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An act to make provision for the charge assessment and collection of income tax for the ascertainment of the income to be charged and for matters incidental thereto.
Definition of family as per income tax act. This act may be cited as the income tax act 2004. An amendment has been made through finance act 2013 to enlarge the scope of definition of a company. Individual is a unit of assessment covered under definition of person as per income tax act and it refers to a natural person i e. Ii huf under the income tax act 1961 a hindu undivided family huf is treated as a separate entity for the purpose of assessment.
The levy of income tax is on every person. Same way each class of persons has its own scope of coverage under income tax act. As per the income tax act. In this act unless the context otherwise requires 1 advance tax means the advance tax payable in accordance with the provisions of chapter xvii c 1a agricultural income 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.
Brother or sister of individual or of spouse. A human being male or female. Income tax act 2058 2002 date of authentication and the publication 2058 12 29 2 18 april 2002 an act made to amend and consolidate the law relating to income tax preamble. It is included in the definition of the term per son under section 2 31.
Whereas it is expedient to make timely the law relating to income tax by amending and consolidating it in order to enhance revenue mobilization. Therefore income tax is payable by a huf. A co operative society a finance society or any other society. Brother or sister of either parents.
As per section 56 2 vii if any gift received from relative which are covered under following list will be exempt in the hands of receiver. Lineal ascendant descendant of individual or of spouse. 11 of 2004 15 of 2004 13 of 2005 6 of 2006 1 st july 2004 s 1 part i preliminary short title 1. Now as per income tax ordinance 2001 a company includes.
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