Title : "salary", "perquisite" and "profits in Lieu of Salary" Defined
State : Central
Year : 1961
For the purposes of sections 15 and 16 and of this section, (1) salary includes (i) wages; (ii) any annuity or pension; (iii) any gratuity; (iv) any fees, commissions, perquisites or profits in lieu of or in addition to any salary or wages; (v) any advance of salary; (va) any payment received by an employee in respect of any period of leave not availed of by him; (vi) the annual accretion to the balance at the credit of an employee participating in a recognised provident fund, to the extent to which it is chargeable to tax under rule 6 of Part A of the Fourth Schedule; and (vii) the aggregate of all sums that are comprised in the transferred balance as referred to in sub-rule (2) of rule 11 of Part A of the Fourth Schedule of an employee participating in a..... View Complete Act List Judgments citing this sectionTitle : Depreciation
State : Central
Year : 1961
(1) 1[In respect of depreciation of (i) buildings, machinery, plant or furniture being tangible assets; (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on or after the 1st day of April, 1998, owned wholly or partly, by the assessee and used for the purposes of the business or profession, the following deductions shall be allowed ] 2[(i) in the case of assets of an undertaking engaged in generation or generation and distribution of power, such percentage on the actual cost thereof to the assessee as may be prescribed3;] (ii) in the case of any block of assets, such percentage on the written down value thereof as may be prescribed4: [First proviso omitted by..... View Complete Act List Judgments citing this sectionTitle : Expenditure by Way of Payment to Associations and Institutions for Carrying out Rural Development Programmes
State : Central
Year : 1961
(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 authority1; or (b) to an association or institution, which has as its object the training of persons for implementing programmes of rural development; or (c) to a rural development fund set-up and notified by the Central Government in this behalf; or (d) to the National Urban Poverty Eradication Fund set-up and notified by the Central Government in this behalf, the assessee shall, subject to the provisions of sub-section (2), be allowed a deduction of the amount of such expenditure incurred during..... View Complete Act List Judgments citing this sectionTitle : Amortisation of Expenditure in Case of Amalgamation or Demerger
State : Central
Year : 1961
1[(1) Where an assessee, being an Indian company, incurs any expenditure, on or after the 1st day of April, 1999, wholly and exclusively for the purposes of amalgamation or demerger of an undertaking, the assessee shall be allowed a deduction of an amount equal to one-fifth of such expenditure for each of the five successive previous years beginning with the previous year in which the amalgamation or demerger takes place. (2) No deduction shall be allowed in respect of the expenditure mentioned in sub-section (1) under any other provision of this Act.] ____________ 1. Inserted by the Finance Act, 1999, with effect from 1st April, 2000. View Complete Act List Judgments citing this sectionTitle : Other Deductions
State : Central
Year : 1961
(1) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28 (i) the amount of any premium paid in respect of insurance against risk of damage or destruction of stocks or stores used for the purposes of the business or profession; (ia) the amount of any premium paid by a federal milk co-operative society to effect or to keep in force an insurance on the life of the cattle owned by a member of a co-operative society, being a primary society engaged in supplying milk raised by its members to such federal milk co-operative society; 1[(ib) the amount of any premium 2[paid by any mode of payment other than cash] by the assessee as an employer to effect or to keep in force an..... View Complete Act List Judgments citing this sectionTitle : Expenses or Payments Not Deductible in Certain Circumstances
State : Central
Year : 1961
(1) The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this Act relating to the computation of income under the head Profits and gains of business or profession. (2) (a) Where the assessee incurs any expenditure in respect of which payment has been or is to be made to any person referred to in clause (b) of this sub-section, and the Assessing Officer is of opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for which the payment is made or the legitimate needs of the business or profession of the assessee or the benefit derived by or accruing to him therefrom, so much of the expenditure as is so considered by him to be excessive..... View Complete Act List Judgments citing this sectionTitle : Definitions of Certain Terms Relevant to Income from Profits and Gains of Business or Profession
State : Central
Year : 1961
In sections 28 to 41 and in this section, unless the context otherwise requires (1) actual cost means the actual cost of the assets to the assessee, reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority: Provided that where the actual cost of an asset, being a motor car which is acquired by the assessee after the 31st day of March, 1967, but before the 1st day of March, 1975, and is used otherwise than in a business of running it on hire for tourists, exceeds twenty-five thousand rupees, the excess of the actual cost over such amount shall be ignored, and the actual cost thereof shall be taken to be twenty-five thousand rupees. Explanation 1: Where an asset is used in the business after it ceases to be used for..... View Complete Act List Judgments citing this sectionTitle : Maintenance of Accounts by Certain Persons Carrying on Profession or Business
State : Central
Year : 1961
(1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act. (2) Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall, - (i) if his income from business or profession exceeds 1[one lakh twenty thousand] rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds 2[ten lakh] rupees in any one of the three years..... View Complete Act List Judgments citing this sectionTitle : Special Provision for Computing Profits and Gains of Business of Plying, Hiring or Leasing Goods Carriages
State : Central
Year : 1961
(1) Notwithstanding anything to the contrary contained in to , in the case of an assessee, who owns not more than ten goods carriages 1[at any time during the previous year] and who is engaged in the business of plying, hiring or leasing such goods carriages, the income of such business chargeable to tax under the head Profits and gains of business or profession shall be deemed to be the aggregate of the profits and gains, from all the goods carriages owned by him in the previous year, computed in accordance with the provisions of sub-section (2). 6[(2) For the purposes of sub-section (1), the profits and gains from each goods carriage,-- (i) being a heavy goods vehicle, shall be an amount equal to five thousand rupees for every month or part of a month during which the heavy goods..... View Complete Act List Judgments citing this sectionTitle : Special Provision for Cost of Acquisition in Case of Depreciable Asset
State : Central
Year : 1961
1[Where the capital asset is an asset in respect of which a deduction on account of depreciation under clause (f) of sub-section (1) of section 32 has been obtained by the assessee in any previous year, the provisions of sections 48 and 49 shall apply subject to the modification that the written down value, as defined in clause (6) of section 43, of the asset, as adjusted, shall be taken as the cost of acquisition of the asset.] ________________ 1. Inserted by the Finance (No. 2) Act, 1998, with retrospective effect from 1st April, 1998. View Complete Act List Judgments citing this section