Title : Amendment of Section 36
State : Central
Year : 1970
In section 36 of the Income-tax Act, in clause (viii) of sub-section (1), the following Explanation shall be deemed to have been inserted at the end with effect from the 1st day of April, 1966, namely :- "Explanation : For the removal of doubts, it is hereby declared that in the case of a financial corporation to which sub-clause (a) applies, if the amount carried to the reserve account referred to in this clause in the accounts of the previous year relevant to the assessment year commencing on the 1st day April, 1966, falls short of twenty-five per cent. of the total income and the amount transferred to such reserve account in the accounts of the immediately succeeding previous year exceeds the amount in respect of which the corporation is entitled to the deduction under this clause..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80-c
State : Central
Year : 1970
In section 80-C of the Income-tax Act, - (a) In sub-section (2), after clause (f), the following clause shall be inserted with effect from the 1st day of April, 1971, namely : "(g) where the assessee is an association of persons or a body of individuals consisting only of husband and wife governed by the system of community of property in force in the Union territories of Dadra and Nagar Haveli and Goa, Daman and Diu - (i) any sums paid in the previous year by the assessee out of its income chargeable to tax - (1) to effect or to keep in force an insurance on the life of any member of such association or body or on the life of any child of any of the members of such association or body; or (2) to effect or to keep in force a contract for a deferred annuity on the life of any..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80-g
State : Central
Year : 1970
In Section 80-G of the Income-tax Act, - (a) in clause (i) of sub-section (5), after the word, brackets and figures "clause (22)", the words, brackets, figures and letter "or clause (22-A)" shall be inserted; (b) for Explanation 2, following Explanation shall be substituted with effect from the 1st day of April, 1971, namely : "Explanation 2 : For the removal of doubts, it is hereby declared that a deduction to which the assessee is entitled in respect of any donation made to an institution or fund to which sub-section (5) applies shall not be denied merely on either or both of the following grounds, namely :- (i) that, subsequent to the donation, any part of the income of the institution or fund has become chargeable to tax due to non-compliance with any of the provisions of..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80m
State : Central
Year : 1970
In section 80M of the Income-tax Act, for sub-section (2), the following sub-section shall be substituted with effect from the 1st day of April, 1971, namely :- "(2) Where a company to which this section applies is entitled also to the deduction in respect of income by way of dividends under section 80K or section 80L, the deduction under sub-section (1) shall be allowed in respect of income by way of dividends referred to therein as reduced by the aggregate of the deductions, if any, in respect of income by way of dividends under section 80K and section 80L. Explanation : For the purposes of this section, the deduction in respect of income by way of dividends under section 80L shall be taken to be so much of the amount of the deduction under that section as may be in excess of the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80mm
State : Central
Year : 1970
In section 80MM of the Income-tax Act, in sub-section (1), for the portion beginning with the words "under an agreement" and ending with the words "total income of the assessee", the following shall be substituted, namely :- "under an agreement entered into by the assessee with such person on or after the 1st day of April, 1969, and approved by the Central Government in this behalf, there shall be allowed a deduction from such income of an amount equal to forty per cent. thereof, in computing the total income of the assessee : Provided that the application for such approval is made to the Central Government before the 1st day of October of the relevant assessment year.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 116
State : Central
Year : 1970
In section 116 of the Income-tax Act, for clause (c), the following clause shall be substituted, namely :- "(c) Commissioners of Income-tax and Additional Commissioners of Income-tax,". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 117
State : Central
Year : 1970
In section 117 of the Income-tax Act, in sub-section (1), after the words "Directors of Inspection, Commissioners of Income-tax,", the words "Additional Commissioners of Income-tax," shall be inserted. View Complete Act List Judgments citing this sectionTitle : Substitution of New Section for Section 164
State : Central
Year : 1970
For section 164 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 1971, namely :- "164. Charge of tax where share of beneficiaries unknown. -(1) Subject to the provisions of sub-sections (2) and (3), where any income in respect of which the persons mentioned in clause (iii) and (iv) of sub-section (1) of section 160 are liable as representative assessees or any part thereof is not specifically receivable on behalf or for the benefit of any one person or where the individual shares of the persons on whose behalf or for whose benefit such income or such part thereof is receivable are indeterminate or unknown (such income, such part of the income and such persons being hereafter in this section referred to as "relevant income", "part..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 193
State : Central
Year : 1970
In section 193 of the Income-tax Act, in the proviso, after clause (ii), the following clauses shall be inserted, namely :- "(iia) any interest payable on 7-Year National Savings Certificates (IV Issue); or (iib) any interest payable on such debentures, issued by any co-operative society (including a co-operative land mortgage bank or a co-operative land development bank) or any other institution or authority, as the Central Government may, by notification in the Official Gazette, specify in this behalf; or". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 195
State : Central
Year : 1970
In section 195 of the Income-tax Act, after sub-section (2), the following sub-sections shall be inserted, namely :- "(3) Subject to rules made under sub-section (5), any person entitled to receive any interest or other sum on which income-tax has to be deducted under sub-section (1) may make an application in the prescribed form to the Income-tax Officer for the grant of a certificate authorising him to receive such interest or other sum without deduction of tax under that sub-section, and where any such certificate is granted, every person responsible for paying such interest or other sum to the person to whom such certificate is granted shall, so long as the certificate is in force, make payment of such interet or other sum without deducting tax thereon under sub-section (1). (4)..... View Complete Act List Judgments citing this section