Title : Deductions in Respect of Rents Paid
State : Central
Year : 1961
1[In computing the total income of an assessee, not being an assessee having any income falling within clause (13A) of section 10, there shall be deducted any expenditure incurred by him in excess of ten per cent of his total income towards payment of rent (by whatever name called) in respect of any furnished or unfurnished accommodation occupied by him for the purposes of his own residence, to the extent to which such excess expenditure does not exceed two thousand rupees per month or twenty-five per cent of his total income for the year, whichever is less and subject to such other conditions or limitations as may be prescribed2, having regard to the area or place in which such accommodation is situated and other relevant considerations : Provided that nothing in this section shall..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Contributions Given by Companies to Political Parties
State : Central
Year : 1961
1In computing the total income of an assessee, being an Indian company, there shall be deducted any sum contributed by it, in the previous year to any political party 2[or any electoral trust]. Explanation : For the removal of doubts, it is hereby declared that for the purposes of this section, the word contribute, with its grammatical variation, has the meaning assigned to it under section 293A of the Companies Act, 1956 (1 of 1956).] ___________________________ 1. Inserted by the Election and Other Related Laws (Amendment) Act, 2003, with effect from 11th September, 2003. 2. Inserted by the Finance (No. 2) Act, 2009, with effect from 1st April, 2010. View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Contributions Given by Any Person to Political Parties
State : Central
Year : 1961
1[In computing the total income of an assessee, being any person, except local authority and every artificial juridical person wholly or partly funded by the Government, there shall be deducted any amount of contribution made by him, in the previous year, 2[to a political party or an electoral trust]. Explanation : For the purposes of sections 80GGB and 80GGC, political party means a political party registered under section 29A of the Representation of the People Act, 1951 (43 of 1951).] ________________________________ 1. Inserted by the Election and Other Related Laws (Amendment) Act, 2003, with effect from 11th September, 2003. 2. Substituted by the Finance (No. 2) Act, 2009, with effect from 1st April, 2010 for the words : - "to a political party]" View Complete Act List Judgments citing this sectionTitle : Deductions in Respect of Profits and Gains from Industrial Undertakings or Enterprises Engaged in Infrastructure Development, Etc.
State : Central
Year : 1961
1[2[(1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-section (4) (such business being hereinafter referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to hundred per cent of profits and gains derived from such business for ten consecutive assessment years.] (2) The deduction specified in sub-section (1) may, at the option of the assessee, be claimed by him for any ten consecutive assessment years out of fifteen years beginning from the year in which the undertaking or the enterprise develops and begins to operate any..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Profits and Gains from Certain Industrial Undertakings Other Than Infrastructure Development Undertakings
State : Central
Year : 1961
(1) Where the gross total income of an assessee includes any profits and gains derived from any business referred to in sub-sections 2[(3) to 3[(11), (11A) and (11B)]] (such business being hereinafter referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to such percentage and for such number of assessment years as specified in this section. (2) This section applies to any industrial undertaking which fulfils all the following conditions, namely: (i) it is not formed by splitting up, or the reconstruction, of a business already in existence: Provided that this condition shall not apply in respect of an..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Employment of New Workmen
State : Central
Year : 1961
1[(1) Where the gross total income of an assessee, being an Indian company, includes any profits and gains derived from any industrial undertaking engaged in the manufacture or production of article or thing, there shall, subject to the conditions specified in sub-section (2), be allowed a deduction of an amount equal to thirty per cent of additional wages paid to the new regular workmen employed by the assessee in the previous year for three assessment years including the assessment year relevant to the previous year in which such employment is provided. (2) No deduction under sub-section (1) shall be allowed - (a) if the industrial undertaking is formed by splitting up or reconstruction of an existing undertaking or amalgamation with another industrial undertaking; (b) unless..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Certain Incomes of Offshore Banking Units
State : Central
Year : 1961
1[(1) Where the gross total income of an assessee, - (i) being a scheduled bank, or, any bank incorporated by or under the laws of a country outside India; and having an Offshore Banking Unit in a Special Economic Zone; or (ii) being a Unit of an International Financial Services Centre, includes any income referred to in sub-section (2), there shall be allowed, in accordance with and subject to the provisions of this section, a deduction from such income, of an amount equal to - (a) one hundred per cent of such income for five consecutive assessment years beginning with the assessment year relevant to the previous year in which the permission, under clause (a) of sub-section (1) of section 23 of the Banking Regulation Act, 1949 (10 of 1949) or permission or registration under..... View Complete Act List Judgments citing this sectionTitle : Special Provisions Relating to Certain Companies
State : Central
Year : 1961
(1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee being a company (other than a company engaged in the business of generation or distribution of electricity), the total income, as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 1988 but before the 1st day of April, 1991 (hereafter in this section referred to as the relevant previous year), is less than thirty per cent of its book profit, the total income of such assessee chargeable to tax for the relevant previous year shall be deemed to be an amount equal to thirty per cent of such book profit. (1A) Every assessee, being a company, shall, for the purposes of this section, prepare its profit..... View Complete Act List Judgments citing this sectionTitle : Special Provision for Payment of Tax by Certain Companies
State : Central
Year : 1961
1(1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after 2[22[the 1st day of April, 2011]] is less than 4[23[eighteen per cent]] of its book profit, 6[such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of 4[23[eighteen per cent]]. (2) Every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule..... View Complete Act List Judgments citing this sectionTitle : Interest Payable for Non-payment of Tax
State : Central
Year : 1961
Where the person responsible for making payment of the income distributed by the 1[specified company as referred to in clause (h) of section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) or a Mutual Fund and the specified company] or the Mutual Fund, as the case may be, fails to pay the whole or any part of the tax referred to in sub-section (1) or sub-section (2) of section 115R, within the time allowed under sub-section (3) of that section, he or it shall be liable to pay simple interest at the rate of 2[one per cent] every month or part thereof on the amount of such tax for the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid. ..... View Complete Act List Judgments citing this section