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Income Tax Act, 1961 Section 115ACA

Title: Tax on Income from Global Depository Receipts Purchased in Foreign Currency or Capital Gains Arising from their Transfer

State: Central

Year: 1961

.....realising value addition ; (c) information technology software means any representation of instructions, data, sound or image, including source code and object code, recorded in a machine readable form and capable of being manipulated or providing inter-activity to a user, by means of an automatic data processing machine falling under heading information technology products but does not include non-information technology products ; (d) Overseas Depository Bank means a bank authorised by the issuing company to issue Global Depository Receipts against issue of Foreign Currency Convertible Bonds or ordinary shares of the issuing company.] __________________________ 1. Inserted by the Finance Act, 1999, with effect from 1st April, 2000. 2. Substituted by the Finance Act, 2001, with effect from 1st April, 2001. Prior to substitution, sub-section (1) stood as under : (1) Where the total income of an assessee, being an individual, who is a resident and an employee of an Indian company engaged in information technology software and information technology services (hereafter in this section referred to as the resident employee), includes (a) income by way of dividends,.....

Income Tax Act, 1961 Section 115AC

Title: Tax on Income from Bonds or Global Depository Receipts Purchased in Foreign Currency or Capital Gains Arising from their Transfer

State: Central

Year: 1961

.....asset, being bonds or shares referred to in clause (b) of sub-section (1). (4) It shall not be necessary for a non-resident to furnish under sub-section(1) of section 139 a return of his income if (a) his total income in respect of which he is assessable under this Act during the previous year consisted only of income referred to in clause (a) of sub-section (1) ; and (b) the tax deductible at source under the provisions of Chapter XVIIB has been deducted from such income. (5) Where the assessee acquired shares or bonds in an amalgamated or resulting company by virtue of his holding shares or bonds in the amalgamating or demerged company, as the case may be, in accordance with the provisions of sub-section (1), the provisions of the said sub-section shall apply to such shares or bonds. 2. Substituted for dividends by the Finance Act, 2003, with effect from 1st April, 2004. Earlier, the expression other than dividends referred to in section 115-O was omitted by the Finance Act, 2002, with effect from 1st April, 2003. 3. Substituted for re-issued by the Finance Act, 2002, with effect from 1st April, 2002. 4. Omitted by the Finance Act, 2002, with effect from 1st.....

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 XII

Title: Determination of Tax in Certain Special Cases

State: Central

Year: 1961

.....the purposes of this sub-section, (a) listed securities means the securities -- (i) as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956) ; and (ii) listed in any recognised stock exchange in India ; (b) unit shall have the meaning assigned to it in clause (b) of Explanation to section 115AB.] (2) Where the gross total income of an assessee includes any income arising from the transfer of a long-term capital asset, the gross total income shall be reduced by the amount of such income and the deduction under Chapter VIA shall be allowed as if the gross total income as so reduced were the gross total income of the assessee. (3) Where the total income of an assessee includes any income arising from the transfer of a long-term capital asset, the total income shall be reduced by the amount of such income and the rebate under section 88 shall be allowed from the income-tax on the total income as so reduced. _____________________ 1. Proviso omitted by the Finance Act, 1995, with effect from 1st April, 1996. 1a. Inserted by the Finance Act, 1999 with effect from 1st April, 2000. 2. Substituted for being listed.....

Income Tax Act, 1961 Chapter XVII

Title: Collection and Recovery of Tax

State: Central

Year: 1961

.....the public are substantially interested, being debentures listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder, if (a) the interest is paid by the company by an account payee cheque; and (b) the amount of such interest or, as the case may be, the aggregate of the amounts of such interest paid or likely to be paid during the financial year by the company to such individual does not exceed two thousand and five hundred rupees; 3[(vi) any interest payable to the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), in respect of any securities owned by it or in which it has full beneficial interest; or] 3[(vii) any interest payable to the General Insurance Corporation of India (hereafter in this clause referred to as the Corporation) or to any of the four companies (hereafter in this clause referred to as such company), formed by virtue of the schemes framed under sub-section (1) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), in respect of any securities owned by the.....

