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Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows : CHAPTER 1 PRELIMINARY Section 1 Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....

Income Tax Act, 1961 Section 43

Title: Definitions of Certain Terms Relevant to Income from Profits and Gains of Business or Profession

State: Central

Year: 1961

.....a person in the course of his manufacturing or merchanting business to guard against loss through future price fluctuations in respect of his contracts for actual delivery of goods manufactured by him or merchandise sold by him; or (b) a contract in respect of stocks and shares entered into by a dealer or investor therein to guard against loss in his holdings of stocks and shares through price fluctuations; or (c) a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member; 8[or] 8[(d) an eligible transaction in respect of trading in derivatives referred to in clause 9[(ac)] of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) carried out in a recognised stock exchange:] shall not be deemed to be a speculative transaction. 8[Explanation: For the purposes of this clause, the expressions (i) eligible transaction means any transaction, (A) carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered.....

Income Tax Act, 1961 Section 32A

Title: Investment Allowance

State: Central

Year: 1961

.....income chargeable under the head Profits and gains of business or profession of any one previous year. Explanation: For the purposes of this sub-section, actual cost means the actual cost of the ship, aircraft, machinery or plant to the assessee as reduced by that part of such cost which has been met out of the amount released to the assessee under sub-section (6) of section 32AB. (2) The ship or aircraft or machinery or plant referred to in sub-section (1) shall be the following, namely: (a) a new ship or new aircraft acquired after the 31st day of March, 1976, by an assessee engaged in the business of operation of ships or aircraft; (b) any new machinery or plant installed after the 31st day of March, 1976, (i) for the purposes of business of generation or distribution of electricity or any other form of power; or (ii) in a small-scale industrial undertaking for the purposes of business of manufacture or production of any article or thing; or (iii) in any other industrial undertaking for the purposes of business of construction, manufacture or production of any article or thing, not being an article or thing specified in the list in the Eleventh Schedule: .....

Finance Act 1976 Chapter III

Title: Direct Taxes

State: Central

Year: 1976

.....or incorporated by or under a Central, State or Provincial Act and includes an institution declared section 3 of the University Grant Commission Act, 1956 (8 of 1956), to be a University for the purposes of that Act.. Section 12 - Omission of Section 54C Section 54C of the Income-tax Act shall be omitted. Section 13 - Amendment of Section 57 In section 57 of the Income-tax Act, the following proviso and Explanation shall be inserted at the end, with effect from the 1st day of June, 1976, namely :- Provided that nothing contained in clause (i) or clause (iii) shall apply in computing the income by way of dividends in the case of an assessee, being a foreign company. Explanation : For the purposes of this section and section 58, "foreign company" shall have the same meaning as in section 80B.. Section 14 - Amendment of Section 58 In section 58 of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted, with effect from the 1st day of June, 1976, namely :- (3) In the case of an assessee, being a foreign company, the provisions of section 44D shall, so far as may be, apply in computing the income chargeable under the head "Income.....

Finance Act 1976 Section 8

Title: Insertion of New Section 32a

State: Central

Year: 1976

.....(4), - (1) "new ship" or "new aircraft" or "new machinery or plant" shall have the same meanings as in the Explanation to clause (vi) of sub-section (1) of section 32; (2) an industrial undertaking shall be deemed to be a small-scale industrial undertaking, if the aggregate value of the machinery and plant (other than tools, jigs, dies and moulds) installed, as on the last day of the previous year, for the purposes of the business of the undertaking does not exceed ten lakh rupees; and for this purposes the value of any machinery or plant shall be, - (a) in the case of any machinery or plant owned by the assessee, the actual cost thereof to the assessee; and (b) in the case of any machinery or plant hired by the assessee, the actual cost thereof as in the case of the owner of such machinery or plant. (3) Where the total income of the assessee assessable for the assessment year relevant to the previous year in which the ship or aircraft was acquired or the machinery or plant was installed, or, as the case may be, the immediately succeeding previous year [the total income for this purposes being computed after deduction of the allowances under section 33 and section.....

