section 110
This query is : Resolved
26 December 2009
what is the relevance of section 110.
If answer is positive than how to calculate average tax rate.
If answer is positive than how to calculate average tax rate.
29 December 2009
As per the provisions of the Income tax act section 110 is applicable where there is mincluded in the total income of an assessee any income on which no tax is payable under the provisions of the Act, the assessee shall be entitled to a deduction from the amount of income-tax an amount equal to the income tax calculated at the average rate of tax on the amount on which no income tax is payable.
Hence in short, to the extent of the income on which no tax is payable, there shall be allowed a deduction proportionate to the income which is exempt to the total income, which is the average tax rate calculated on the total income...
Hence in short, to the extent of the income on which no tax is payable, there shall be allowed a deduction proportionate to the income which is exempt to the total income, which is the average tax rate calculated on the total income...
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