Hello I have a nice day best regards Michael Keaton and
Hello I have a nice day best regards Michael Keaton and WgoXD
The levy of income-tax in India is governed by the Income-tax Act, 1961. In this
book, we shall briefly refer to this as the Act.
• It extends to the whole of India.
• It came into force on 1st April, 1962.
• It contains sections 1 to 298 and schedules I to XIV.
A section may have sub-sections or clauses and sub-clauses.
When each part of the section is independent of each other and one
is not related with other, such parts are called a “Clause”. “Sub
section”, on the other hand refers to such parts of a section where
each part is related with other and all sub sections taken together
completes the concept propounded in that section.
Example 1
o The clauses of section 2 define the meaning of terms used in
the Income-tax Act, 1961. Clause (1A) defines “agricultural
income”, clause (1B) defines “amalgamation” and so on. Each
one of them is independent of other clause of the same
section.
o Likewise, the clauses of section 10 contain the exemptions in
respect of certain income, like clause (1) provides for
exemption of agricultural income and clause (2) provides for
exemption of share income of a member of a Hindu Undivided
Family and so on.
o Section 5 defining the scope of total income has two sub-
sections (1) and (2). Sub-section (1) defines the scope of total
income of a resident and sub-section (2) defines the scope of
total income of a non-resident. Each sub section is related with
the other in the sense that only when one reads them all, one
gets the complete idea related with scope of total income.
The levy of income-tax in India
is governed
by the Income-tax Act, 1961. In
this
book
, we shall
briefly
refer to this as the Act.
• It extends to the whole of India.
• It came into force on 1st
April, 1962
.
• It contains
sections
1 to 298 and schedules I to XIV.
A
section
may have
sub-sections
or
clauses
and sub-clauses.
When each
part
of the
section
is independent of each
other
and one
is
not
related
with
other
, such
parts
are called
a
“Clause”
. “Sub
section”, on the
other
hand refers to such
parts
of a
section
where
each
part
is
related
with
other
and all sub
sections
taken together
completes
the concept propounded in that
section.
Example 1
o The
clauses
of
section
2
define
the meaning of terms
used
in
the
Income-tax Act, 1961.
Clause
(1A)
defines
“
agricultural
income
”,
clause
(1B)
defines
“amalgamation” and
so
on. Each
one of them is independent of
other
clause
of the same
section
.
o
Likewise
, the
clauses
of
section
10 contain the exemptions in
respect of certain
income
, like
clause
(1) provides for
exemption of agricultural
income
and
clause
(2) provides for
exemption of share
income
of a member of a Hindu Undivided
Family and
so
on.
o
Section
5 defining the
scope
of total
income
has two
sub
-
sections (1) and (2).
Sub-section
(1)
defines
the
scope
of
total
income of a resident and
sub-section
(2)
defines
the
scope
of
total
income
of
a non-resident
. Each sub
section
is
related
with
the
other
in the sense that
only
when one reads them all, one
gets
the complete
idea
related
with
scope
of total
income
.