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Receipts by members from h u f any sum received by an assessee in his capacity as a member of a h u f is exempt from tax to avoid double taxation as h u f is also assessable separately on its income in its own capacity.
Section 10 2 of income tax act. As per section 10 1 agricultural income earned by the taxpayer in india is exempt from tax. The sum should be received in the capacity as a member of an h u f. The said exemption covered under section 10 14 read with rule 2bb is exhaustively explained under the current article.
Comptroller means the comptroller of income tax appointed under section 3 1 and includes for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f 9 37ie 7 37j 5 67 1 a 95 96 96a and 101 a deputy comptroller or an assistant comptroller so appointed. Section 10 of income tax act 1961 refers to incomes which are exempted under this act. 71 views view 3 upvoters.
You do not generally have to withhold or pay any taxes on payments to independent contractors. Agriculture income profit from firm including llp exemption of house rent allowance exemption of gratuity exemption of leave encashment etc. Apportionment of income between spouses governed by portuguese civil code.
It is critical that business owners correctly determine whether the individuals providing services are employees or independent contractors. Huf earned. Please go through the given illustration for better understanding.
Agricultural income is defined under section 2 1a of the income tax act. Rule 2bb of the income tax rules prescribes the list of allowance which exempted under section 10 14 i of the income tax act and section 10 14 ii of the income tax act. 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.
Scope of total income. 5 00 000 during the previous year and paid tax on its income. Income tax section 10 2 exemption on receipts by members from huf.
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