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Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows : CHAPTER 1 PRELIMINARY Section 1 Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....

Income Tax Act, 1961 Chapter VIA

Title: Deductions to Be Made in Computing Total Income

State: Central

Year: 1961

.....any premium or other payment made on an insurance policy other than a contract for a deferred annuity as is not in excess of twenty per cent of the actual capital sum assured. Explanation : In calculating any such actual capital sum assured, no account shall be taken (i) of the value of any premiums agreed to be returned, or (ii) of any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be or may be received under the policy by any person. (4) The persons referred to in sub-section (2) shall be the following, namely: (a) for the purposes of clauses (i), (v), (x) and (xi) of that sub-section, (i) in the case of an individual, the individual, the wife or husband and any child of such individual, and (ii) in the case of a Hindu undivided family, any member thereof; (b) for the purposes of clause (ii) of that sub-section, in the case of an individual, the individual, the wife or husband and any child of such individual; (c) for the purpose of clause (xvii) of that sub-section, in the case of an individual, any two children of such individual. (5) Where, in any previous year, an assessee (i) terminates his contract of insurance.....

Income Tax Act, 1961 Section 80P

Title: Deduction in Respect of Income of Co-operative Societies

State: Central

Year: 1961

.....allowed with reference to the income, if any, as referred to in those clauses included in the gross total income as reduced by the deduction under section 80HH, section 80HHA, section 80HHB, section 80HHC, section 80HHD, section 80-I, section 80-IA, section 80J* and section 80JJ**. 4[(4) The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. Explanation : For the purposes of this sub-section,-- (a) co-operative bank and primary agricultural credit society shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949); (b) primary co-operative agricultural and rural development bank means a society having its area of operation confined to a taluk and the principal object of which is to provide for long-term credit for agricultural and rural development activities.] ____________________________________ * Reference to section 80J needs to be amended as the same has now been omitted by the Finance (No. 2) Act, 1996, with retrospective effect from 1st April, 1989. **.....

The Punjab Village Common Lands Regulation Act 1961 Complete Act

State: Punjab

Year: 1961

THE PUNJAB VILLAGE COMMON LANDS REGULATION ACT 1961 THE PUNJAB VILLAGE COMMON LANDS REGULATION ACT 1961 Punjab Act No. 18 of 1961 Received the assent of the President of India on 22nd April, 1961 and was first published in Punjab Gazettee (Extraordinary) Legislative Part -I, dated 4th May, 1961. Vaisakha 14, 1883 Saka. An act to consolidate and amend the law regulating the rights in shamilat deh and abadi deh. Be it enacted by the State of Punjab in the twelfth year of the Republic of India as follows: The Punjab Village Common Lands Regulation Act 1961 1 Short title Extent and Commencement 2 Definition- In this Act, unless the context otherwise requires 3 Lands to which this Act applies 4 Vesting of rights in Panchayat and non-proprietors 5 Regulation of use and occupation, etc of lands vested or deemed to have been vested in Panchayats 6 Appeal 7 Power to put panchayat in possession of Shamilat deh 7A Commissioner under this Act to exercise 8 Saving of existing Possession 9 Utilisation of Income 10 Bar of Compensation 10A Power of the Collector to cancel or vary leases etc. of lands vested in Panchayats 11 Decision of claims of.....