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Annual Finance Acts and judicial pronouncements by the Supreme Court and High Courts. LLP, association of persons, body of individuals, local authority and any other artificial juridical person. Levy of tax on a person depends upon his residential status. Income tax is a key source of funds that the government uses to fund its activities and serve the public. The Income Tax Department is the biggest revenue mobilizer for the Government. Income Tax Act, 1961 and Wealth Tax Act.
The bill, however, could not go through and eventually lapsed after revocation of the Wealth Tax Act in 2015. Any rent or revenue derived from land, which is situated in India and is used for agricultural purposes. Any income derived from such land by agricultural operations including processing of agricultural produce, raised or received as rent-in-kind so as to render it fit for the market or sale of such produce. Income derived from saplings or seedlings grown in a nursery. Income in respect of the below mentioned activities is initially computed as if it is business income and after considering permissible deductions. Thereafter, 40,35 or 25 percent of the income as the case may be, is treated as business income, and the rest is treated as agricultural income. For apportionment of a composite business-cum-agricultural income, other than the above-mentioned, the market value of any agricultural produce, raised by the assessee or received by him as rent-in-kind and utilized as raw material in his business, should be deducted.
No further deduction is permissible in respect of any expenditure incurred by the assessee as a cultivator or receiver of rent-in-kind. Ministry of Finance has notified certain deductions from Gross Total Income of an assessee. This section has been introduced by the Finance Act, 2005. The total deduction under this section is limited to Rs.
PF is automatically deducted from your salary. Both you and your employer contribute to it. Current rate of interest is 8. Minimum amount of contribution is Rs 500 and maximum is Rs 1,50,000. A point worth noting is that interest rate is assured but not fixed.
Any amount that you pay towards life insurance premium for yourself, your spouse or your children can also be included in. If you are paying premium for more than one insurance policy, all the premiums can be included. Equity Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible for deduction under Sec 80C. The principal component of the EMI qualifies for deduction under Sec 80C. Section 24 of the Income Tax Act.
The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under section 80C in the year of purchase of the house. Samriddhi Account meaning Girl Child Prosperity Scheme is a special deposit scheme launched by Prime Minister Narendra Modi on 22 January 2015 for girl child. The scheme of Sukanya Samriddhi Account came into effect via notification of Ministry of Finance. The notification details are Notification No. Sukanya Samriddhi Account Rules, 2014’. Per girl child only single account is allowed.