Title : Computation of Tonnage Income
State : Central
Year : 1961
(1) The tonnage income of a tonnage tax company for a previous year shall be the aggregate of the tonnage income of each qualifying ship computed in accordance with the provisions of sub-sections (2) and (3). (2) For the purposes of sub-section (1), the tonnage income of each qualifying ship shall be the daily tonnage income of each such ship multiplied by (a) the number of days in the previous year; or (b) the number of days in part of the previous year in case the ship is operated by the company as a qualifying ship for only part of the previous year, as the case may be. (3) For the purposes of sub-section (2), the daily tonnage income of a qualifying ship having tonnage referred to in column (1) of the Table below shall be the amount specified in the corresponding entry in..... View Complete Act List Judgments citing this sectionTitle : Calculation in Case of Joint Operation, Etc.
State : Central
Year : 1961
(1) Where a qualifying ship is operated by two or more companies by way of joint interest in the ship or by way of an agreement for the use of the ship and their respective shares are definite and ascertainable, the tonnage income of each such company shall be an amount equal to a share of income proportionate to its share of that interest. (2) Subject to the provisions of sub-section (1), where two or more companies are operators of a qualifying ship, the tonnage income of each company shall be computed as if each had been the only operator. View Complete Act List Judgments citing this sectionTitle : Renewal of Tonnage Tax Scheme
State : Central
Year : 1961
(1) An option for Tonnage Tax Scheme approved under sub-section (3) of section 115VP may be renewed within one year from the end of the previous year in which the option ceases to have effect. (2) The provisions of sections 115VP and 115VQ shall apply in relation to a renewal of the option for Tonnage Tax Scheme in the same manner as they apply in relation to the approval of option for Tonnage Tax Scheme. View Complete Act List Judgments citing this sectionTitle : Prohibition to Opt for Tonnage Tax Scheme in Certain Cases
State : Central
Year : 1961
A qualifying company, which, on its own, opts out of the Tonnage Tax Scheme or makes a default in complying with the provisions of section 115VT or section 115VU or section 115VV or whose option has been excluded from Tonnage Tax Scheme in pursuance of an order made under sub-section (1) of section 115VZC, shall not be eligible to opt for Tonnage Tax Scheme for a period of ten years from the date of opting out or default or order, as the case may be. View Complete Act List Judgments citing this sectionTitle : Demerger
State : Central
Year : 1961
Where in a scheme of demerger, the demerged company transfers its business to the resulting company before the expiry of the option for Tonnage Tax Scheme, then, subject to the other provisions of this Chapter, the Tonnage Tax Scheme shall, as far as may be, apply to the resulting company for the unexpired period if it is a qualifying company: Provided that the option for Tonnage Tax Scheme in respect of the demerged company shall remain in force for the unexpired period of the Tonnage Tax Scheme if it continues to be a qualifying company. View Complete Act List Judgments citing this sectionTitle : Fringe Benefits Escaping Assessment.
State : Central
Year : 1961
If the Assessing Officer has reason to believe that any fringe benefits chargeable to tax have escaped assessment for any assessment year, he may, subject to the provisions of sections 115WH, 150 and 153, assess or reassess such fringe benefits and also any other fringe benefits chargeable to tax which have escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, for the assessment year concerned (hereafter referred to as the relevant assessment year). Explanation : For the purposes of this section, the following shall also be deemed to be cases where fringe benefits chargeable to tax have escaped assessment, namely: (a) where no return of fringe benefits has been furnished by the assessee; (b) where a return of fringe..... View Complete Act List Judgments citing this sectionTitle : Payment of Fringe Benefit Tax
State : Central
Year : 1961
Notwithstanding that the regular assessment in respect of any fringe benefits is to be made in a later assessment year, the tax on such fringe benefits shall be payable in advance during any financial year, in accordance with the provisions of section 115WJ, in respect of the fringe benefits which would be chargeable to tax for the assessment year immediately following that financial year, such fringe benefits being hereafter in this Chapter referred to as the current fringe benefits. View Complete Act List Judgments citing this sectionTitle : Proceedings Before Income-tax Authorities to Be Judicial Proceedings
State : Central
Year : 1961
Any proceeding under this Act before an income-tax authority shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 and for the purposes of section 196 of the Indian Penal Code (45 of 1860), and every income-tax authority shall be deemed to be a Civil Court for the purposes of section 195, but not for the purposes of Chapter XXVI of the Code of Criminal Procedure, 1973 (2 of 1974). View Complete Act List Judgments citing this sectionTitle : Method of Accounting
State : Central
Year : 1961
(1) Income chargeable under the head Profits and gains of business or profession or Income from other sources shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. (2) The Central Government may notify in the Official Gazette from time to time accounting standards to be followed by any class of assessees or in respect of any class of income. (3) Where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee, the Assessing Officer may make an assessment..... View Complete Act List Judgments citing this sectionTitle : Method of Accounting in Certain Cases
State : Central
Year : 1961
1[Notwithstanding anything to the contrary contained in section 145,-- (a) the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "Profits and gains of business or profession" shall be- (i) in accordance with the method of accounting regularly employed by the assessee; and (ii) further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation. Explanation.--For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising..... View Complete Act List Judgments citing this section