Bare Act Search Results
Home Bare Acts Phrase: deductSign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free TrialIncome 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.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 80IB
Title: Deduction in Respect of Profits and Gains from Certain Industrial Undertakings Other Than Infrastructure Development Undertakings
State: Central
Year: 1961
.....before the 31st day of May, 2008; and (iii) it begins refining not later than the 31st day of March, 2012. 24. Inserted by the Finance (No. 2) Act, 2009. 24a. Inserted by the Finance (No. 2) Act, 2009, with effect from 1st April, 2010. 25. Substituted by the Finance (No. 2) Act, 2004, with effect from 1st April, 2005. Prior to substitution, sub-section (10), as amended by the Finance Act, 2000, with effect from 1st April, 2001 and the Finance Act, 2003, with retrospective effect from 1st April, 2002, stood as under: (10) The amount of profits in case of an undertaking developing and building housing projects approved before the 31st day of March, 2005 by a local authority, shall be hundred per cent of the profits derived in any previous year relevant to any assessment year from such housing project if, - (a) such undertaking has commenced or commences development and construction of the housing project on or after the 1st day of October, 1998; (b) the project is on the size of a plot of land which has a minimum area of one acre; and (c) the residential unit has a maximum built-up area of one thousand square feet where such residential unit is situated within the.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 36
Title: Other Deductions
State: Central
Year: 1961
.....year on the taxable banking transactions entered into by him. Explanation: For the purposes of this clause, the expressions banking cash transaction tax and taxable banking transaction shall have the same meanings respectively assigned to them under Chapter VII of the Finance Act, 2005;] 12A[(xiv) any sum paid by a public financial institution by way of contribution to such credit guarantee fund trust for small industries as the Central Government may, by notification in the Official Gazette, specify in this behalf. Explanation.--For the purposes of this clause, "public financial institution" shall have the meaning assigned to it in section 4A of the Companies Act, 1956(1 of 1956);] 30[(xv) an amount equal to the securities transaction tax paid by the assessee in respect of the taxable securities transactions entered into in the course of his business during the previous year, if the income arising from such taxable securities transactions is included in the income computed under the head Profits and gains of business or profession. Explanation: For the purposes of this clause, the expressions securities transaction tax and taxable securities transaction shall.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 40
Title: Amounts Not Deductible
State: Central
Year: 1961
.....or, after deduction, has not been paid during the previous year, or in the subsequent year before the expiry of the time prescribed under sub-section (1) of section 200: Provided that where in respect of any such sum, tax has been deducted in any subsequent year or, has been deducted in the previous year but paid in any subsequent year after the expiry of the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. Explanation: For the purposes of this sub-clause,- (A) royalty shall have the same meaning as in Explanation 2 to clause (vi) of sub-section (1) of section 9: (B) fees for technical services shall have the same meaning as in Explanation 2 to clause (vii) of sub-section (1) of section 9: (ia) any interest, commission or brokerage, 2[rent, royalty] fees for professional services or fees for technical services payable to a resident, or amounts payable to a contractor or sub-contractor, being resident, for carrying out any work (including supply of labour for carrying out any work), on which tax is deductible at source under Chapter XVIIB.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 80IA
Title: Deductions in Respect of Profits and Gains from Industrial Undertakings or Enterprises Engaged in Infrastructure Development, Etc.
State: Central
Year: 1961
.....as may be prescribed,38 such profit shall not be liable to tax where the profit has been transferred to a special reserve account and the same is actually utilised for the highway project excluding housing and other activities before the expiry of three years following the year in which such amount was transferred to the reserve account; and the amount remaining unutilised shall be chargeable to tax as income of the year in which such transfer to reserve account took place. (7) 39[The deduction] under sub-section (1) from profits and gains derived from an 40[undertaking] shall not be admissible unless the accounts of the 40[undertaking] for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant, as defined in the Explanation below sub-section (2) of section 288, and the assessee furnishes, along with his return of income, the report of such audit in the prescribed form41 duly signed and verified by such accountant. (8) Where any 42[goods or services] held for the purposes of the eligible business are transferred to any other business carried on by the assessee, or where any 42[goods or services] held for the.....
View Complete Act List Judgments citing this sectionPayment of Wages Act, 1936 Section 7
Title: Deductions Which May Be Made from Wages
State: Central
Year: 1936
.....17 [ theRailways Act, 1989.] ____________________________ 1. Substituted vide Payment of Wages (Amendment) Act, 2005. Previous text was "sub-section (2) of section 47 of the Indian Railways Act, 1890 (9 of 1890)" 2. Explanation re-numbered as Explanation I by Act 68 of 1957, section 5 w.e.f. 1-4-1958. 3. Inserted by Act 68 of 1957, section 5 w.e.f. 1-4-1958. 4. Substituted by Act 68 of 1957, section 5, for clause (d) w.e.f. 1-4-1958. 5. The words "Governor-General in Council or" omitted by the A.O. 1937. 6. Inserted by Act 53 of 1964, section 6 w.e.f. 1-2-1965. 7. Substituted by Act 56 of 1974, section 3 and Schedule II, for "this sub-clause". 8. Substituted by Act 53 of 1964, section 6, for clause (f) w.e.f. 1-2-1965. 9. Substituted vide Payment of Wages (Amendment) Act, 2005 10. The word "and" omitted by Ordinance 3 of 1940, section 2. 11. Added by Ordinance 3 of 1940, section 2. 12. Substituted by Act 68 of 1957, section 5, for clause (k) w.e.f 1-4-1958. 13. Inserted by Act 38 of 1982, section 7 w.e.f. 15-10-1982. 14. Inserted by Act 29 of 1976, section 4 w.e.f 12-11-1876. 15. Inserted by Act 19 of 1977, section 2, w.e.f. 30-6-1977. 16......
