February 17, 2025

Section 30 – Wealth-Tax Act, 1957

Notice of demand When any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under this Act, the 6[Assessing Officer] shall serve upon the assessee a notice of demand in the prescribed form specifying the sum so payable.]  

Features of a Company

Features of a Company

There are different definitions of a company in different countries. If we look at the global definition of it, it is said to be a business entity acting as an artificial legal person. A group of persons or a single person forms the company for engaging in or carrying on a business. Thus, it’s like

Section 153 of Income Tax Act, 2025 : Deduction for interest on deposits

(1) An assessee who is––(a) an individual, not being a senior citizen; or(b) an individual, being a senior citizen; or(c) a Hindu undivided family, shall be allowed a deduction from the gross total income, subject to conditions specified in sub-section (2), where it includes income by way of interest on deposits with––(i) a banking company

Section 154 of Income Tax Act, 2025 : Deduction in case of a person with disability.

(1) An individual, being resident in India, who is certified by a medical authority, at any time during the tax year, as a person with disability or person with severe disability, shall be allowed a deduction of seventy-five thousand rupees or one lakh and twenty-five thousand rupees, respectively, while computing his total income.(2) The deduction

Section 155 of Income Tax Act, 2025 : Rebate to be allowed in computing income-tax.

(1) In computing income-tax on the total income of an assessee with which he is chargeable for any tax year, there shall be allowed from income-tax (as computed before allowing the deductions under this Chapter), subject to the provisions ofsection 156, the deductions specified therein.(2) The deduction under section 156, shall not, in any case,