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INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME (CHAPTER-III)

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SECTION-10 -Incomes not included in total income. Section 10 of the Income Tax Act, 1961 in India outlines various incomes that are exempt from being included in the total income of an individual or entity. These exemptions are granted for specific reasons and under certain conditions.  Section 10(1) provides that agricultural income is not to be included in the total income of the assessee. The reason for total exemption of agricultural income from the scope of central income tax is that under the Constitution, the Central Govt. has no power to levy a Tax on Agricultural Income.                                 “Agricultural income"2 means—  (a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes;  (b) any income derived from such land by agricultural operation. As per Section 2 (1A) (c ) any income derived from any building owned and occupied by the receiver of the rent or revenue of any such land, or occupied by the cultivator o
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CTRL function of Excel

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                                                                                                                                              CA Arun Kumar Mohanty
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Chapter -II-Basic of Charge-Section 4 to 9B

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Chapter-II Basic of Charge  Section 4 of the Income tax Act, 1961 is the charging section which provides that-       1.Tax shall be charged at the rates prescribed for the year by the Annual Finance Act or Income Tax   Act.      2.The Charge is on every person specified under section 2(31)  Sec-4 (1) Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of, this Act in respect of the total income of the previous year of every person- Provided that whereby virtue of any provision of this Act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly. (2) In respect of income chargeable under sub-section (1), income-tax shall be deducted at the source or paid in advance, where it i
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