What are the different components in income tax in India?

The main elements of the Income tax Law are Income Tax Act 1961, Income Tax Rules 1962, Annual Finance Act, circulars & notifications and case laws.

What is Rule 12 of income tax rules?

The person who is the owner of more than one house property and the income of such house property is chargeable under the head ‘Income from House Property’; The person who is assessable for the whole or part of the income on which TDS has been deducted in the hands of a person other than the assessee.

What is income tax ready reckoner?

Taxmann’s Ultimate Best-Seller, ‘Direct Taxes Ready Reckoner’ is a ready-referencer for all provisions of the Income-tax Act, covering illustrative commentary on the Finance Act 2021. The Present Publication is the 45th Edition & amended by the Finance Act 2021, authored by Dr. Vinod K. Singhania.

How many chapters are there in Income Tax Act?

23 chapters
The Income Tax Act of 1961 is a comprehensive statute that sets the rules and regulations that govern taxation in India. The Income Tax Act contains a total of 23 chapters and 298 sections according to the official website of the Income Tax Department of India.

Who has the power to make rules under income tax?

(1) The Board may, subject to the control of the Central Government, by notification in the Gazette of India, make rules for the whole or any part of India for carrying out the purposes of this Act.

What is a ready reckoner table?

n. (Mathematics) a table of numbers used to facilitate simple calculations, esp one for applying rates of discount, interest, charging, etc, to different sums.

How to understand the income tax law in India?

For understanding the overall concept of Income Tax Law in India, one should have to know all sections of income tax i.e. the title or contents/ topics covered under sections 1 to 298 of Income Tax Act, 1961 as amended by the latest Finance Act 2021.

What is the meaning of INR income tax?

Income tax is an annual tax on income. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year.

What is section 9A of Income Tax Act in India?

Section 9A: Certain activities not to constitute business connection in India Section 9B: Income on receipt of capital asset or stock in trade by specified person from specified entity Section 10: Incomes not included in total income Section 10A: Special provision in respect of newly established undertakings in free trade zone, etc.

How many sections are there in the Income Tax Act 1961?

There are also various sections has been inserted to the Income Tax Act, 1961 as amended from time to time. Accordingly, we have attempted with this tabular presentation to show you all sections of income tax act and hope that this may facilitate understanding of the logical sequence of all 298 sections covered under the Income Tax Act, 1961-2019.