Section 40 Income Tax Act
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Section 40 a start with the wording notwithstanding anything contrary in section 30 to 38.
Section 40 income tax act. Section 4 of the amendment act extended the prohibition to assessment years governed by the 1922 act and section 5 saved certain cases. Apportionment of income between spouses governed by portuguese civil code. Wealth tax not deductible in computing the total income for certain assessment years.
3 17 for the purpose of subsection 40 3 15 a partnership in respect of which paragraph 40 3 16 a 40 3 16 b or 40 3 16 c applies shall be considered to have actively carried on the business or earned income from the property contemplated in the document referred to in that paragraph throughout the period beginning february 22 1994. Section 40 of income tax act 1961 2017 provides for amounts not deductible. Any sum paid on account of fringe benefit tax under the relevant chapter of income tax act shall not be allowed as deduction.
Inserted by the income tax amendment act 1972 w. 1961 income tax department all acts income tax act 1961. An entity identified in column 3 of an item in the table as not holding a depreciating asset cannot hold the asset under.
Income tax assessment act 1997 sect 40 40 meaning of hold a depreciating asset use this table to work out who holds a depreciating asset. Section 40 a i in the income tax act 1995 i 5 any interest not being interest on a loan issued for public subscription before the 1st day of april 1938 royalty fees for technical services or other sum chargeable under this act which is payable outside india on which tax has not been paid or deducted under chapter xvii b. Inserted by the income tax amendment act 1972 w.
Tax credit in respect of tax paid on deemed income under mat provisions section 115jaa amounts expressively allowed as deduction section 30 to 37 section 40a of income tax act. Section 4 of the amendment act extended the prohibition to assessment years governed by the 1922 act and section 5 saved certain cases. 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.
The income tax department never asks for your pin numbers. That means it had overriding effect on section 30 to 38. Notwithstanding anything to the contrary in sections 30 to 38 the following amounts shall not be deducted in computing the income chargeable under the head profits and gains of business or profession.
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