What is Section 9 of Income Tax Act?
Section 9 of IT Act: Broadly speaking, business income of a foreign company or other non-resident person is chargeable to tax to the extent it accrues or arises through a business connection in India or from any asset or source of income located in India, and to the extent such income is attributable to the operations …
What are the provisions of Income Tax Act 1961?
According to the Income Tax Act 1961, you can claim deductions under the following sections: Section 80C to 80: Under Section 80C, 80CCC & 80CCD of the Income Tax Act 1961, you can reduce your taxable income by 1,50,000….Income tax slab rates.
| Income tax slabs | Income tax rates |
|---|---|
| Above Rs. 15 lakhs | 30% |
Who is a NRI income tax?
A person who is not a resident of India is considered to be a non-resident of India (NRI). You are a resident if your stay in India for a given financial year is (i) 182 days or more, or (ii) 60 days or more and 365 days or more in the 4 immediately preceding previous years.
Who is a super senior citizen?
A Super Senior Citizen is an individual resident who is 80 years or above, at any time during the previous year. Note: Section 194P of the Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above.
Who is the father of tax?
He was awarded Padma Vibushan in 2007. He is often referred to as “The Father of Tax Reforms”….Raja Chelliah.
| R. J. Chellaiah | |
|---|---|
| Occupation | Economist, Founding Chairman of Madras School of Economics |
| Spouse(s) | Sita Chelliah |
| Children | Two daughters |
What is the charging section of income tax?
Section 4 of the Income-Tax Act, 1961 (the Act), is the basic charging section under which income-tax is chargeable on the total income of every person. The word “income” is defined under section 2(24) of the Act.
What are sections in income tax?
Section 80 Deduction Table
| Section | Deduction on |
|---|---|
| 80CCD(1) | Employee’s contribution to NPS account (maximum up to Rs 1,50,000) |
| 80CCD(2) | Employer’s contribution to NPS account |
| 80CCD(1B) | Additional contribution to NPS |
| 80TTA(1) | Interest Income from Savings account |
What is proof of NRI status?
NRI status and residence proof. The applicant has to provide proof of residence abroad in the form of employment details, student status, dependent visa status, or a copy of resident permit in the overseas destination. This proof has to be attested by the Indian embassy, notary or an Indian bank with an overseas branch …
When was Section 9 of Income Tax Act amended?
Amended and updated notes on section 9 of Income Tax Act 1961 as amended by the Taxation Laws (Amendment) Act, 2021 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to income deemed to accrue or arise in India.
What is Section 9 of IT Act 1961?
Section 9 of IT Act 1961-2020 provides for income deemed to accrue or arise in India. Recently, we have discussed in detail section 8 (Dividend income) of IT Act 1961.
What was the amendment of Section 9 of the Finance Act 2012?
Similarly, section 9 (1) (vi) of the Act, has been amended by the Finance Act, 2012, by insertion of Explanations 4, 5 and 6, thereto. It may also be stated here that section 9 of the Act, relates to ‘ Income deemed to accrue or arise in India’.
Which is the amended Income Tax Act of India?
An Act further to amend the Income-tax Act, 1961 and the Finance Act, 2012. BE it enacted by Parliament in the Seventy-second Year of the Republic of India as follows:— 1. Short title. This Act may be called the Taxation Laws (Amendment) Act, 2021. 2. Amendment of section 9.