Tax Trail PDF
Tax Trail PDF
• Income
• Tax
• Act
• Income Tax
• XIV Schedules
Explanations.
Proviso(S)
would not apply or where the provision would apply with certain modification to
Explanation
Income Tax
• Income Tax is levied on the Total Income of the previous year of every
9. Total income
Section 2 - Definition
This section provides definitions for various terms. It has subsections from (1) to
(48) and this section actually defines around 92 terms. Definitions are of 2 types:-
and it gives a complete meaning to a particular term. The list given in this
definition is “exhaustive.”
meaning, the definition will have a wider scope. The list given in this
in this definition.
We are going to discuss few of the important definitions in this chapter and other
a) Every person in respect of whom any proceeding under this Act has been taken
b) Every person who is deemed to be an assessee under any provision of this Act
of this Act
Assessee-in Default
2. Dividend
13. Any winnings from lottery, crossword puzzles, races including horse races,
profession
capital asset
18. Any consideration received for issue of shares as exceeds the fair market
19. Any sum of money received as advance, if such sum is forfeited consequent
relating to employment
assessee
Concept of Income under the Income-tax Act, 1961
• Liquidated damages
• Gifts
3. Continental shelf,
charge, if any) applicable to Indl., AOP or BOI as specified in Finance Act of relevant
year.
The year in which income is earned is the previous year and such income is
into existence in a financial year, then the previous year shall be from the
date of commencing of the new source till the end of the financial year.
• The income earned during the previous year is taxable in the assessment
year.
Previous year for undisclosed sources of income
Amount of Investments -
Amount borrowed or
not fully disclose in the Unexplained Expenditure
repaid on hundi
books [Sec 69C]
[Sec 69D]
[Sec 69B]
Certain cases when income of a previous year will be assessed in the previous
year itself
General Rule: -
previous year