Bare Act Search Results

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 80HHC

Title: Deduction in Respect of Profits Retained for Export Business

State: Central

Year: 1961

.....which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Regulation Act, 1973, (46 of 1973), and any rules made thereunder; (aa) export out of India shall not include any transaction by way of sale or otherwise, in a shop, emporium or any other establishment situate in India, not involving clearance at any custom station as defined in the Customs Act, 1962 (52 of 1962); (b) export turnover means the sale proceeds, received in, or brought into, India by the assessee in convertible foreign exchange in accordance with clause (a) of sub-section (2) of any goods or merchandise to which this section applies and which are exported out of India, but does not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the Customs Act, 1962 (52 of 1962); (ba) total turnover shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the Customs Act, 1962 (52 of 1962): Provided that in relation to any assessment year commencing on or after the 1st day of.....

Karnataka Prohibition Act, 1961 Chapter X

Title: Miscellaneous

State: Karnataka

Year: 1961

.....as if the said enactments were enactments within the meaning of section 6, section 8 and section 24 of the said Act and had been repealed and re-enacted by this Act: Provided further, but subject to the preceding proviso, any permit, pass, licence or authorisation made or issued under any of the repealed enactments shall, so far as it is not inconsistent with the provisions of this Act, be deemed to have been made or issued under the corresponding provisions of this Act, and shall continue to be in force accordingly, unless and until it expires or is superseded by anything done or any action taken under this Act. (2) On the repeal of the Bombay Prohibition Act, 1949, in the 1 [Belgaum area] of the 1 [State of Karnataka] under sub-section (1) , the Indian Opium Act, 1 [1878] (Central Act I of 1878) , as it was in force in the 1 [Belgaum area] before the commencement of the Bombay Prohibition Act, 1949, shall revive and be in force in such area. (3) From the date this Act comes into force in the other areas of the 1 [State of Karnataka] under sub-section (4) of section 1, the enactments specified in Schedule B shall, to the extent they are in force in such areas, stand.....

Income Tax Act, 1961 Chapter III

Title: Incomes Which Do Not Form Part of Total Income

State: Central

Year: 1961

.....him as an employee of the employer from whose service he has retired; (10B) any compensation received by a workman under the Industrial Disputes Act, 1947 (14 of 1947), or under any other Act or Rules, orders or notifications issued thereunder or under any standing orders or under any award, contract of service or otherwise, at the time of his retrenchment: Provided that the amount exempt under this clause shall not exceed (i) an amount calculated in accordance with the provisions of clause (b) of section 25F of the Industrial Disputes Act, 1947 (14 of 1947); or (ii) such amount, not being less than fifty thousand rupees, as the Central Government may, by notification in the Official Gazette, specify in this behalf, whichever is less : Provided further that the preceding proviso shall not apply in respect of any compensation received by a workman in accordance with any scheme which the Central Government may, having regard to the need for extending special protection to the workmen in the undertaking to which such scheme applies and other relevant circumstances, approve in this behalf. Explanation : For the purposes of this clause (a) compensation received by a.....

Income Tax Act, 1961 Section 10A

Title: Special Provision in Respect of Newly Established Undertakings in Free Trade Zone, Etc.

State: Central

Year: 1961

.....provisions of this section shall not apply to any undertaking, being a Unit referred to in clause (zc) of section 2 of the Special Economic Zones Act, 2005, which has begun or begins to manufacture or produce articles or things or computer software during the previous year relevant to the assessment year commencing on or after the 1st day of April, 2006 in any Special Economic Zone.] (8) Notwithstanding anything contained in the foregoing provisions of this section, where the assessee, before the due date for furnishing the return of income under sub-section (1) of section 139, furnishes to the Assessing Officer a declaration in writing that the provisions of this section may not be made applicable to him, the provisions of this section shall not apply to him for any of the relevant assessment years. (9) 16[Omitted by the Finance Act, 2003, with effect from 1st April, 2004.] (9A) 17[Omitted by the Finance Act, 2003, with effect from 1st April, 2004.] Explanation 1 : 18[Omitted by the Finance Act, 2003, with effect from 1st April, 2004.] 19[Provided that nothing contained in this Explanation shall apply to any change in the shareholding of the company as a result of .....