Companies Act, 1956 Schedule 14

Title: Schedule 14

State: Central

Year: 1956

.....W.D.V. * S.L.M. 1 2 3 4 5 6 7 I. (a) Buildings (other than factory buildings) [NESD] 5% 1.63% .... .... .... .... (b) Factory Buildings 10% 3.34% .... .... .... .... (c) Purely temporary erections such as wooden structures 100% 100% .... .... .... .... II. PLANT AND MACHINERY 2 [(i) General rate applicable to, - (a) Plant and machinery (not being a ship) other than continuous process plant for which no special rate has been prescribed under (ii) below; 13.91% 4.75% 20.87% 7.42% 27.82% 10.34% (b) Continuous process plant, 3 [***] for which no special rate has been prescribed under (ii) below [NESD] 15.33% 5.28% .... .... .... ....] (ii).....

Finance Act 2001 Section 26

Title: Amendment of Section 43

State: Central

Year: 2001

..... "Explanation 12.- Where any capital asset is acquired by the assessee under a scheme for corporatisation of a recognised stock exchange in India, approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the actual cost of the asset shall be deemed to be the amount which would have been regarded as actual cost had there been no such corporatisation."; (b) in clause(6), after Explanation 4, the following Explanation shall be inserted, namely :- "Explanation 5.- Where in a previous year, any asset forming part of a block of assets is transferred by a recognised stock exchange in India to a company under a scheme for corporatisation approved by the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the written down value of the block of assets in the case of such company shall be the written down value of the transferred assets immediately before such transfer.".

Finance (No. 2) Act, 1980 Section 11

Title: Amendment of Section 41

State: Central

Year: 1980

.....purposes of business after it ceased to be used for the purpose of scientific research related to the business is sold, discarded, demolished or destroyed, the provisions of this sub-section shall apply as if for the words "actual cost", at the first place where they occur, the words "actual cost as increased by twenty-five per cent. thereof" had been substituted.'; (b) in sub-section (3), - (i) for the words, brackets and figures "clause (iv) of sub-section (1) section 35", the words, brackets, figures and letters "clause (iv) of sub-section (1), or clause (c) of sub-section (2B), of section 35" shall be substituted; (ii) for the words, brackets, figures and letter "clause (ia) of sub-section (2) of section 35", the words, brackets, figures and letters "clause (ia) of sub-section (2), or clause (c) of sub-section (2B), of section 35" shall be substituted.

Income Tax Act, 1961 Section 80HHA

Title: Deduction in Respect of Profits and Gains from Newly Established Small-scale Industrial Undertakings in Certain Areas

State: Central

Year: 1961

..... (2) This section applies to any small-scale industrial undertaking which fulfils all the following conditions, namely : (i) it begins to manufacture or produce articles after the 30th day of September, 1977, but before the 1st day of April, 1990, in any rural area ; (ii) it is not formed by the splitting up, or the reconstruction, of a business already in existence : Provided that this condition shall not apply in respect of any small-scale industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section ; (iii) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose ; (iv) it employs ten or more workers in a manufacturing process carried on with the aid of power, or employs twenty or more workers in a manufacturing process carried on without the aid of power. Explanation : Where in the case of a small-scale industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is.....

Finance (No. 2) Act 1977 Section 18

Title: Insertion of New Section 80hha

State: Central

Year: 1977

..... (2) This section applies to any small-scale industrial undertaking which fulfils all the following conditions, namely :- (i) it begins to manufacture or produce articles after the 30th day of Sept., 1977 in any rural area; (ii) it is not formed by the splitting up, or the reconstruction, of a business already in existence : Provided that this condition shall not apply in respect of any small-scale industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section; (iii) it is not formed by the transfer to a new business of machinery or plant previously used for any purposes; (iv) it employs ten or more workers in a manufacturing process carried on with the aid of power or employs twenty or more workers in a manufacturing process carried on without the aid of power. Explanation : Where in the case of a small-scale industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value.....