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What is Section 41 of the Income Tax Act?
What is Section 41(1) of the Income Tax Act?
What is Section 41(2) of the Income Tax Act?
What is Section 41 of Income Tax Act 1961-2023?
May 10, 2020 · Learn how to compute income tax on benefits or perquisites obtained by remission or cessation of liabilities in business or profession. See case studies, conditions and exceptions of section 41 (1) with examples and references.
- Where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee (hereinafter referred to as the first-mentioned person) and subsequently during any previous year,-
- [ Where any building, machinery, plant or furniture,- (a)which is owned by the assessee; (b)in respect of which depreciation is claimed under clause (i) of sub-section (1) of section 32; and.
- Where an asset representing expenditure of a capital nature on scientific research within the meaning of [clause (iv) of sub-section (1), or clause (c) of sub-section (2B), of section 35] [ Substituted by Act 13 of 1980, Section 11, for certain words (w.e.f.
- Where a deduction has been allowed in respect of a bad debt or part of debt under the provisions of clause (vii) of sub-section (1) of section 36, then, if the amount subsequently recovered on any such debt or part is greater than the difference between the debt or part of debt and the amount so allowed, the excess shall be deemed to be profits and gains of business or profession, and accordingly, chargeable to income-tax as the income of the previous year in which it is recovered, whether the business or profession in respect of which the deduction has been allowed is in existence in that year or not.
41. When police may arrest without warrant. (1) Any police officer may without an order from a Magistrate and without a warrant, arrest any person -. (a) [ who commits, in the presence of a police office, a cognisable offence; [Substituted by the Code of Criminal Procedure (Amendment) Act, 2008 (5 of 2009), Section 5 (i), for Cls. (a) and (b).
Section 4 of the Income-tax Act, 1961, provides for the levy of income-tax on the total income of every person. It also defines the terms "total income", "previous year", "assessment year" and "taxable income".
Tax filing for professionals. Tax filing for traders. Launch your business. Services for businesses. Trademark. TDS returns. section 41 profits chargeable to tax income tax act 1961 1969.
Mar 9, 2023 · Section 41 of IT Act 1961-2023 provides for profits chargeable to tax. Recently, we have discussed in detail section 40A (expenses or payments not deductible in certain circumstances) of IT Act 1961. Today, we learn the provisions of section 41 of Income-tax Act 1961.
Dec 16, 2023 · Learn about the provisions and examples of Section 41 of the Income Tax Act, which deals with the taxation of allowances, deductions, and excess money from asset transactions. Find out how Section 41 (1), (2), (3), (4), (5), and (6) apply to different scenarios and situations.
