june 07, 2017 in brief the finance act, 2017 amended section 1038 of the incometax act, 1961 act stating that long. Cbdt notifies rules with respect to nonfurnishing of pan by. Income of local authorities section 1020 income tax.

Finance act, 2017 amended section 1038 of the incometax act, 1961. Section 10 38 of the income tax act speaks about exemption on transfer of long term capital assets of equity shares, equity oriented mutual funds and unit of business trust. As amended by finance act, 2020 tax free incomes agricultural income section 10 1 as per section 10 1, agricultural income earned by the taxpayer in india is exempt from tax. Section 36 37 38 of income tax act other deductions. The high court discussed that under the income tax act, 1922, section 104 had banned allowance of any sum paid on account of any cess, rate or tax levied on the profits or gains of any business or profession. Income tax act 94 of 1983 income tax amendment act 30 of 1984 income tax act 121 of 1984 income tax act 96 of 1985. Income of local authorities section 1020 income tax income of local authorities section 1020. Following condition must be satisfied1 used for agricultutal purpose for 2 yearsthe land must have been used for agricultural purposes for atleast last 2 years by individual or his parents. Central government issues notification under section 10 38 of the income tax act, 1961 june 07, 2017 in brief the finance act, 2017 amended section 10 38 of the income tax act, 1961 act stating that long. Section 10 38 of the income tax act, 1961 the act prior to its amendment by finance act, 2017 provided that the income arising by way of a transfer of long term capital asset, being equity share in a company, shall be exempt from tax if such transfer is undertaken after 1st october, 2004 and is chargeable to.

Section 11 and 12 of income tax act 1961 both section are covered under income which do not form part of total income section 11 section 11 tax exemption after consider provisions of section 60 to 63, the income of a religiouscharitable trustinstitutions, to the extent specified in the act, is exempt from tax after fulfill certain conditions. Central government issues notification under section 1038. As amended by finance act, 2020 taxfree incomes agricultural income section 101 as per section 101, agricultural income earned by the taxpayer in india is exempt from tax. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included 1 agricultural income. Prior to the finance act, 2017, section 1038 of the income tax act, 1961 ita provided exemption on any income arising on sale of listed equity shares held for a period of more than 12 months, if securities transaction tax stt was paid on such sale. Section 1037 exemption for urban agricultural land. Agricultural land in india, not being land situate ain any area which is comprised within the jurisdiction of a municipality which has a population of not. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890. The objective of section 10 of the income tax act is to reduce the burden of the different structure of the tax such as rent allowance, allowance for children education, travel allowance, gratuity and so on. Text of remaining provisions of allied acts referred to in incometax act 1.

Income from units exempt under section 10 35 of the income tax act, 1961 income other than above in respect of securities. Chapter iii sections 10 b of income tax act, 1961 deals with provisions related to incomes which do not form part of total income. Income exempted under section 10 of income tax act 1961 for. Section 1038 tax on long term capital gains from on the transfer of equity oriented funds. Apr 20, 20 22 april 20 as per section 10 37if agricultural urban land is transfer by way of compulsary acquisition and urban land is used for agricultural purpose during 2 year immediately perior to transfer, that above transfer not chargeble to tax from the a. Section 36, 37 and 38 of income tax act 1961 other deductions, general and building, etc. Download the list of sections of income tax act, 1961 in pdf and excel format. Clarification sec 1037 capital gain on agriculture land.