Title : Special Provision Applicable to Firms
State : Central
Year : 1961
1 [A.-Assessment of firms] ________________________ 1. Reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier, it was omitted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date. Section 182 - [Omitted] 1[***] ______________________________ 1. Omitted by the Finance Act, 1992, with effect from 1st April, 1993. Section 183 - [Omitted] 1[***] ________________________________ 1. Omitted by the Finance Act, 1992, with effect from 1st April, 1993. Section 184 - Assessment as a firm (1) A firm shall be assessed as a firm for the purposes of this Act, if (i) the partnership is evidenced by an instrument; and (ii) the individual shares..... View Complete Act List Judgments citing this sectionTitle : Special Provision Relating to Income of Shipping Companies
State : Central
Year : 1961
1 [Chapter XII-G2 Special Provisions Relating to Income of Shipping Companies A.-Meaning of certain expressions __________________________ 1.Chapter XII-G, consisting of sections 115V to 115VZC, inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 2. To make the Indian shipping industry more competitive, a tonnage tax scheme for taxation of shipping profits has been introduced. Many maritime nations have introduced tonnage based taxation. Some of the basic features of the proposed tonnage tax scheme are as follows : It is a scheme of presumptive taxation whereby the notional income arising from the operation of a ship is determined based on the tonnage of the ship. The notional income is taxed at the normal corporate rate applicable for the year. Tax is payable..... View Complete Act List Judgments citing this sectionTitle : Incomes Which Do Not Form Part of Total Income
State : Central
Year : 1961
In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included- (1) agricultural income; (2) subject to the provisions of sub-section (2) of section 64, any sum received by an individual as a member of a Hindu undivided family, where such sum has been paid out of the income of the family, or, in the case of any impartible estate, where such sum has been paid out of the income of the estate belonging to the family; (2A) in the case of a person being a partner of a firm which is separately assessed as such, his share in the total income of the firm. Explanation : For the purposes of this clause, the share of a partner in the total income of a firm separately assessed as such shall, notwithstanding..... View Complete Act List Judgments citing this sectionTitle : Deductions to Be Made in Computing Total Income
State : Central
Year : 1961
Section 80A - Deductions to be made in computing total income (1) In computing the total income of an assessee, there shall be allowed from his gross total income, in accordance with and subject to the provisions of this Chapter, the deductions specified in sections 80C to 80U. (2) The aggregate amount of the deductions under this Chapter shall not, in any case, exceed the gross total income of the assessee. (3) Where, in computing the total income of an association of persons or a body of individuals, any deduction is admissible under section 80G or 1[section 80GGA or section 80GGC] or section 80HH or section 80HHA or section 80HHB or section 80HHC or section 80HHD or section 80-I or section 80-IA 2[or section 80-IB] 3[or section 80-IC] 4[or section 80-ID or section 80-IE] or..... View Complete Act List Judgments citing this sectionTitle : Collection and Recovery of Tax
State : Central
Year : 1961
Section 190 - Deduction at source and advance payment (1) Notwithstanding that the regular assessment in respect of any income is to be made in a later assessment year, the tax on such income shall be payable by deduction or collection at source or by advance payment 1[or by payment under sub-section (1A) of section 192], as the case may be, in accordance with the provisions of this Chapter. (2) Nothing in this section shall prejudice the charge of tax on such income under the provisions of sub-section (1) of section 4. ___________________________ 1. Inserted by the Finance Act, 2002, with effect from 1st June, 2002 Section 191 - Direct payment In the case of income in respect of which provision is not made under this Chapter for..... 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 : Determination of Tax in Certain Special Cases
State : Central
Year : 1961
Where there is included in the total income of an assessee any income on which no income-tax is payable under the provisions of this Act, the assessee shall be entitled to a deduction, from the amount of income-tax with which he is chargeable on his total income, of an amount equal to the income-tax calculated at the average rate of income-tax on the amount on which no income-tax is payable. Section 111 - Tax on accumulated balance of recognised provident fund (1) Where the accumulated balance due to an employee participating in a recognised provident fund is included in his total income, owing to the provisions of rule 8 of Part A of the Fourth Schedule not being applicable, the Assessing Officer shall calculate the total of the various sums of tax in accordance with the..... View Complete Act List Judgments citing this sectionTitle : Relief Respecting Tax on Dividends in Certain Cases
State : Central
Year : 1961
1[***] __________________________________ 1. Omitted by the Finance (No. 2) Act, 1971, with effect from 1st April, 1972. Section 236 - Relief to company in respect of dividend paid out of past taxed profits (1) Where in respect of any previous year relevant to the assessment year commencing after the 31st day of March, 1960, an Indian company or a company which has made the prescribed arrangements1 for the declaration and payment of dividends within India, pays any dividend wholly or partly out of its profits and gains actually charged to income-tax for any assessment year ending before the 1st day of April, 1960, and deducts tax therefrom in accordance with the provisions of Chapter XVIIB, credit shall be given to the company against the income-tax, if any,..... 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 : Special Provisions Relating to Tax on Distributed Profits of Domestic Companies
State : Central
Year : 1961
1 [Chapter XII-D Special provisions relating to tax on distributed profits of domestic companies ________________________ 1.Chapter XII-D, consisting of sections 115-O to 115Q, inserted by the FinanceAct, 1997, w.e.f. 1-6-1997. View Complete Act List Judgments citing this section