Title : Interest Payable by Assessee in Case of Under-estimate, Etc.
State : Central
Year : 1961
Where, on making the regular assessment, the Assessing Officer finds that any assessee has (a) under section 209A or section 212 under-estimated the advance tax payable by him and thereby reduced the amount payable in either of the first two instalments ; or (b) under section 213 wrongly deferred the payment of advance tax on a part of his income, he may direct that the assessee shall pay simple interest at fifteen per cent per annum (i) in the case referred to in clause (a), for the period during which the payment was deficient, on the difference between the amount paid in each such instalment and the amount which should have been paid, having regard to the aggregate advance tax actually paid during the year ; and (ii) in the case referred to in clause (b), for the period..... View Complete Act List Judgments citing this sectionTitle : Relief to Company in Respect of Dividend Paid out of Past Taxed Profits
State : Central
Year : 1961
(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, payable by it on the profits and gains of the previous year during which the dividend is paid, of a sum calculated in accordance with the provisions of sub-section (2), and, where the amount of credit so calculated exceeds the..... View Complete Act List Judgments citing this sectionTitle : Power to Make Exemption, Etc., in Relation to Participation in the Business of Prospecting For, Extraction, Etc., of Mineral Oils
State : Central
Year : 1961
(1) If the Central Government is satisfied that it is necessary or expedient so to do in the public interest, it may, by notification in the Official Gazette, make an exemption, reduction in rate or other modification in respect of income-tax in favour of any class of persons specified in sub-section (2) or in regard to the whole or any part of the income of such class of persons or in regard to the status in which such class of persons or the members thereof are to be assessed on their income from the business referred to in clause (a) of subsection (2): Provided that the notification for modification in respect of the status may be given effect from an assessment year beginning on or after the 1st day of April, 1993. (2) The persons referred to in sub-section (1) are the..... View Complete Act List Judgments citing this sectionTitle : Charge of Income-tax
State : Central
Year : 1961
(1) Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions (including provisions for the levy of additional income-tax) of, this Act in respect of the total income of the previous year of every person : Provided that where by virtue of any provision of this Act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly. (2) In respect of income chargeable under sub-section (1), income-tax shall be deducted at the source or paid in advance, where it is so deductible or payable under any provision of this Act. View Complete Act List Judgments citing this sectionTitle : B.--[Omitted]
State : Central
Year : 1961
View Complete Act List Judgments citing this sectionTitle : Income from Profits and Gains of Business or Profession, How Computed
State : Central
Year : 1961
The income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43D. View Complete Act List Judgments citing this sectionTitle : Rent, Rates, Taxes, Repairs and Insurance for Buildings
State : Central
Year : 1961
In respect of rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or profession, the following deductions shall be allowed - (a) where the premises are occupied by the assessee - (i) as a tenant, the rent paid for such premises; and further if he has undertaken to bear the cost of repairs to the premises, the amount paid on account of such repairs; (ii) otherwise than as a tenant, the amount paid by him on account of current repairs to the premises; (b) any sums paid on account of land revenue, local rates or municipal taxes; (c) the amount of any premium paid in respect of insurance against risk of damage or destruction of the premises. 1[Explanation: For the removal of doubts, it is hereby declared that the amount paid on account..... View Complete Act List Judgments citing this sectionTitle : Advance Money Received
State : Central
Year : 1961
Where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of such negotiations shall be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisition. View Complete Act List Judgments citing this sectionTitle : "transfer" and "revocable Transfer" Defined
State : Central
Year : 1961
For the purposes of sections 60, 61 and 62 and of this section, - (a) a transfer shall be deemed to be revocable if - (i) it contains any provision for the re-transfer directly or indirectly of the whole or any part of the income or assets to the transferor, or (ii) it, in any way, gives the transferor a right to re-assume power directly or indirectly over the whole or any part of the income or assets; (b) transfer includes any settlement, trust, covenant, agreement or arrangement. View Complete Act List Judgments citing this sectionTitle : Transitional Provisions for Set off of Loss Under the Head "income from House Property"
State : Central
Year : 1961
Where in respect of the assessment year commencing on the 1st day of April, 1993 or the 1st day of April, 1994, the net result of the computation under the head Income from house property is a loss, such loss in so far as it relates to interest on borrowed capital referred to in clause (vi) of sub-section (1) of section 24 and to the extent it has not been set-off shall be carried forward and set-off in the assessment year commencing on the 1st day of April, 1995, and the balance, if any, in the assessment year commencing on the 1st day of April, 1996, against the income under any head. View Complete Act List Judgments citing this section