Income Tax Act, 1961 Section 10B

Title: Special Provisions in Respect of Newly Established Hundred Per Cent Export-oriented Undertakings

State: Central

Year: 1961

.....under this section shall be allowed to an assessee who does not furnish a return of his income on or before the due date specified under sub-section (1) of section 139.] (2) This section applies to any undertaking which fulfils all the following conditions, namely : (i) it manufactures or produces any articles or things or computer software; (ii) it is not formed by the splitting up, or the reconstruction, of a business already in existence : Provided that this condition shall not apply in respect of any undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section ; (iii) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose. Explanation : The provisions of Explanation 1 and Explanation 2 to subsection (2) of section 80-I shall apply for the purposes of clause (iii) of this sub-section as they apply for the purposes of clause (ii) of that sub-section. (3) This section applies to the undertaking, if the sale proceeds of.....

Income Tax Act, 1961 Section 80HHE

Title: Deduction in Respect of Profits from Export of Computer Software, Etc.

State: Central

Year: 1961

.....assessee furnishes in the prescribed form9, 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 in accordance with the provisions of this section. 2[(4A) The deduction under sub-section (1A) shall not be admissible unless the supporting software developer furnishes in the prescribed form along with his return of income, (i) the report of an accountant9, 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 profits of the supporting software developer in respect of sale of computer software export to the exporting company; and (ii) a certificate from the exporting company containing such particulars as may be prescribed10 and verified in the manner prescribed10 that in respect of the export turnover mentioned in the certificate, the exporting company has not claimed deduction under this section: Provided that the certificate specified in clause (ii) shall be duly certified by the auditor auditing the accounts of the exporting assessee under the.....

Income Tax Act, 1961 Section 10AA

Title: Special Provisions in Respect of Newly Established Units in Special Economic Zones

State: Central

Year: 1961

.....the transfer to a new business, of machinery or plant previously used for any purpose. Explanation: The provisions of Explanations 1 and 2 to sub-section (3) of section 80-IA shall apply for the purposes of clause (iii) of this sub-section as they apply for the purposes of clause (ii) of that sub-section.] (5) Where any undertaking being the Unit which is entitled to the deduction under this section is transferred, before the expiry of the period specified in this section, to another undertaking, being the Unit in a scheme of amalgamation or demerger, - (a) no deduction shall be admissible under this section to the amalgamating or the demerged Unit, being the company for the previous year in which the amalgamation or the demerger takes place; and (b) the provisions of this section shall, as they would have applied to the amalgamating or the demerged Unit being the company as if the amalgamation or demerger had not taken place. (6) Loss referred to in sub-section (1) of section 72 or sub-section (1) or subsection (3) of section 74, in so far as such loss relates to the business of the undertaking, being the Unit shall be allowed to be carried forward or set-off. (7).....

Karnataka Prohibition Act, 1961 Chapter VI

Title: Penalties and Offences

State: Karnataka

Year: 1961

.....or in the possession of, such other person. (2) Nothing in sub-section (1) shall absolve any person from liability to any punishment under this Act, for the unlawful manufacture, export, import, transport, sale or possession of such article. Section 73 - Penalty for attempt or abetment Whoever attempts to commit or abets the commission of an offence under this Act shall, on conviction, be punished for such attempt or abetment with the same punishment as is provided for the principal offence. Section 74 - Breach of licence, permit, etc., to be an offence (1) In the event of any breach by the holder of any licence, permit, pass or authorisation granted under this Act, or by his servants or by any person acting with his express or implied permission on his behalf, of any of the terms or conditions of such licence, permit, pass or authorisation, such holder, shall, in addition to the cancellation or suspension of the licence, permit, pass or authorisation granted to him, be punished, on conviction, with imprisonment, for a term which may extend to six months or with fine, which may extend to five hundred rupees or with both, unless it is proved that all due and.....