Title : Deductions from Income from House Property
State : Central
Year : 1961
1[Income chargeable under the head Income from house property shall be computed after making the following deductions, namely: (a) a sum equal to thirty per cent of the annual value; (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section (2) of section 23; the amount of deduction shall not exceed thirty thousand rupees: Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April, 1999 and such acquisition or construction is completed 2[within three years from the end of the financial year in which capital was..... View Complete Act List Judgments citing this sectionTitle : Investment Allowance
State : Central
Year : 1961
(1) In respect of a ship or an aircraft or machinery or plant specified in sub-section (2), which is owned by the assessee and is wholly used for the purposes of the business carried on by him, there shall, in accordance with and subject to the provisions of this section, be allowed a deduction, in respect of the previous year in which the ship or aircraft was acquired or the machinery or plant was installed or, if the ship, aircraft, machinery or plant is first put to use in the immediately succeeding previous year, then, in respect of that previous year, of a sum by way of investment allowance equal to twenty-five per cent of the actual cost of the ship, aircraft, machinery or plant to the assessee: Provided that in respect of a ship or an aircraft or machinery or plant specified in..... View Complete Act List Judgments citing this sectionTitle : Special Provision in Case of Income of Public Financial Institutions, Public Companies, Etc. .
State : Central
Year : 1961
1[Notwithstanding anything to the contrary contained in any other provision of this Act, - (a) in the case of a public financial institution or a scheduled bank or a State financial corporation or a State industrial investment corporation, the income by way of interest in relation to such categories of bad or doubtful debts as may be prescribed2 having regard to the guidelines issued by the Reserve Bank of India in relation to such debts; (b) in the case of a public company, the income by way of interest in relation to such categories of bad or doubtful debts as may be prescribed3 having regard to the guidelines issued by the National Housing Bank in relation to such debts, shall be chargeable to tax in the previous year in which it is credited by the public financial institution..... View Complete Act List Judgments citing this sectionTitle : Audit of Accounts of Certain Persons Carrying on Business or Profession
State : Central
Year : 1961
Every person, - (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 9[sixty lakh rupees] in any previous year; or (b) carrying on profession shall, if his gross receipts in profession exceed 10[fifteen lakh rupees] in any previous year, or (c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under 1[section 44AD or section 44AE or section 44AF] 2[or section 44BB or section 44BBB], as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any 3[previous year,] 3a[(d) carrying on the business shall, if the profits and..... View Complete Act List Judgments citing this sectionTitle : Special Provision for Computing Profits and Gains of Foreign Companies, Engaged in the Business of Civil Construction, Etc., in Certain Turnkey Power Projects
State : Central
Year : 1961
1[1] Notwithstanding anything to the contrary contained in sections 28 to 44AA, in the case of an assessee, being a foreign company, engaged in the business of civil construction or the business of erection of plant or machinery or testing or commissioning thereof, in connection with a turnkey power project approved by the Central Government in this behalf 2[***], a sum equal to ten per cent of the amount paid or payable (whether in or out of India) to the said assessee or to any person on his behalf on account of such civil construction, erection, testing or commissioning shall be deemed to be the profits and gains of such business chargeable to tax under the head Profits and gains of business or profession. 3[(2) Notwithstanding anything contained in sub-section (1), an assessee may..... View Complete Act List Judgments citing this sectionTitle : Special Provisions for Computing Income by Way of Royalties, Etc., in the Case of Foreign Companies
State : Central
Year : 1961
Notwithstanding anything to the contrary contained in sections 28 to 44C, in the case of an assessee, being a foreign company, - (a) the deductions admissible under the said sections in computing the income by way of royalty or fees for technical services received from Government or an Indian concern in pursuance of an agreement made by the foreign company with Government or with the Indian concern before the 1st day of April, 1976, shall not exceed in the aggregate twenty per cent of the gross amount of such royalty or fees as reduced by so much of the gross amount of such royalty as consists of lump sum consideration for the transfer outside India of, or the imparting of information outside India in respect of, any data, documentation, drawing or specification relating to any..... View Complete Act List Judgments citing this sectionTitle : Meaning of "adjusted", "cost of Improvement" and "cost of Acquisition"
State : Central
Year : 1961
(1) For the purposes of sections 48 and 49, - (a) [Omitted by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, with effect from 1st April, 1988] ; (b) "cost of any improvement", - (1) in relation to a capital asset being goodwill of a business or a right to manufacture, produce or process any article or thing 1[or right to carry on any business] shall be taken to be nil; and (2) in relation to any other capital asset, - (i) where the capital asset became the property of the previous owner or the assessee before the 1 st day of April 1981, means all expenditure of a capital nature incurred in making any additions or alterations to the capital asset on or after the said date by the previous owner or the assessee, and (ii) in any other case, means all..... View Complete Act List Judgments citing this sectionTitle : Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Amalgamation or Demerger, Etc.
State : Central
Year : 1961
1[2[(1) Where there has been an amalgamation of (a) a company owning an industrial undertaking or a ship or a hotel with another company; or (b) a banking company referred to in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949) with a specified bank; or (c) one or more public sector company or companies engaged in the business of operation of aircraft with one or more public sector company or companies engaged in similar business, then, notwithstanding anything contained in any other provision of this Act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for unabsorbed depreciation of the amalgamated company for the previous year in which the amalgamation was..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Contribution to Pension Scheme of Central Government
State : Central
Year : 1961
1[(1) Where an assessee, being an individual 2[employed by the Central Government or any other employer] on or after the 1st day of January, 2004, 3[or any other assessee, being an individual] has in the previous year paid or deposited any amount in his account under a pension scheme notified or as may be notified by the Central Government, he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount so paid or deposited as does not exceed, -- (a) in the case of an employee, ten per cent. of his salary in the previous year; and (b) in any other case, ten per cent of his gross total income in the previous year. (2) Where, in the case of an assessee referred to in sub-section..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Medical Insurance Premia
State : Central
Year : 1961
1[(1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, as specified in sub-section (2) or sub-section (3), payment of which is made by any mode, other than cash, in the previous year out of his income chargeable to tax. (2) Where the assessee is an individual, the sum referred to in sub-section (1) shall be the aggregate of the following, namely: (a) the whole of the amount paid to effect or to keep in force an insurance on the health of the assessee or his family 3[or any contribution made to the Central Government Health Scheme] as does not exceed in the aggregate fifteen thousand rupees; and (b) the whole of the amount paid to effect or to keep in force an insurance on the health of the parent or..... View Complete Act List Judgments citing this section