Section 56

Were not part of section but made effective from 1 6 2010 to 31 3 2017 vide 56 2 viia and lot of advantage was taken of this loop hole.

Section 56. 58 1 a iii salaries payable outside india on which no tax is paid or deducted at source. Transfer and transmission of securities effective from 1st april 2014 1 a company shall not register a transfer of securities of the company or the interest of a member in the company in the case of a company having no share capital other than the transfer between persons both of whose names are entered as holders of beneficial interest in the records of a depository unless. 58 2 expenditure of the nature.

For purposes of applying former sections 56 g 1 and 56 g 3 of the internal revenue code of 1986 with respect to taxable years beginning in 1991 and 1992 the reference in such sections to the alternative tax net operating loss deduction shall be treated as including a reference to the deduction under former section 56 h of such code. Section 56 1 60 referred to herein which provided for student s instruction permits was repealed by 1976 act no. The selectmen and all boards committees heads of departments and officers authorized to expend money shall approve and transmit to the town accountant as often as once each month all bills drafts orders and pay rolls chargeable to the respective appropriations of which they have the expenditure.

As per income tax act gifts received are taxable in the hands of recipient under the head of other sources and there is no taxation for the donor. Of this section is from act apr. 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.

Taxation of gift received under section 56 2 of income tax act 1961. Warrants for payment of bills section 56. This section is on abolition of section 56 2 vii because vii effective 1 4 2009 to 31 3 2017 included only individual or huf being recipient firm company etc.

Sections 56 3 680 and 56 3 690 referred to herein were repealed by 1979 act no. Taxation on gift provided u s 56 2 of income tax act 1961. 58 1 a ii interest chargeable to tax which is payable outside india on which tax has not been paid or deducted at source.

Amendments 1948 act june 25 1948 struck out provision in last sentence relating to removal of actions.