Title : Income-tax on Fringe Benefits
State : Central
Year : 1961
1Chapter XII-H Income-tax on Fringe Benefits ________________________ 1.The Chapter XII-H, consisting of sections 115W to 115WL,inserted after Chapter XII-G by the Finance Act, 2005, w.e.f. 1-4-2006. View Complete Act List Judgments citing this sectionTitle : Income-tax Authorities
State : Central
Year : 1961
Section 116 - Income-tax authorities There shall be the following classes of income-tax authorities for the purposes of this Act, namely : (a) The Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963), (b) Directors General of Income-tax or Chief Commissioners of Income-tax, (c) Directors of Income-tax or Commissioners of Income-tax or Commissioners of Income-tax (Appeals), (cc) Additional Directors of Income-tax or Additional Commissioners of Income-tax or Additional Commissioners of Income-tax (Appeals), 1[(cca) Joint Directors of Income-tax or Joint Commissioners of Income tax,] (d) Deputy Directors of Income-tax or Deputy Commissioners of Income-tax or Deputy Commissioners of Income-tax (Appeals), (e) Assistant Directors..... View Complete Act List Judgments citing this sectionTitle : Procedure for Assessment
State : Central
Year : 1961
1[(1) Every person, (a) being a 2[company or a firm] ; or (b) being a person 3[other than a company or a firm], if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax, shall, on or before the due date, furnish a return of his income or the income of such other person during the previous year, in the prescribed form4 and verified in the prescribed manner4 and setting forth such other particulars as may be prescribed4 : Provided that a person referred to in clause (b), who is not required to furnish a return under this sub-section and residing in such area as may be specified by the Board in this behalf by notification in the Official..... View Complete Act List Judgments citing this sectionTitle : Liability in Special Cases
State : Central
Year : 1961
Section 159 - Legal representatives (1) Where a person dies, his legal representative shall be liable to pay any sum which the deceased would have been liable to pay if he had not died, in the like manner and to the same extent as the deceased. (2) For the purpose of making an assessment (including an assessment, reassessment or recomputation under section 147) of the income of the deceased and for the purpose of levying any sum in the hands of the legal representative in accordance with the provisions of sub-section (1), - (a) any proceeding taken against the deceased before his death shall be deemed to have been taken against the legal representative and may be continued against the legal representative from the stage at which it stood on the date of the death of the deceased; ..... View Complete Act List Judgments citing this sectionTitle : Penalties Imposable
State : Central
Year : 1961
1[***] ________________________________ 1. Omitted by the Direct Tax Laws (Amendment) Act, 1987, with effect from 1st April, 1989. Section 271 - Failure to furnish returns, comply with notices, concealment of income, etc. (1) If the Assessing Officer or the 1[***] Commissioner (Appeals) 2[or the Commissioner] in the course of any proceedings under this Act, is satisfied that any person (a) [Omitted by the Direct Tax Laws (Amendment) Act, 1989, with effect from 1st April, 1989], (b) has failed to comply with a notice 3[under sub-section (2) of section 115WD or under sub-section (2) of section 115WE or under sub-section (1) of section 142] or sub-section (2) of section 143 or fails to comply with a direction issued under sub-section (2A) of..... View Complete Act List Judgments citing this sectionTitle : Preliminary
State : Central
Year : 1961
(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 In this Act, unless the context otherwise requires, (1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVIIC ; (1A) 1agricultural income" means (a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes ; (b) any income derived from such land by (i) agriculture ; or (ii) the performance by a cultivator or receiver of rent-in-kind of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render the produce raised or received by him fit to be..... View Complete Act List Judgments citing this sectionTitle : INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE'S TOTAL INCOME
State : Central
Year : 1961
All income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as the income of the transferor and shall be included in his total income. Section 61 - Revocable transfer of assets All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income-tax as the income of the transferor and shall be included in his total income. Section 62 - Transfer irrevocable for a specified period (1) The provisions of section 61 shall not apply to any income arising to any person by virtue of a transfer - (i) by way of trust which is not revocable during the..... View Complete Act List Judgments citing this sectionTitle : Aggregation of Income and Set off or Carry Forward of Loss
State : Central
Year : 1961
Section 66 - Total income In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter VII. Section 67 - [Omitted] 1[***] _________________________________ 1. Omitted by the Finance Act, 1992, with effect from 1st April, 1993. Section 67A - Method of computing a member's share in income of association of persons or body of individuals (1) In computing the total income of an assessee who is a member of an association of persons or a body of individuals wherein the shares of the members are determinate and known [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..... View Complete Act List Judgments citing this sectionTitle : Special Provisions Relating to Tax on Income Received from Venture Capital Companies and Venture Capital Funds
State : Central
Year : 1961
1 [Chapter XII-F Special provisions relating to tax on income receivedfrom venture capital companies andventure capital funds ________________________ 1.Inserted by the Finance Act, 2000, w.e.f. 1-4-2001. View Complete Act List Judgments citing this sectionTitle : Refunds
State : Central
Year : 1961
If any person satisfies the Assessing Officer that the amount of tax paid by him or on his behalf or treated as paid by him or on his behalf for any assessment year exceeds the amount with which he is properly chargeable under this Act for that year, he shall be entitled to a refund of the excess. Section 238 - Person entitled to claim refund in certain special cases (1) Where the income of one person is included under any provision of this Act in the total income of any other person, the latter alone shall be entitled to a refund under this Chapter in respect of such income. 1[(1A) Where the value of fringe benefits provided or deemed to have been provided by one employer is included under any provisions of Chapter XIIH in the value of fringe benefits provided or deemed to have..... View Complete Act List Judgments citing this section