Personal income tax deduction for the child”s education

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This article needs additional citations for verification. 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. The Income Tax Department is the biggest revenue mobilizer for the Government. The “Direct Taxes Code Bill” was tabled in the Parliament on 30 August 2010 by the then Finance Minister to replace the 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. You can help by adding to it. Ministry of Finance has notified certain deductions from Gross Total Income of an assessee. This section has been introduced by the Finance Act, 2005.