Title : Special Provision in Respect of Newly Established Undertakings in Free Trade Zone, Etc.
State : Central
Year : 1961
1(1) Subject to the provisions of this section, a deduction of such profits and gains as are derived by an undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce such articles or things or computer software, as the case may be, shall be allowed from the total income of the assessee : Provided that where in computing the total income of the undertaking for any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the Finance Act, 2000, the undertaking shall be entitled to deduction referred to in..... View Complete Act List Judgments citing this sectionTitle : Special Provisions in Respect of Newly Established Units in Special Economic Zones
State : Central
Year : 1961
1(1) Subject to the provisions of this section, in computing the total income of an assessee, being an entrepreneur as referred to in clause (j) of section (2) of the Special Economic Zones Act, 2005, from his Unit, who begins to manufacture or produce articles or things or provide any services during the previous year relevant to any assessment year commencing on or after the 1st day of April, 2006, a deduction of - (i) hundred per cent of profits and gains derived from the export, of such articles or things or from services for a period of five consecutive assessment years beginning with the assessment year relevant to the previous year in which the Unit begins to manufacture or produce such articles or things or provide services, as the case may be, and fifty per cent of such..... View Complete Act List Judgments citing this sectionTitle : Income of Trusts or Institutions from Contributions
State : Central
Year : 1961
1[1] Any voluntary contributions received by a trust created wholly for charitable or religious purposes or by an institution established wholly for such purposes (not being contributions made with a specific direction that they shall form part of the corpus of the trust or institution) shall for the purposes of section 11 be deemed to be income derived from property held under trust wholly for charitable or religious purposes and the provisions of that section and section 13 shall apply accordingly. 2[(2) The value of any services, being medical or educational services, made available by any charitable or religious trust running a hospital or medical institution or an educational institution, to any person referred to in clause (a) or clause (b) or clause (c) or clause (cc) or clause..... View Complete Act List Judgments citing this sectionTitle : Expenditure Incurred in Relation to Income Not Includible in Total Income
State : Central
Year : 1961
1[2[1] For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this Act.] 3[(2) The Assessing Officer shall determine the amount of expenditure incurred in relation to such income which does not form part of the total income under this Act in accordance with such method as may be prescribed4, if the Assessing Officer, having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to income which does not form part of the total income under this Act.] 3[(3) The provisions of sub-section (2) shall also apply in relation to a case..... View Complete Act List Judgments citing this sectionTitle : "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 section