Section 78 Of Income Tax Act

1 where a change has occurred in the constitution of a firm nothing in this chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the share of a retired or deceased partner as exceeds his share of profits if any in the firm in respect of the previous year.
Section 78 of income tax act. Income tax assessment act 1936 sect 78acertain gifts not to be allowable deductions. This act may be cited as the income tax act. Note on maternity leave pay tax deduction section 11 of the maternity protection act ch.
Certain gifts not to be allowable deductions. 254 and shall be ascertained in the same manner as annual value is ascertained under that act. Section 78 motor vehicle fringe benefit section 79 private expenditure fringe benefit section 80 property fringe benefit.
1 in this act unless the subject or context otherwise requires. B payment by promissory note. Index table search search this act notes noteup previous next download help income tax assessment act 1936 sect 78a.
Application of the act. Agreement includes any agreement arrangement or understanding whetherformal or informal or express or implied and whether or not enforceable bylegal proceedings. Deferring tax under part xiii of the act where the creditor is a non resident.
This act applies to years of income commencing on or after 1st july 1997. 1 in this section. 1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions.
Section 78 of income tax act 1961 2017 provides for carry forward and set off of losses in case of change in constitution of firm or on succession. Income tax act 2015 no 32 of 2015 1 commenced on 1 january 2016 except section 9 and part 6 which commence on the date notified by minister in the gazette as amended by. The income tax act.