2 In the case of a ship acquired or machinery or plant installed after the 31st day of December 1957 where the total. 2 Reserves for shipping business.
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The amended provision of section 33B is effective for financial year 2020-21 relevant to the assessment year 2021-22.
. B An assessee who installs any machinery or plant other than office appliances or road transport vehicles which before such installation by the assessee was used outside India by. Section 33 Income-tax Act 1961. 10 Charge of income tax 10A Profits of unit trusts 10B Excess provident fund contributions etc deemed to be income 10C Income from finance or operating lease 10D.
The amount credited to the reserve account under sub-section 1 shall be utilised by the assessee before the expiry of a period of eight years next. Involving the old section CEC. Section 33 2 in The Income- Tax Act 1995.
Comptroller of Income Taxn Winslow J. Section 33A 3 of Income Tax Act The deduction under sub-section 1 shall be allowed only if the following conditions are fulfilled namely i the particulars prescribed in this behalf have. Personal Income Tax Act CHAPTER P8.
Section 33 1 provides that for the purposes of determining tax a persons or business gross income shall be adjusted by deducting from that source all outgoings and. 1A 1 a An assessee who after the 31st day of March 1964 acquires any ship which before the date of acquisition by him was used by any other person shall subject to the provisions of. Incometax incometaxlaws deduction section33 rebate incometaxact1961 taxation taxlaws Development allowance defined under section 33A is allowed for a deduction in the.
Section - 1 Short title extent and commencement Section - 2 Definitions Section - 3 Previous year defined Section - 4 Charge of income-tax Section - 5 Scope of total income Section -. ARRANGEMENT OF SECTIONS PART I Imposition of tax and income chargeable SECTION 1. Section 33AC in The Income- Tax Act 1995.
Persons on whom tax is to be. Section 33 empowers the CIT to disregard and make relevant adjustments to arrangements which are carried out with tax avoidance as one of their main purposes and not for bona fide. Notwithstanding anything contained in this Act or any other law for the time being in force where any supply is made for a consideration every person who is liable to pay tax for.
Section 331 provides that for the purposes of determining tax a persons or business gross income shall be adjusted by deducting from that source all outgoings and. 1a In respect of a new ship or new machinery or plant other than office appliances or road transport vehicles. Held that the old section 33 was an annihilating section like section 260 of the Australia Income Tax.
Section 33AC 2 of Income Tax Act. Today we learn the provisions of section 33B of Income-tax Act 1961. Section 33 2 defines that In the case of a ship acquired or machinery or plant installed after the 31st day of December 1957 where the total income of the assessee.
3 In the case of an assessee being 4 a Government company or a public company formed and.
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