Income Tax Act, 1961 Section 196C

Title: Income from Foreign Currency Bonds or Shares of Indian Company

State: Central

Year: 1961

.....shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent : 2[Provided that no such deduction shall be made in respect of any dividends referred to in section 115-O.] ________________ 1. Substituted for bonds or shares by the Finance Act, 2001, with effect from 1st April, 2002. 2. Reinserted by the Finance Act, 2003, with effect from 1st April, 2003. Earlier, the proviso was omitted by the Finance Act, 2002, with effect from 1st June, 2002. Prior to that omission, the proviso, as inserted by the Finance Act, 1997, with effect from 1st June, 1997, stood as under : Provided that no such deduction shall be made in respect of any dividends referred to in section 115-O.

Income Tax Act, 1961 Complete Act

Title: Income Tax Act, 1961

State: Central

Year: 1961

.....Section4 - Charge of income-tax Section5 - Scope of total income Section5A - Apportionment of income between spouses governed by Portuguese Civil Code Section6 - Residence in India Section7 - Income deemed to be received Section8 - Dividend income Section9 - Income deemed to accrue or arise in India Chapter III Section10 - Incomes not included in total income Section10A - Special provision in respect of newly established undertakings in free trade zone, etc. Section10AA - Special provisions in respect of newly established Units in Special Economic Zones Section10B - Special provisions in respect of newly established hundred per cent export-oriented undertakings Section10BA - Special provisions in respect of export of certain articles or things Section10BB - Meaning of computer programmes in certain cases Section10C - Special provision in respect of certain industrial undertakings in North-Eastern Region Section11 - Income from property held for charitable or religious purposes Section12 - Income of trusts or institutions from contributions Section12A - Conditions as to registration of trusts, etc. Section12AA - Procedure for registration Section13 - Section 11.....

Income Tax Act, 1961 Section 47

Title: Transactions Not Regarded as Transfer

State: Central

Year: 1961

.....in a scheme of amalgamation of a banking company with a banking institution sanctioned and brought into force by the Central Government under sub-section (7) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), of a capital asset by the banking company to the banking institution. Explanation: For the purposes of this clause,-- (i) banking company shall have the same meaning assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949; (ii) banking institution shall have the same meaning assigned to it in sub-section (15) of section 45 of the Banking Regulation Act, 1949 (10 of 1949);] 4[(vib) any transfer, in a demerger, of a capital asset by the demerged company to the resulting company, if the resulting company is an Indian company;] 4[(vic) any transfer in a demerger, of a capital asset, being a share or shares held in an Indian company, by the demerged foreign company to the resulting foreign company, if - (a) 5[the shareholders holding not less than three-fourths in value of the shares] of the demerged foreign company continue to remain shareholders of the resulting foreign company; and (b) such transfer does not attract tax on.....

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 80HHBA

Title: Deduction in Respect of Profits and Gains from Housing Projects in Certain Cases

State: Central

Year: 1961

.....other than an Indian company or a co-operative society, such accounts 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 prescribed3 form duly signed and verified by such accountant; (ii) an amount equal to 4[such percentage of the profits and gains as is referred to in sub-section (1) in relation to the relevant assessment year] is debited to the profits and loss account of the previous year in respect of which the deduction under this section is to be allowed and credited to a reserve account (to be called the Housing Projects Reserve Account) to be utilised by the assessee during a period of five years next following for the purposes of his business other than for distribution by way of dividends or profit: Provided that where the amount credited by the assessee to the Housing Projects Reserve Account in pursuance of clause (ii) is less than 4[such percentage of the profits and gains as is referred to in sub-section (1) in relation to the relevant assessment year], the deduction under this section shall be limited to the amount.....