View Complete Act List Judgments citing this sectionKarnataka Value Added Tax Act, 2003 Section 9A
Title: Deduction of Tax at Source (in Case of Works Contract)
State: Karnataka
Year: 2003
.....(5) , the authority making deductions under sub section (1) shall pay , by way of interest, a sum equal to the interest specified under sub -section (1) of Section 37 during the period in which such default is continued. (8) The authority making deduction under sub -section (1) , shall furnish to the dealer from whom such deduction is made, a certificate obtained from the prescribed authority containing such particulars as may be prescribed. (9) Payment by way of deduction in accordance with sub -section (5), shall be without prejudice to any other mode of recovery of tax due under this Act from the dealer executing the works contract. (10) Where tax in respect of the works contract is remitted under sub -section (5), the tax payable by the dealer for any period, 3[***] shall be reduced by the amount of tax already remitted under the said sub-section. (11) The burden of proving that the tax on such works contract has already been remitted and of establishing the exact quantum of tax so remitted shall be on the dealer claiming the reduction of t ax under sub-section (10).] ______________________________ 1. Inserted by Karnataka Value Added Tax (Amendment) Act.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 201
Title: Consequences of Failure to Deduct or Pay
State: Central
Year: 1961
.....date on which such tax is actually paid, and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.] (2) Where the tax has not been paid as aforesaid after it is deducted the amount of the tax together with the amount of simple interest thereon referred to in sub-section (1A) shall be a charge upon all the assets of the person, or the company, as the case may be, referred to in sub-section (1). 8[(3) No order shall be made under sub-section (1) deeming a person to be an assessee in default for failure to deduct the whole or any part of the tax from a person resident in India, at any time after the expiry of- (i) two years from the end of the financial year in which the statement is filed in a case where the statement referred to in section 200 has been filed; (ii) four years from the end of the financial year in which payment is made or credit is given, in any other case: Provided that such order for a financial year commencing on or before the 1st day of April, 2007 may be passed at any time on or before the 31st day of March, 2011. (4) The provisions of sub-clause (ii) of sub-section (3) of.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 80HHD
Title: Deduction in Respect of Earnings in Convertible Foreign Exchange
State: Central
Year: 1961
.....assessee furnishes in the prescribed form12, along with the return of income, the report of an accountant, as defined in the Explanation below sub-section (2) of section 288, certifying that the deduction has been correctly claimed on the basis of the amount of convertible foreign exchange received by the assessee for services provided by him to foreign tourists, payments made by him to any assessee referred to in sub-section (2A) and the payments received by him in Indian currency as referred to in the 13[Explanation 1 to sub-section (2)]. 14[(7) Where a deduction under sub-section (1) is claimed and allowed in respect of profits derived from the business of a hotel, such part of profits shall not qualify to that extent for deduction for any assessment year under any other provisions of this Chapter under the heading C. Deductions in respect of certain incomes, and shall in no case exceed the profits and gains of such hotel.] Explanation : For the purposes of this section, (a) travel agent means a travel agent or other person (not being an airline or a shipping company) who holds a valid licence granted by the Reserve Bank of India under section 32* of the Foreign.....
View Complete Act List Judgments citing this sectionKarnataka Sales Tax Act, 1957 Section 19
Title: Deduction of Tax at Source in Other Cases
State: Karnataka
Year: 1957
.....(2), the authority making deductions under sub-section (1) shall pay by way of penalty a sum equal to the penalty specified under clause (ii) of sub-section (2) of section 13 during the period in which such default is continued.] (3) The authority making deduction under sub-section (1) shall furnish to the dealer from whom such deduction is made, a certificate obtained from the prescribed authority containing such particulars as may be prescribed. (4) Payment by way of deduction in accordance with sub-section (1) shall be without prejudice to any other mode of recovery of tax due under this Act from the dealer effecting the sales to the authorities mentioned in subsection (1). (5) Where tax in respect of the purchases is remitted under sub-section(2), the tax payable by the dealer for any month, quarter or for the whole year, as the case may be, in respect of such sales shall be reduced by the amount of tax already remitted under the said sub-section: Provided that the burden of proving that the tax on such sales has already been remitted and of establishing the exact quantum of tax so remitted shall be on the dealer claiming the reduction.] .....
View Complete Act List Judgments citing this section- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial