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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.....

Wealth Tax Act, 1957 Complete Act

State: Central

Year: 1957

WEALTH TAX ACT, 1957 WEALTH TAX ACT, 1957 27 of 1957 An Act to provide for the levy of wealth-tax BE it enacted by Parliament in the Eighth Year of the Republic of India as follows:- SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called the Wealth-tax Act, 1957. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 1st day of April, 1957. SECTION 02: DEFINITIONS In this Act, unless the context otherwise requires,- (a)2[***] 3[(b) "Appellate Tribunal" means the Appellate Tribunal constituted under section 252 of the Income-tax Act; (c) "assessee" means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes- (i) every person in respect of whom any proceeding under this Act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person : (ii) every person who is deemed to be an assessee under this Act ; (iii) every person who is deemed to be an assessee in default under this Act; 4[(ca) "Assessing Officer " means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the.....

INCOME TAX ACT, 1961 Chapter V

Title: INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE'S TOTAL INCOME

State: Central

Year: 1961

.....of sale thereof and where the property is converted into any other property by any method, such other property. Explanation 2: For the purposes of this section, income includes loss. Section 65 - Liability of person in respect of income included in the income of another person 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 XVIID 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.

Income Tax Act, 1961 Section 64

Title: Income of Individual to Include Income of Spouse, Minor Child, Etc.

State: Central

Year: 1961

.....individual has, at any time after the 31st day of December, 1969, been converted by the individual into property belonging to the family through the act of impressing such separate property with the character of property belonging to the family or throwing it into the common stock of the family or been transferred by the individual, directly or indirectly, to the family otherwise than for adequate consideration (the property so converted or transferred being hereinafter referred to as the converted property), then, notwithstanding anything contained in any other provision of this Act or in any other law for the time being in force, for the purpose of computation of the total income of the individual under this Act for any assessment year commencing on or after the 1st day of April, 1971, (a) the individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly; (b) the income derived from the converted property or any part thereof shall be deemed to arise to the individual and not to the family; (c) where the converted property has been the subject matter of a partition (whether partial or.....

Gift Tax Act, 1958 Complete Act

State: Central

Year: 1958

.....shall be deemed to be a gift made by the transferor; (c) where there is a release, discharge, surrender, forfeiture, abandonment of any debt, contract or other actionable claim or of any interest in property by any person, the value of the release, discharge, surrender, forfeiture or abandonment, to the extent to which it has not been found to the satisfaction of the [Assessing officer] to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment; (d) where a person absolutely entitled to property causes or has caused the same to be vested in whatever manner in himself and any other person jointly without adequate consideration and such other person makes an appropriation from or out of the said property, the amount of the appropriation used for the benefit of the person making the appropriation or for the benefit of any other person shall be deemed to be a gift made in his favour by the person who causes or has caused the property to be so vested. 29[(e) where a person who has an interest in property as a tenant for a term or for life or a remainder man surrenders or relinquishes his.....

The Indian Penal Code 1860 Complete Act

State: Central

Year: 1860

.....1908, `India', means the territory of India excluding the State of Jammu and Kashmir. Under s. 2(e) of the Monopolies and Restrictive Trade Practices Act, 1969, `India' means for the purposes of this Act the territories to which this Act extends (i.e., whole of India except the State of Jammu and Kashmir). According to s. 2(27) of Customs Act, 1962, `India' includes the territorial waters of India. SECTION 19: "JUDGE" The word "judge" denotes not only every person who is officially designated as a Judge, but also every person, who is empowered by law to give, in any legal proceeding, civil or criminal, a definitive judgement or a judgement which, if not appealed against, would be definitive, or a judgement which, if confirmed by some other authority, would be definitive, or who is one of a body of persons, which body of persons is empowered by law to give such a judgement. Illustrations (a) A Collector exercising jurisdiction in a suit under Act 10 of 1859, is a Judge. (b) A Magistrate exercising jurisdiction in respect of a charge on which he has power to sentence to fine or imprisonment, with or without appeal, is a Judge. (c) A member of a Panchayat which has power.....

Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Chapter II

Title: Charge of Gift-tax and Gifts Subject to Such Charge

State: Central

Year: 1958

.....be deemed to be a gift made by the transferor; (c) where there is a release, discharge, surrender, forfeiture or abandonment of any debt, contractor other actionable claim or of any interest in property by any person, the value of the release, discharge, surrender, forfeiture or abandonment, to the extent to which it has not been found to the satisfaction of the4[Assessing Officer] to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment; (d) where a person absolutely entitled to property causes or has caused the same to be vested in whatever manner in himself and any other person jointly without adequate consideration and such other person makes an appropriation from or out of the said property, the amount of the appropriation used for the benefit of the person making the appropriation or for the benefit of any other person shall be deemed to be a gift made in his favour by the person who causes or has caused the property to be so vested; 5[(e) where a person who has an interest in property as a tenant for a term or for life or a remainder man surrenders or relinquishes his.....

Gift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Section 4

Title: Gifts to Include Certain Transfers

State: Central

Year: 1958

.....by any person, the value of the release, discharge, surrender, forfeiture or abandonment, to the extent to which it has not been found to the satisfaction of the4[Assessing Officer] to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment; (d) where a person absolutely entitled to property causes or has caused the same to be vested in whatever manner in himself and any other person jointly without adequate consideration and such other person makes an appropriation from or out of the said property, the amount of the appropriation used for the benefit of the person making the appropriation or for the benefit of any other person shall be deemed to be a gift made in his favour by the person who causes or has caused the property to be so vested; 5[(e) where a person who has an interest in property as a tenant for a term or for life or a remainder man surrenders or relinquishes his interest in the property or otherwise allows his interest to be terminated without consideration or for a consideration which is not adequate, the value of the interest so surrendered, relinquished or allowed to.....

Indian Penal Code (45 of 1860) Chapter 17

Title: Of Offences Against Property

State: Central

Year: 1860

.....intends to deliver the indigo plant, and afterwards breaks his contract and does not deliver it, he does not cheat, but is liable only to a civil action for breach of contract. (h) A intentionally deceives Z into a belief that A has performed A's part of a contract made with Z, which he has not performed, and thereby dishonestly induces Z to pay money. A cheats. (i) A sells and conveys an estate to B. A, knowing that in consequence of such sale he has no right to the property, sells or mortgages the same to Z, without disclosing the fact of the previous sale and conveyance to B, and receives the purchase or mortgage money for Z. A cheats. Section 416 - Cheating by personation A person is said to "cheat by personation" if he cheats by pretending to be some other person, or by knowingly substituting one person for another, or representing that he or any other person is a person other than he or such other person really is. Explanation.--The offence is committed whether the individual personated is a real or imaginary person. Illustration (a) A cheats by pretending to be a certain rich banker of the same name. A cheats by personation. (b) A cheats by pretending to.....

Finance Act 1979 Chapter III

Title: Direct Taxes

State: Central

Year: 1979

.....in this clause shall be construed to exempt from tax the income of any trust, endowment or society referred to therein;. Section 4 - Amendment of Section 35B In section 35B of the Income-tax Act, with effect from the 1st day of April, 1980, - (a) in sub-section (1), in clause (b), in sub-clause (i), the words, figures and letters, ", where expenditure is incurred before the 1st day of April, 1978" shall be omitted; (b) sub-section (1A) shall be omitted. Section 5 - Amendment of Section 35CCA In section 35CCA of the Income-tax Act, with effect from the 1st day of June, 1979, - (a) for sub-section (1), the following sub-section shall be substituted, namely :- "(1) Where an assessee incurs any expenditure by way of payment of any sum - (a) to an association or institution, which has as its object the undertaking of any programme of rural development, to be used for carrying out any programme of rural development approved by the prescribed authority; or (b) to an association or institution, which has as its object the training of persons for implementing programmes of rural development, the assessee shall, subject to the provisions of sub-section (2), be.....