Title : Chapter Not to Apply to Certain Transfers
State : Central
Year : 1961
The provisions of this Chapter shall not apply to or in relation to any immovable property where the agreement for transfer of such property is made by a person to his relative on account of natural love and affection, if a recital to that effect is made in the agreement for transfer. 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 : Failure to Pay the Tax Collected at Source
State : Central
Year : 1961
If a person fails to pay to the credit of the Central Government, the tax collected by him as required under the provisions of section 206C, he shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine. 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 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 : 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 section