Section 127 Income Tax Act

Section 127 of the income tax act 1961 act for short deals with the power of competent officers to transfer cases.

Section 127 income tax act. Tax exemption of statutory income for 10 years under section 127 of the income tax act 1967 act 53 dividends paid from the exempt income will be exempted from tax in the hands of its shareholders ii an approved ipc rdc status company will enjoy the following benefits. For details seetaxmann s master guide to income tax act. Scope of exemption granted under section 127 the clarification addresses the common interpretation issue when a non.

Expatriate posts based on the requirements of the ipc rdc. 127 1 there may be deducted from the tax otherwise payable by a taxpayer under this part for a taxation year an amount equal to the lesser of a 2 3 of any logging tax paid by the taxpayer to the government of a province in respect of income for the year from logging operations in the province and. Senior member 5 331 posts joined.

104 188 title i 1202 c 3 aug. 1 4 1967 and amended by the taxation laws amendment act 1975 w e f. 1 the 16 principal director general or director general or 16 principal chief commissioner or chief commissioner or 16 principal commissioner or commissioner may after giving the assessee a reasonable opportunity of being heard in the matter wherever it is possible to do so and after recording his reasons for doing so transfer any case from one or more assessing officers subordinate to him whether with.

The secretary of the treasury shall establish expedited procedures for the refund of any overpayment of taxes imposed by the internal revenue code of 1986 which is attributable to amounts excluded from gross income during 1995 or 1996 under section 127 of such code including procedures waiving the requirement that an employer obtain an employee s signature where the employer demonstrates to the satisfaction of the secretary that any refund collected by the employer on behalf of the. The secretary of the treasury shall establish expedited procedures for the refund of any overpayment of taxes imposed by the internal revenue code of 1986 which is attributable to amounts excluded from gross income during 1995 or 1996 under section 127 of such code including procedures waiving the requirement that an employer obtain an employee s signature where the employer demonstrates to the. Section 127 of income tax act jurisdiction of income tax authorities.

Prior to its substitution section 127 was substituted by the finance no. Commissioners appeals appellate assistant commissioners inspecting assistant commissioners and income tax officers to perform such functions in respect of such area or of such classes of persons or of such classes of income as may be specified in the notification and thereupon the functions so specified shall cease to be performed in respect of the area or classes of persons or classes of income by the other authorities under section. Section 127 of the income tax act 1967 ita is included in the mutual exclusion list of a gazette order the taxpayer therefore cannot make a claim for the incentive offered in the said gazette order.

Section 127 in the income tax act 1995. The said section reads as follows.