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Start Free TrialIncome Tax Act, 1961 Chapter XV
Title: Liability in Special Cases
State: Central
Year: 1961
.....of persons or body of individuals (other than a company or a co-operative society or a society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India) in the whole or any part of the income of such association or body are indeterminate or unknown, tax shall be charged on the total income of the association or body at the maximum marginal rate: Provided that, where the total income of any member of such association or body is chargeable to tax at a rate which is higher than the maximum marginal rate, tax shall be charged on the total income of the association or body at such higher rate. (2) Where, in the case of an association of persons or body of individuals as aforesaid [not being a case falling under sub-section (1)], - (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the Finance Act of the relevant year, tax shall be charged on the total income of the association or body at the maximum marginal rate; (ii) any member.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Chapter XX-C
Title: Purchase by Central Government of Immovable Properties in Certain Cases of Transfer
State: Central
Year: 1961
.....in such manner and within such time as may be prescribed2, by each of the parties to such transaction or by any of the parties to such transaction acting on behalf of himself and on behalf of the other parties. (4) Where it is found that the statement referred to in sub-section (2) is defective, the appropriate authority may intimate the defect to the parties concerned and give them an opportunity to rectify the defect within a period of fifteen days from the date of such intimation or within such further period which, on an application made in this behalf, the appropriate authority may, in its discretion, allow and if the defect is not rectified within the said period of fifteen days or, as the case may be, the further period so allowed, then, notwithstanding anything contained in any other provision of this Chapter, the statement shall be deemed never to have been furnished. ________________________________ 1. See rule 48K. 2. See rule 48L and Form No. 37-I. For analysis, see Mashbras Income-tax Rules. Section 269UD - Order by appropriate authority for purchase by Central Government of immovable property (1) Subject to the.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Chapter XII
Title: Determination of Tax in Certain Special Cases
State: Central
Year: 1961
.....the purposes of this sub-section, (a) listed securities means the securities -- (i) as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956) ; and (ii) listed in any recognised stock exchange in India ; (b) unit shall have the meaning assigned to it in clause (b) of Explanation to section 115AB.] (2) Where the gross total income of an assessee includes any income arising from the transfer of a long-term capital asset, the gross total income shall be reduced by the amount of such income and the deduction under Chapter VIA shall be allowed as if the gross total income as so reduced were the gross total income of the assessee. (3) Where the total income of an assessee includes any income arising from the transfer of a long-term capital asset, the total income shall be reduced by the amount of such income and the rebate under section 88 shall be allowed from the income-tax on the total income as so reduced. _____________________ 1. Proviso omitted by the Finance Act, 1995, with effect from 1st April, 1996. 1a. Inserted by the Finance Act, 1999 with effect from 1st April, 2000. 2. Substituted for being listed.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 54E
Title: Capital Gain on Transfer of Capital Assets Not to Be Charged in Certain Cases
State: Central
Year: 1961
.....under the Unit Trust of India Act, 1963 (52 of 1963); (iv) debentures specified by the Central Government for the purposes of clause (ii) of sub-section (1) of section 80L ; (v) shares in any Indian company which are issued to the public or are listed in a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder, where the investment in such shares is made before the 1st day of March, 1978 ; (va) equity shares forming part of any eligible issue of capital, where the investment in such shares is made after the 28th day of February, 1978; (vi) deposits for a period of not less than three years with the State Bank of India established under the State Bank of India Act, 1955 (23 of 1955), or any subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) or any nationalised bank, that is to say, any corresponding new bank, constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or any co-operative society engaged in carrying on the business of banking (including a co-operative land.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 13
Title: Section 11 Not to Apply in Certain Cases
State: Central
Year: 1961
.....in so far as such use or application relates to any period before the 1st day of July, 1972, no regard shall be had to the amendments made to this section by section 7 [other than sub-clause (ii) of clause (a) thereof] of the Finance Act, 1972. (2) Without prejudice to the generality of the provisions of clause (c) and clause (d) of sub-section (1), the income or the property of the trust or institution or any part of such income or property shall, for the purposes of that clause, be deemed to have been used or applied for the benefit of a person referred to in sub-section (3), (a) if any part of the income or property of the trust or institution is, or continues to be, lent to any person referred to in sub-section (3) for any period during the previous year without either adequate security or adequate interest or both; (b) if any land, building or other property of the trust or institution is, or continues to be, made available for the use of any person referred to in sub-section (3), for any period during the previous year without charging adequate rent or other compensation; (c) if any amount is paid by way of salary, allowance or otherwise during the previous year.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 245C
Title: Application for Settlement of Cases
State: Central
