Sentences with phrase «income tax act»

This can also be attributed to my limited understanding of income tax act.

Tax Benefits: Policyholder is eligible for tax exemptions after life insurance policy under income tax act 80C.

But the tax benefit can only be availed if the conditions stated in Income Tax Act 1961 are fulfilled in respect of insurance premium.

This section of Income Tax Act allows maximum deduction of up to Rs1, 50,000 and can be used by both salaried individuals and taxpayers of all categories regardless of their source of income.

Income Tax Form 16 is a certificate issued under section 203 of Income Tax Act for tax deduction at source from salary.

As per income tax act under section 80c, an individual is able to get exemption from tax up to the limit of Rs. 100,000.

Section 80C of Indian Income Tax Act of India gives you a chance to claim refunds on your taxable income by putting your money in certain top mutual funds, also known as tax - saving mutual fund schemes.

Tax Benefit - Avail of tax benefit under section 80D of Income Tax Act on the premium applicable for Critical Illnesses & Surgical Procedures cover.

-- Self - employed people can't take part in the ORPP, as the federal Income Tax Act doesn't allow the self - employed to participate in registered pension plans.

Or, take s. 56.1 (2) of the federal Income Tax Act which provides direction on the correct calculation of the amount of spousal support payments to be deducted from or added to one's taxable income:

Secondly, there is a specific rule in the Canadian Income Tax Act covering such distributions that states a taxpayer must include in income any pension benefit «payment out of... a foreign retirement arrangement established under the laws of a country.»

Under section 80C of Income Tax Act up to Rs1.5 lakh of tax benefit is available.

An individual can claim tax exemption under section 80E of Income Tax Act if he / she has taken an education loan for higher studies of his / her children, spouse, or himself / herself.

Subsection 232 (1) of Canada's Income Tax Act includes its own definition of «solicitor - client privilege»:

Tax Deductions for Investment (Section 80C): Section 80C of Income Tax Act specifies a chunk of options you may choose to invest in so as to subject your taxable income to deductions.

«The government doesn't like the fact that these policies — which are completely legally permissible under the current Income Tax Act — get very good tax results, so they're trying to shut the door,» Carson said.

The new Income Tax Act contained many special exemptions and incentives which the commission had found objectionable and removed the federal Estate Tax Act, which had been a significant obstacle to the increasing concentration of wealth.

Generally, using an SLP should not raise major tax issues in the UK, since specific legislation has been enacted to preserve equality of treatment betweenScotland and England in respect of, for example, computation of partnership profits (Income and Corporation Taxes Act [ICTA] 1988, section 111 [1]-RRB-; capital gains (TCGA 1992, section 59 [1][a]-RRB-; relevant investments (Income Tax Act [ITA] 2007, section 856); and accrued income [ITA 2007, section 675 [3]-RRB-.

In a decision published on May 12, 2017, the German Federal Constitutional Court has decided that part of one of the core provisions of the German corporate income tax act is unconstitutional.

When the different sections of Income Tax Act help the salaried individuals to save on tax by introducing a fraction of ways, House Rent Allowance (HRA) has been considered as an easy - to - claim process, to bring down your tax liabilities.

«These proposals are some of the most complicated in the entire Income Tax Act, and determining what is «reasonable» is quite a challenge,» says Krishna.

«Some suggestions such as the Animal Control Bill by Benard Bojuwoye, the Personal Income Tax Act Reform by Michael Oshinyemi a Nigerian in diaspora, and a bill to create more awareness on violence against citizens by Oludiya Funmilola, stand out as viable recommendations that the 8th Senate will look into.

L - R: Chairman Senate Committee on Finance, Senator John Enoh, President of the Senate, Dr. Abubakar Bukola Saraki and the Senate Leader, Senator Ahmad Lawan, during a public hearing on Tax Incentives Management and Transparency Bill, Companies Income Tax Act 2004 (Amendment) 2017 and Constituency Projects (Budgetary Provision) Bill, 2016 in Abuja on Monday.

For example, in «A Short History of the Income Tax,» John Steele Gordon points out that the U.S. income tax act of 1913 was only 14 pages long; by 1942, it had blossomed to 208 pages with over three - quarters of them «devoted to closing or defining loopholes» that tax lawyers and accountants were using to «game the system.»

There was also a flurry of Woodfibre LNG donations right about the time that the BC Liberals unveiled Bill 6, the LNG Income Tax Act, which halved the tax on LNG export facilities to 3.5 per cent on net income.

«The new Income Tax Act actually came into effect with the assent.

Dear Mr Reddy, As per Income Tax Act short term loss can be carried forward for 8 successive assessment years commencing from the assessment year in which the loss was computed / incurred.

The Foreign Property Rule (FPR) under the Canadian Income Tax Act distorted the portfolios of Canadian retirement and pension funds by legally mandating restrictions on the amount of foreign property that could be held by these funds to 30 %.

(Illinois Income Tax Act) Section 502 (c) permits joint returns only when a joint return is filed federally.

Sections 231.1 and 231.2 of Canada's Income Tax Act set forth the Canada Revenue Agency's tax audit and information - gathering powers.

Prof. Brown worked for the Ontario Expert Commission on Pensions and made similar recommendations, stating that the rules under the Pension Benefit Act and Income Tax Act stifle innovation.

This program looks at Income Tax Act provisions and how these affect the farmer.

Just for reference, the full Income Tax Act is available directly on taxwiki.ca and on the Government of Canada's website (this official version can also be accessed via the search engine on taxwiki.ca).

When citing legislation Income Tax Act, RSC 1985, c 1 (5th Supp) s 18 (1), not having a period after the «c» and «s» indicating chapter and section leads to confusion because the «c» and «s» are hanging on their own and people do not understand the connection between the letter and the number.

There are still only a small number of Canadian legal eBooks designed for mobile devices, such as Canada Law Book's British Columbia Annual Practice, and Carswell's Practitioners Income Tax Act; the number of U.S. law books available for eReaders is much greater.

The main developments I would single out are the amendments to the Croatian Income Tax Act.

I also admire the strength of tax lawyers to lug around the increasingly heavy annual softcover Income Tax Act and Regulations (when I have some time, I hope to test out the Blackberry version of Carswell's annotated Act, although I suspect viewing it on an iPad might be easier).

Premium paid, maturity benefit, death benefit and surrender benefit are eligible for tax benefits as per extant Income Tax Act, subject to the provision stated therein.

Income tax benefit on the premium paid to the policyholder under Income Tax Act since the basic Sum Assured is 10 times the Annualized Premium.

Income Tax Act formulated by Indian Government states that those whose total income of the preceding year surpasses the threshold amount which is not chargeable to tax, have to file income tax return online or offline.

The details are available in Income Tax Act, Sections 192 to 194L.

The Indian Income Tax act allows for certain Tax Deductions / Tax Exemptions which can be claimed to save tax.

One third of the accrued benefits or the maximum allowed under Income Tax Act as amended from time to time, as allowed by the Scheme rules, may be commuted.

The section 80C of the Indian Income Tax Act allows exemption for life insurance premiums up to Rs. 1.5 lakh per annum.

Tax Benefit: Avail of tax benefit under section 80D of Income Tax Act on the premium applicable for Critical Illnesses & Surgical Procedures cover.

For example, Canada's Income Tax Act does not allow tax deferral in deferred annuities.

Income Tax benefits on premiums paid towards the Health Insurance policy u / s 80D as per Income Tax Act.