Title : 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
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 : Restriction on Unabsorbed Depreciation and Unabsorbed Investment Allowance for Limited Period in Case of Certain Domestic Companies
State : Central
Year : 1961
(1) In computing the profits and gains of the business of a domestic company in relation to the previous year relevant to the assessment year commencing on the 1st day of April, 1992, where effect is to be given to the unabsorbed depreciation allowance or unabsorbed investment allowance or both in relation to any previous year relevant to the assessment year commencing on or before the 1st day of April, 1991, the deduction shall be restricted to two-third of such allowance or allowances and the balance, (a) where it relates to depreciation allowance, be added to the depreciation allowance for the previous year relevant to the assessment year commencing on the 1st day of April, 1993 and be deemed to be part of that allowance or if there is no such allowance for that previous year, be..... 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 sectionTitle : Deduction in Respect of Professional Income of Authors of Text Books in Indian Languages
State : Central
Year : 1961
(1) Where, in the case of an individual resident in India, being an author, the gross total income of the previous year relevant to the assessment year commencing on (a) the 1st day of April, 1980, or to any one of the nine assessment years next following that assessment year; or (b) the 1st day of April, 1992, or to any one of the four assessment years next following that assessment year, includes any income derived by him in the exercise of his profession on account of any lump sum consideration for the assignment or grant of any of his interests in the copyright of any book, or of royalties or copyright fees (whether receivable in lump sum or otherwise) in respect of such book, there shall, in accordance with and subject to the provisions of this section, be allowed in..... View Complete Act List Judgments citing this section