How can I remember my income tax sections?

I can give you some tips for remembering the sections of IT Act, Companies Act and Gst Act too.

1. Write down the section on paper with one liner.
2. Paste that list to a place where you can revise it after waking up in the morning.
3. Make a diary small one where only sections are written without one liner.

What is Section 56 2 of income tax?

Tax on sum/property received without consideration Section 56(2)(x) provides that following receipts shall be taxed in hands of any person where received from any person or persons on or after 01.04. 2017 during any previous year. (a) Any sum of money exceeding Rs. 50000 in aggregate without consideration.

What is the tax treatment of sum of money received as gift section 56 2?

1) Gift received from relative is exempt. 2) Gift received on the occasion other than marriage from non specified person shall be taxable under the head income from other sources. 3) Money received whether in cash or cheque in excess of Rs. 50,000/- from non specified persons shall be taxable.

What is the meaning of Section 56?

A person subject to section 56 is defined as a patient under the Act and has the right to be informed what is happening, to support (as reasonable in the circumstances), to communication (as reasonable in the circumstances) and to be given a copy of Statement of Rights #2 as soon as practicable.

How many chapters are there in Income Tax Act 1961?

23 chapters
The Income Tax Act of 1961 is a comprehensive statute that sets the rules and regulations that govern taxation in India. The Income Tax Act contains a total of 23 chapters and 298 sections according to the official website of the Income Tax Department of India.

What is the tax treatment of sum of money received as gift under section?

‘ Section 56(2) of the Income Tax provides for taxation of gifts received during the year in case aggregate value of all the gifts, whether in cash or in kind during a year, exceed fifty thousand rupees.

What is section 57 of Income Tax Act?

(a) Collection charges [Section 57(i)]: Any reasonable sum paid by way of commission or remuneration to a banker, or any other person for the purpose of realising the interest. (b) Interest on loan [Section 57(iii)]: Interest on money borrowed for investment in securities can be claimed as a deduction.

Is money gifted by parents taxable?

As regards incidence of tax at the time of making the gift is concerned, as per the Indian tax laws gift received by a person, generally, become taxable in his hands in case aggregate of all the gifts received by a him during a year exceeds fifty thousand rupees. So avoid accepting gifts beyond two lakhs in cash.

Who can gift to HUF?

As per Hindu law, HUF is inclusive of all family members from a common ancestor, hence the limit of 50,000/- does not apply on HUF, excluding cash gift of more than Rs 50,000/-. Gifts permitted by HUF to its members satisfying to the conditions of Section 10(2) are exempt from Income Tax in the hands of recipients.

How can I check 26AS?

View Tax Credit Statement (Form 26AS)

1. Go to the ‘My Account’ menu, click ‘View Form 26AS (Tax Credit)’ link.
2. Read the disclaimer, click ‘Confirm’ and the user will be redirected to TDS-CPC Portal.
3. In the TDS-CPC Portal, Agree the acceptance of usage.
4. Click ‘View Tax Credit (Form 26AS)’

How to understand Section 56(2) of the Income Tax Act?

REFER TABLE TO UNDERSTAND PROVISIONS OF SECTION 56 (2): In current year i.e FY 19-20 Dividend declared in last week, DDT paid by company, received in new year i.e F.Y 20-21, it will not be taxable in FY 20-21. So you will have to keep track of the same. Lottery is defined in explanation (i) to section 2 (24).

What is section 56 of IT Act 1961-2021?

Section 56 of IT Act 1961-2021 provides for income from other sources. Recently, we have discussed in detail section 55A (reference to Valuation Officer) of IT Act 1961. Today, we learn the provisions of section 56 of Income-tax Act 1961.

What is section 56(2)(VII)(C)(II)?

Section 56 (2) (vii) (c) (ii) provides that where an individual or a HUF receives any property for a consideration which is less than the FMV of the property, the difference shall be assessed as income of the recipient.

What is section 56(2)(x) of the gift tax?

Immovable Property as Gift: 56 (2) (x) is applicable only when gifts are received by Individual and HUF. Donor or Donee may be Resident or non Resident. 1. Cash: