What is Rule 12 of the Income Tax Rules 1962?

The person who is the owner of more than one house property and the income of such house property is chargeable under the head ‘Income from House Property’; The person who is assessable for the whole or part of the income on which TDS has been deducted in the hands of a person other than the assessee.

What is Income Tax 1962?

Income Tax Rules, 1962: The Central Board of Direct Taxes (CBDT) administers efficient implementation and working of the direct taxes in the country. The CBDT frames standard rules for efficient achievement of the purpose of the Income Tax Act. These rules are referred as Income Tax Rules, 1962.

What is Rule 2BB?

Rule 2BB(1) lists down the prescribed allowances as- 1. Allowance granted to meet the cost of travel on tour or transfer. 2. Daily allowance granted to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty.

What are the income tax rules?

Income Tax Slabs Income Tax Rates
Income greater than Rs 2.5 lakhs but less than Rs 5 lakhs 5% of the amount exceeding Rs 2.5 lakhs
Income greater than Rs 5 lakhs but less than Rs 10 lakhs Rs.12,500+20% of the amount exceeding Rs 5 lakhs
Income greater than Rs 10 lakhs Rs.1,12,500+30% of the amount exceeding Rs 10 lakhs

What is Rule 12 of income tax?

Rule 12(2) provides that returns shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax, if any, claimed to have been deducted or collected at source or the advance tax or tax on self-assessment, if any, claimed to have been paid or any …

What is Rule 5’2 of Income Tax Act?

– For the removal of doubts, it is hereby declared that income which has been included in the total income of a person on the basis that it has accrued or arisen or is deemed to have accrued or arisen to him shall not again be so included on the basis that it is received or deemed to be received by him in India.

Do we need to pay tax every month?

Income tax is applicable to be paid by individuals, corporates, businesses, and all other establishments that generate income. Even though income tax is paid every month from the monthly earnings, it is calculated on an annual basis. The amount of income tax an individual has to pay depends on a number of factors.

What is Rule 5’2 of income tax Act?

What are the income tax rules in 1962?

In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 12,─. (a) in sub-rule (2),-. (A) after the words, letters and figure “Form No. ITR-6” the words, letters and figure “or Form No. ITR-7” shall be inserted;

When was Rule 12 of income tax rules amended?

CBDT has amended Rule 12 of Income Tax Rules 1962 vide its Notification No. 24/2014, Dated: April 1, 2014 and made amendments in respect of filing of ITR by Trusts, Partnership firms and furnishing of Audit Report under section 11 (2) (a) by trusts for accumulation of Income.

How is total income assessable under the Act?

Sl. (V) total income assessable under the Act during the previous year of the person (other than the person, being an individual of the age of 80 years or more at any time during the previous year and furnishing the return in Form ITR-1 or ITR-2),-

Which is the new rule for income tax in India?

The Central Board of Direct Taxes, vide notification no. 32/2019 dated 1 st April 2019, introduced the Income Tax (Second Amendment) Rules, 2019 which are made effective from 1 st April 2019.