Any payment made to a person located in a notified jurisdictional area specified under section 94a, shall be liable to deduction of tax at the higher of the rates specified in the relevant provision of the act or rates in force or at a rate of 30%. Income of trusts or institutions from contributions 1. Section 94a was introduced by finance act, 2011 by the central government in order to notify certain jurisdictions from which india has no such. Special measures in respect of transactions with persons located in notified jurisdictional area. Section 94a was introduced in the income tax act, 1961, through the finance act, 2011, in respect of transactions with persons located in notified jurisdictional area as an antiavoidance measure.
Avoidance of tax by certain transactions in securities. Section 94a of the incometax act notifying cyprus as a. Section 94a was introduced by finance act 2011 which empowered the govt to notify any country which does not help india in tax information exchange as a. Section 94a of the incometax act, 1961 the act notifying the cyprus as a notified jurisdictional area. For meaning of the term assessee, see taxmanns direct taxes manual, vol. All about section 94a of the income tax act chartered club. Carry forward and set off of loss from house property. Notified jurisdictional area under section 94a of income tax act, 1961. Analysis of section 194c6 of the income tax act, 1961 w. Finance ministry notifies cyprus for fraud tax evasion. Income from property held for charitable or religious purposes 1. Section 94a of income tax act special measures in respect of. Section 94a of the income tax act empowers the government of india to penalize tax payers in india or nonresidents in a foreign jurisdiction if there is no.
Download the list of sections of income tax act, 1961 in pdf and excel format. Section 94a of the income tax act, 1961 the act notifying the cyprus as a notified jurisdictional area. Tax is to be deducted if the interest is paid to a resident. Set off of loss from one head against income from another. The term associated enterprise in relation to another enterprise is defined in section 92a1. Given income tax act sections list includes revised, omitted and newly added tax rules. It is not correct that once a tax treaty is entered into, the. All air prevention and control of pollution act, 1981 apprentices act, 1961 arbitration and conciliation act, 1996 banking cash transaction tax black money undisclosed foreign income and assets and imposition of tax act, 2015 central boards of revenue act, 1963 charitable and religious trusts act, 1920 charitable endowments act, 1890.
Conditions for applicability of sections 11 and 12 1. Set off of loss from one source against income from another source under the same head of income. The high court while dismissing the writ petitions of the taxpayers observed that the challenge to the constitutional validity of section 94a 1 of the act is without any merit. It means an enterprise a which participates, directly or indirectly, or. Complete list of sections of income tax act, 19612019 aubsp. Section 94a of the incometax act notifying cyprus as. Transitional provisions for set off of loss under the head income from house property. List of sections of income tax act 1961 download pdf. Latest income tax act sections list has been provided for finance people. Published on february 23, 2016 february 23, 2016 12 likes 5 comments. For understanding the overall concept of income tax law in india, one should have to know the title or contents topics covered under sections 1 to 298 of income tax act, 1961 as amended by the.