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What is the meaning Liability of person in respect of income included in the income of another person? What is Total income? Section 65 and 66 of Income Tax Act 1961

Liability of person in respect of income included in the income of another person and Total income are defined under section 65 and 66 of Income Tax Act 1961. Provisions under these Sections are:

Section 65 of Income Tax Act "Liability of person in respect of income included in the income of another person"

Section 65. Where, by reason of the provisions contained in this Chapter or in clause (i) of section 27, the income from any asset or from membership in a firm of a person other than the assessee is included in the total income of the assessee, the person in whose name such asset stands or who is a member of the firm shall, notwithstanding anything to the contrary contained in any other law for the time being in force, be liable, on the service of a notice of demand by the Assessing Officer in this behalf, to pay that portion of the tax levied on the assessee which is attributable to the income so included, and the provisions of Chapter XVII-D shall, so far as may be, apply accordingly :

 

Provided that where any such asset is held jointly by more than one person, they shall be jointly and severally liable to pay the tax which is attributable to the income from the assets so included.

Section 66 of Income Tax Act "Total income"

Section 66. In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter VII.

Income Tax Act 1961

What is the Meaning of adjusted cost of improvement and cost of acquisition? Section 55 of Income Tax Act 1961

What is Reference to Valuation Officer? Section 55A of Income Tax Act 1961

What is Income from other sources? Section 56 of Income Tax Act 1961

What are Deductions? Section 57 of Income Tax Act 1961

What are the Amounts not deductible? Section 58 of Income Tax Act 1961

What are Profits chargeable to tax? What is Transfer of income where there is no transfer of assets? What is Revocable transfer of assets? Section 59, 60 and 61 of Income Tax Act 1961

What is the meaning of Transfer irrevocable for a specified period? How Transfer and revocable transfer defined? Section 62 and 63 of Income Tax Act 1961

What is the meaning Income of individual to include income of spouse, minor child, etc? Section 64 of Income Tax Act 1961

What is the meaning Liability of person in respect of income included in the income of another person? What is Total income? Section 65 and 66 of Income Tax Act 1961

What is the Method of computing a member's share in income of association of persons or body of individuals? Section 67A of Income Tax Act 1961

What is Cash credits? What are Unexplained investments? Section 68 and 69 of Income Tax Act 1961

What is Unexplained money, etc? What are Amount of investments, etc., not fully disclosed in books of account? Section 69A and 69B of Income Tax Act 1961

What is Unexplained expenditure, etc? What is Amount borrowed or repaid on hundi? Section 69C and 69D of Income Tax Act 1961

What is Set off of loss from one source against income from another source under the same head of income? Section 70 of Income Tax Act 1961

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