Business Taxation Notes
Business Taxation
Agriculture Income
Sec 2 (1A) of income tax 1961 act agriculture income means 1) Any rent or revenue derived from the land which is situated in India and used for agriculture activities. 2) Any income derived from such land by the agriculture person or by the process employed to make agriculture produce which can be fit for sale in the market. 3) Or any other income derived from any building provided that the:
a) Building is on or on the immediate next to the agriculture land. b) It is occupied by cultivator or receiver of rent of revenue. c) It is used as dwelling place or share house or out house. d) Or land taken as rental income source
Agriculture Land
Any agriculture land which is situated out of India and a person is getting income from that land then it is not agriculture income. It is not called agriculture income under income tax act 1961 but will be chargeable from income or profession or business.
Assesses
Section 2 (7) of IT of India 1961 provided expenditure about assesses which means: a) Every person in respect of whom income tax proceeding are performed. b) A person who is default under any income tax provision
Person _ the person is explained by Indian income tax act 1961 which includes 1) A individual 2) A Hindu undivided family 3) A company 4) A firm 5) An association of person or body or individuals 6) Local authority 7) Every artificial judicial person
PERSON
Individual means a natural person includes male or female major minor as well as lunatic person. Their incomes are filed separately but at the same time the income of minor and united person is always with legal guardian HUF (hindu united family). It’s a family joint venture performed by lineate ascendance or desendence where the main person is called as KARTA and they will file their own income tax return for the income tax purposes not only
Agriculture Income
Sec 2 (1A) of income tax 1961 act agriculture income means 1) Any rent or revenue derived from the land which is situated in India and used for agriculture activities. 2) Any income derived from such land by the agriculture person or by the process employed to make agriculture produce which can be fit for sale in the market. 3) Or any other income derived from any building provided that the:
a) Building is on or on the immediate next to the agriculture land. b) It is occupied by cultivator or receiver of rent of revenue. c) It is used as dwelling place or share house or out house. d) Or land taken as rental income source
Agriculture Land
Any agriculture land which is situated out of India and a person is getting income from that land then it is not agriculture income. It is not called agriculture income under income tax act 1961 but will be chargeable from income or profession or business.
Assesses
Section 2 (7) of IT of India 1961 provided expenditure about assesses which means: a) Every person in respect of whom income tax proceeding are performed. b) A person who is default under any income tax provision
Person _ the person is explained by Indian income tax act 1961 which includes 1) A individual 2) A Hindu undivided family 3) A company 4) A firm 5) An association of person or body or individuals 6) Local authority 7) Every artificial judicial person
PERSON
Individual means a natural person includes male or female major minor as well as lunatic person. Their incomes are filed separately but at the same time the income of minor and united person is always with legal guardian HUF (hindu united family). It’s a family joint venture performed by lineate ascendance or desendence where the main person is called as KARTA and they will file their own income tax return for the income tax purposes not only