Section 13a Of Income Tax Act

Shipping income under section 13a shipping enterprises operating singapore registered and foreign ships enjoy tax exemptions on certain types of shipping income under section 13a of the income tax act ita.

Section 13a of income tax act. Section 13a of income tax act 1961 2017 provides for special provision relating to incomes of political parties. For definitions of shipping enterprise qualifying company ship management services etc. Section 13a in the income tax act 1995.

The income tax department appeals to taxpayers not to respond to such e mails and not to share information relating to their credit card bank and other financial accounts. The amount which is not to be included in the total income of an assessee in respect of the special allowance referred to in clause 13a of section 10 shall be a the actual amount of such allowance received by the assessee in respect of the relevant period. Any income of a political party which is chargeable under the head income from house property or income from other sources or capital gains or any income by way of voluntary contributions received by a political party from any person shall not be included in the total income of the previous year of such political party.

Please refer to section 13a 16. House rent allowance hra is an allowance paid by an employer to its employees for covering their house rent. Section 13b of income tax act 1961 2017 provides for special provisions relating to voluntary contributions received by electoral trust.

However income tax act provides a deduction of hra under section 10 13a subject to certain limits. Self employed individuals are not allowed to take any deduction under this section. House rent allowance granted by an employer to his employee is tax exempted to the extent provided under section 10 13a of income tax act 1961.

Comptroller means the comptroller of income tax appointed under section 3 1 and includes for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f 9 37ie 7 37j 5 67 1 a 95 96 96a and 101 a deputy comptroller or an assistant comptroller so appointed. Section 13a applies to shipping companies operating singapore registered ships in international waters for income derived from specified list of activities. Chapter iii sections 10 13b of income tax act 1961 deals with provisions related to incomes which do not form part of total income.

1 special provision relating to incomes of political parties any income of a political party which is chargeable under the head 2 income from house property or income from other sources or any income by way of voluntary contributions received by a political party from any person shall not be included in the total income of the previous year of such political party. Employees in india receive house rent allowance from their employer every month as a part of their terms and conditions of employment.