Title : 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 : 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 : Charge of Tax in the Case of a Firm
State : Central
Year : 1961
In the case of a firm which is assessable as a firm, tax shall be charged on its total income at the rate as specified in the Finance Act of the relevant year. 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 : Indemnity
State : Central
Year : 1961
Every person deducting, retaining, or paying any tax in pursuance of this Act in respect of income belonging to another person is hereby indemnified for the deduction, retention, or payment thereof. 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 section