Year: 1961
.....for assessment or reassessment for any of the assessment years referred to in clause (b) of sub-section (1) of section 153A or clause (b) of sub-section (1) of section 153B in case of a person referred to in section 153A or section 153C have been initiated, the additional amount of income-tax payable on the income disclosed in the application exceeds fifty lakh rupees, (ii) in any other case, the additional amount of income-tax payable on the income disclosed in the application exceeds ten lakh rupees, and such tax and the interest thereon, which would have been paid under the provisions of this Act had the income disclosed in the application been declared in the return of income before the Assessing Officer on the date of application, has been paid on or before the date of making the application and the proof of such payment is attached with the application.] (1A) For the purposes of sub-section (1) of this section 3[***], the additional amount of income-tax payable in respect of the income disclosed in an application made under sub-section (1) of this section shall be the amount calculated in accordance with the provisions of sub-sections (1B) to (1D). 4[(1B) Where.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 273A
Title: Power to Reduce or Waive Penalty, Etc., in Certain Cases
State: Central
Year: 1961
.....has, in the case referred to in clause (b), co-operated in any enquiry relating to the assessment of his income and has either paid or made satisfactory arrangements for the payment of any tax or interest payable in consequence of an order passed under this Act, in respect of the relevant assessment year. Explanation : For the purposes of this sub-section, a person shall be deemed to have made full and true disclosure of his income or of the particulars relating thereto in any case where the excess of income assessed over the income returned is of such a nature as not to attract the provisions of clause (c) of sub-section (1) of section 271. (2) Notwithstanding anything contained in sub-section (1), (a) [Omitted by the Direct Tax Laws (Amendment) Act, 1989, with effect from 1st April, 1989] ; (b) if in a case falling under clause (c) of sub-section (1) of section 271, the amount of income in respect of which the penalty is imposed or imposable for the relevant assessment year, or, where such disclosure relates to more than one assessment year, the aggregate amount of such income for those years, exceeds a sum of five hundred thousand rupees, no order reducing or.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 197A
Title: No Deduction to Be Made in Certain Cases
State: Central
Year: 1961
.....the previous year in which such income is to be included in computing his total income will be nil. (1A) Notwithstanding anything contained in 4[section 193 or section 194A] or section 194K, no deduction of tax shall be made under 5[any of] the said sections in the case of a person (not being a company or a firm), if such person furnishes to the person responsible for paying any income of the nature referred to in 4[section 193 or section 194A] or section 194K, as the case may be, a declaration in writing in duplicate in the prescribed form5 and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil. 6[(1B) The provisions of this section shall not apply where the amount of any income of the nature referred to in sub-section (1) or sub-section (1A), as the case may be, or the aggregate of the amounts of such incomes credited or paid or likely to be credited or paid during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to income-tax.] 7[(1C) Notwithstanding anything contained in.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 245K
Title: Bar on Subsequent Application for Settlement in Certain Cases
State: Central
Year: 1961
1[(1) Where (i) an order of settlement passed under sub-section (4) of section 245D provides for the imposition of a penalty on the person who made the application under section 245C for settlement, on the ground of concealment of particulars of his income; or (ii) after the passing of an order of settlement under the said sub-section (4) in relation to a case, such person is convicted of any offence under Chapter XXII in relation to that case; or (iii) the case of such person was sent back to the Assessing Officer by the Settlement Commission on or before the 1st day of June, 2002, then, he shall not be entitled to apply for settlement under section 245C in relation to any other matter. (2) Where a person has made an application under section 245C on or after the 1st day of June, 2007 and if such application has been allowed to be proceeded with under sub-section (1) of section 245D, such person shall not be subsequently entitled to make an application under section 245C.] ________________________________ 1. Substituted by the Finance Act, 2007, with effect from 1st June, 2007. Prior to substitution, section 245K stood as under: 245K. Bar on subsequent.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 158BFA
Title: Levy of Interest and Penalty in Certain Cases
State: Central
Year: 1961
.....the period during which the proceedings under sub-section (2) are stayed by an order or injunction of any court, shall be excluded. (4) An income-tax authority on making an order under sub-section (2) imposing a penalty, unless he is himself an Assessing Officer, shall forthwith send a copy of such order to the Assessing Officer. ____________________________ 1. Substituted for one and one-fourth per cent by the Taxation Laws (Amendment) Act, 2003, with effect from 8th September, 2003. Earlier, one and one-fourth per cent was substituted for two per cent by the Finance Act, 2001, with effect from 1st June, 2001. 2. Substituted for Assistant Commissioner by the Finance (No. 2) Act, 1998, with effect from 1st October, 1998. 3. Substituted for Assistant Director by the Finance (No. 2) Act, 1998, with effect from 1st October, 1998. 4. Substituted for Deputy Commissioner by the Finance (No. 2) Act, 1998, with effect from 1st October, 1998. 5. Substituted for Deputy Director by the Finance (No. 2) Act, 1998, with effect from 1st October, 1998. 6. Inserted by the Finance Act, 2000, with effect from 1st June, 2000.
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