The income tax law is contained in the Income Tax Act, 1961 and Income Tax Act covers the following matters:-

  • Basis of charging income tax.
  • Computation of income tax under various heads
  • Exempted incomes
  • Permissible deductions from income.
  • Rebates and relieves from income tax.
  • Clubbing of income.
  • Set off and carry forward of losses.
  • Double taxation relief.
  • Special provision for avoidance of tax.
  • General Anti-Avoidance rules.
  • Determination of Tax.
  • Determination of Residential status.
  • Special Provisions relating to companies.
  • Special Provisions for limited liability partnership.
  • Tax on dividend distributed by domestic companies.
  • Income tax authorities and their powers.
  • Survey, search and seizures.
  • Assessments of income tax liabilities of the assesses.
  • Tax Deduction at Sources.
  • Advance taxes.
  • Refunds.
  • Appeal and revisions.
  • Acquisition of immovable properties.
  • Penalty and Prosecutions.

For implementation of the various provisions of the act, the income tax rules are made which prescribe the procedures, time limits, conditions and return form etc.

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