Section 38 Of Income Tax Act

After insertion of section 112a.

Section 38 of income tax act. The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail. Section 36 37 and 38 of income tax act 1961 other deductions general and building etc partly used for business etc or not exclusively so used are defined under section 36 37 and 38 of income tax act 1961. A the deduction under sub clause i of clause a of section 30 in the case of rent shall be such amount as the 1 assessing officer may determine having regard to the proportionate annual value of the part used for the purpose of the business or profession and in the case of any sum paid for repairs such sum as is proportionate to the part of the premises used for.

Section 38 of income tax act 1961 2017 provides for building etc partly used for business etc or not exclusively so used. Provisions under these sections are. Chargeable income of that individual is less than 0 5 per cent of the total income of that individual the individual shall be charged to tax at the rate of 0 5 per cent of his total income.

Section 38 in the income tax act 1995. Section 36 of income tax act other deductions. Building etc partly used for business etc or not exclusively so used.

With effect from 1st april 2018 i e from f y 2018 19 provisions of section 10 38 will not be applicable to any income arising from transfer of equity share unit of a equity oriented fund or units of business trust. 1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions. 1 where a part of any premises is used as dwelling house by the assessee.

C assessed loss has the meaning in section 38. 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. B all amounts other than amounts referred to in paragraph a included in computing the taxpayer s income from a business or property for the year because of subsection 12 3 or 4 or section 12 2 of this act or subsection 12 8 of the income tax act chapter 148 of the revised statutes of canada 1952.

Chapter iv sections 14 59 of income tax act 1961 deals with provisions related to computation of total income.