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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.....

Rajasthan Courtfees & Suits Valuation Act, 1961 Complete Act

State: Rajasthan

Year: 1961

RAJASTHAN COURT-FEES & SUITS VALUATION ACT, 1961 RAJASTHAN COURT-FEES & SUITS VALUATION ACT, 1961 (Act No.23 of 1961) (Amended by Rajasthan Act No.3 of 1962, 5 of 1977, 7 of 1987, 26 of 1951 and 16 of 1990. Received the assent of the President on the 26th day of August, 1961) PREAMBLE An Act to amend and consolidate the law relating to court-fees and valuation of suits in the State of Rajasthan. BE it enacted by the Rajasthan State Legislature in the Twelfth Year of the Republic of India as follows:-- Chapter-I Preliminary 1. Short title, extent and commencement:- (1) This Act may be called the Rajasthan Court-fees and Suits Valuation Act, 1961. (2) It extends to the whole of the State of Rajasthan. (The Act has come into force (w.e.f. 1-11-1961), vide Notification No. F-5(108) E&T/58, dated 25th October, 1961, published in Rajasthan Rajpatra, Pt N(c) dated 25th October, 1961.) (3) It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint. 2. Application of Act:- (1) The provisions of this Act shall not apply to documents resented or to be presented before an officer serving under.....

Income Tax Act, 1961 Schedule II

Title: Procedure for Recovery of Tax

State: Central

Year: 1961

..... The Board may prescribe the form to be used for any order, notice, warrant, or certificate to be issued under this Schedule. 92. Power to make rules. (1) The Board may make rules, consistent with the provisions of this Act, regulating the procedure to be followed by Chief Commissioners, Commissioners, Tax Recovery Officers and other officers acting under this Schedule. (2) In particular, and without prejudice to the generality of the power conferred by sub-rule (1), such rules may provide for all or any of the following matters, namely : (a) the area within which Chief Commissioners, Commissioners or Tax Recovery Officers may exercise jurisdiction ; (b) the manner in which any property sold under this Schedule may be delivered ; (c) the execution of a document or the endorsement of a negotiable instrument or a share in a corporation, by or on behalf of the Tax Recovery Officer, where such execution or endorsement is required to transfer such negotiable instrument or share to a person who has purchased it under a sale under this Schedule ; (d) the procedure for dealing with resistance or obstruction offered by any person to a purchaser of any immovable property.....

Maharashtra Industrial Development Act, 1961 Complete Act

State: Maharashtra

Year: 1961

.....suspend from office for such period as it thinks fit, or remove from office any member of the Corporation, who in its opinion " (a) has refused to act, or (b) has become incapable of acting, or (c) has so abused his position as member as to render his continuance on the Corporation detrimental to the interest thereof or of the general public, or (d) is otherwise unfit to continue as a member; Provided that, a member shall not be suspended or removed from office unless he has been given reasonable opportunity to show cause against the order. SECTION 09: VACANCIES HOW TO BE CALLED Any vacancy of a member of the Corporation shall be filled as early as practicable, in like manner as if the appointment were being made originally: Provided that, during any such vacancy the continuing members may act as if no vacancy had occurred. SECTION 10: TEMPORARY ABSENCE OF MEMBERS (1) In the absence of the Chairman, the Vice-Chairman shall be competent to carry out the duties and functions of the Chairman. (2) If the Vice-Chairman or any other member of the Corporation is by reason of illness or otherwise rendered temporarily incapable of carrying out his duties, or is granted leave of absence.....

Income 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.....

Income Tax Act, 1961 Section 178

Title: Company in Liquidation

State: Central

Year: 1961

.....the date of liquidation or for meeting such costs and expenses of the winding up of the company as are in the opinion of the Chief Commissioner or Commissioner reasonable. (4) If the liquidator fails to give the notice in accordance with sub-section (1) or fails to set aside the amount as required by sub-section (3) or parts with any of the assets of the company or the properties in his hands in contravention of the provisions of that sub-section, he shall be personally liable for the payment of the tax which the company would be liable to pay: Provided that if the amount of any tax payable by the company is notified under sub-section (2), the personal liability of the liquidator under this subsection shall be to the extent of such amount. (5) Where there are more liquidators than one, the obligations and liabilities attached to the liquidator under this section shall attach to all the liquidators jointly and severally. (6) The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force.

The Punjab Cooperative Societies Act, 1961 Complete Act

State: Punjab

Year: 1961

.....as member of a co-operative society except the following, namely:- a) an individual competent to contract under section 11 of the Indian Contract Act,1892 (9 of 1872) b) any other cooperative society; c) The Government; and d) such class or classes of persons or associates of persons as may be notified by the Government in this behalf. *15-A Restriction on individual in becoming in becoming member of certain cooperative societies.- (1) No individual shall be admitted as member of a central or apex society has been exempted by the Registrar in his behalf , by general or special order. (2) The central and apex societies having individual as members on the date of commencement of the Punjab Co-operative Societies (Amendment) Act.,1969. Shall retire the shares of such individual within a period of tree years of such commencement in the prescribed manner. EXPLATION - For the purpose of this section ,Section 26 ,Section 26B and section 84-A a) "primary society" means a Co-operative society whose membership consists exclusively of individuals; b) "central society" means co-operative society whose membership includes primary society; c) "ape society " means co-operative society.....

Income Tax Act, 1961 Schedule IV

Title: Recognised Provident Funds

State: Central

Year: 1961

.....fund shall be excluded from the accounts of the recognised fund and shall be liable to income-tax in accordance with the provisions of this Act, other than this Part. (4) Subject to such rules as the Board may make in this behalf, the Assessing Officer shall make a calculation of the aggregate of all sums comprised in a transferred balance which would have been liable to income-tax if this Part had been in force from the date of the institution of the fund, without regard to any tax which may have been paid on any sum, and such aggregate (if any) shall be deemed to be income received by the employee in the previous year in which the recognition of the fund takes effect and shall be included in the employees total income for that previous year, and, for the purposes of assessment, the remainder of the transferred balance shall be disregarded, but no other exemption or relief, by way of refund or otherwise, shall be granted in respect of any sum comprised in such transferred balance : Provided that, in cases of serious accounting difficulty, the Chief Commissioner or Commissioner may, subject to the said rules, make a summary calculation of such aggregate. (5).....

Income Tax Act, 1961 Chapter I

Title: Preliminary

State: Central

Year: 1961

.....were, as on the last day of the relevant previous year, 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 ; (B) shares in the company (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than fifty per cent of the voting power have been allotted unconditionally to, or acquired unconditionally by, and were throughout the relevant previous year beneficially held by (a) the Government, or (b) a corporation established by a Central, State or Provincial Act, or (c) any company to which this clause applies or any subsidiary company of such company if the whole of the share capital of such subsidiary company has been held by the parent company or by its nominees throughout the previous year. Explanation : In its application to an Indian company whose business consists mainly in the construction of ships or in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power, item (B) shall have effect as if for the.....

Income Tax Act, 1961 Section 2

Title: Definitions

State: Central

Year: 1961

.....were, as on the last day of the relevant previous year, 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 ; (B) shares in the company (not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) carrying not less than fifty per cent of the voting power have been allotted unconditionally to, or acquired unconditionally by, and were throughout the relevant previous year beneficially held by (a) the Government, or (b) a corporation established by a Central, State or Provincial Act, or (c) any company to which this clause applies or any subsidiary company of such company if the whole of the share capital of such subsidiary company has been held by the parent company or by its nominees throughout the previous year. Explanation : In its application to an Indian company whose business consists mainly in the construction of ships or in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power, item (B) shall have effect as if for the.....