Title : Case Where Part of Trust Income is Chargeable
State : Central
Year : 1961
Where part only of the income of a trust is chargeable under this Act, that proportion only of the income receivable by a beneficiary from the trust which the part so chargeable bears to the whole income of the trust shall be deemed to have been derived from that part. View Complete Act List Judgments citing this sectionTitle : Liability of Partners of Limited Liability Partnership in Liquidation
State : Central
Year : 1961
1[Notwithstanding anything contained in the Limited Liability Partnership Act, 2008 (6 of 2009), where any tax due from a limited liability partnership in respect of any income of any previous year or from any other person in respect of any income of any previous year during which such other person was a limited liability partnership cannot be recovered, in such case, every person who was a partner of the limited liability partnership at any time during the relevant previous year, shall be jointly and severally liable for the payment of such tax unless he proves that the non-recovery cannot be attributed to any gross neglect, misfeasance or breach of duty on his part in relation to the affairs of the limited liability partnership.] ________________________________________ 1...... View Complete Act List Judgments citing this sectionTitle : Income Payable "net of Tax"
State : Central
Year : 1961
1[In a case other than that referred to in sub-section (1A) of section 192, where under an agreement] or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this Chapter is to be borne by the person by whom the income is payable, then, for the purposes of deduction of tax under those provisions such income shall be increased to such amount as would, after deduction of tax thereon at the rates in force for the financial year in which such income is payable, be equal to the net amount payable under such agreement or arrangement. _______________ 1. Substituted for Where, under an agreement by the Finance Act, 2002, with effect from 1st June, 2002. View Complete Act List Judgments citing this sectionTitle : Interest or Dividend or Other Sums Payable to Government, Reserve Bank or Certain Corporations
State : Central
Year : 1961
Notwithstanding anything contained in the foregoing provisions of this Chapter, no deduction of tax shall be made by any person from any sums payable to (i) the Government, or (ii) the Reserve Bank of India, or (iii) a corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income, or (iv) a Mutual Fund specified under clause (23D) of section 10, where such sum is payable to it by way of interest or dividend in respect of any securities or shares owned by it or in which it has full beneficial interest, or any other income accruing or arising to it. View Complete Act List Judgments citing this sectionTitle : 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 : Procedure
State : Central
Year : 1961
(1) No order imposing a penalty under this Chapter shall be made unless the assessee has been heard, or has been given a reasonable opportunity of being heard. (2) No order imposing a penalty under this Chapter shall be made (a) by the Income-tax Officer, where the penalty exceeds ten thousand rupees; (b) by the 1[Assistant Commissioner or Deputy Commissioner], where the penalty exceeds twenty thousand rupees, except with the prior approval of the 2[Joint Commissioner]. (3) An income-tax authority on making an order under this Chapter imposing a penalty, unless he is himself the Assessing Officer, shall forthwith send a copy of such order to the Assessing Officer. __________________________ 1. Substituted for Assistant Commissioner by the Finance (No. 2) Act, 1998, with..... 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 : Power to Withdraw Approval
State : Central
Year : 1961
1Where the Central Government or the Board or an income- tax authority, who has been conferred upon the power under any provision of this Act to grant any approval to any assessee, the Central Government or the Board or such authority may, notwithstanding that a provision to withdraw such approval has not been specifically provided for in such provision, withdraw such approval at any time: Provided that the Central Government or Board or income-tax authority shall, after giving a reasonable opportunity of showing cause against the proposed withdrawal to the assessee concerned, at any time, withdraw the approval after recording the reasons for doing so. ________________________________ 1. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1st October, 2009. 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
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