Title : Carry Forward and Set off of Loss from House Property
State : Central
Year : 1961
1[Where for any assessment year the net result of computation under the head Income from house property is a loss to the assessee and such loss cannot be or is not wholly set-off against income from any other head of income in accordance with the provisions of section 71, so much of the loss as has not been so set-off or where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year and - (i) be set-off against the income from house property assessable for that assessment year, and (ii) the loss, if any, which has not been set-off wholly, the amount of loss not so set-off shall be carried forward to the following assessment year, not being more than eight assessment years..... View Complete Act List Judgments citing this sectionTitle : [Omitted]
State : Central
Year : 1961
1[***] _____________________________ 1. Omitted by the Direct Tax Laws (Amendment) Act, 1987, with effect from 1st April, 1989. View Complete Act List Judgments citing this sectionTitle : Share of Member of an Association of Persons or Body of Individuals in the Income of the Association or Body
State : Central
Year : 1961
Where the assessee is a member of an association of persons or body of individuals (other than a company or a co-operative society or a society registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India), income-tax shall not be payable by the assessee in respect of his share in the income of the association or body computed in the manner provided in section 67A : Provided that - (a) where the association or body is chargeable to tax on its total income at the maximum marginal rate or any higher rate under any of the provisions of this Act, the share of a member computed as aforesaid shall not be included in his total income ; (b) in any other case, the share of a member computed as aforesaid shall..... View Complete Act List Judgments citing this sectionTitle : Rebate of Income-tax in Case of Individuals of Sixty-five Years or Above [Omitted]
State : Central
Year : 1961
1[***] ____________________ 1. Omitted by the Finance Act, 2005, with effect from 1st April, 2006. Prior to omission, section 88B as amended by the Finance Act, 1997, with effect from 1st April, 1998; Finance Act, 2000, with effect from 1st April, 2001 and Finance Act, 2003, with effect from 1st April, 2004, stood as under: 88B. Rebate of income-tax in case of individuals of sixty-five years or above An assessee, being an individual resident in India, who is of the age of sixty-five years or more at any time during the previous year shall be entitled to a deduction from the amount of income-tax (as computed before allowing the deduction under this Chapter) on his total income, with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such..... View Complete Act List Judgments citing this sectionTitle : Tax on Short Term Capital Gains in Certain Cases
State : Central
Year : 1961
1[(1) Where the total income of an assessee includes any income chargeable under the head Capital gains, arising from the transfer of a short-term capital asset, being an equity share in a company or a unit of an equity oriented fund and - (a) the transaction of sale of such equity share or unit is entered into on or after the date2 on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter, the tax payable by the assessee on the total income shall be the aggregate of (i) the amount of income-tax calculated on such short-term capital gains at the rate of 3[fifteen per cent]; and (ii) the amount of income-tax payable on the balance amount of the total income as if such balance..... View Complete Act List Judgments citing this sectionTitle : Tax on Non-resident Sportsmen or Sports Associations
State : Central
Year : 1961
(1) Where the total income of an assessee, (a) being a sportsman (including an athlete), who is not a citizen of India and is a non-resident, includes any income received or receivable by way of (i) participation in India in any game (other than a game the winnings wherefrom are taxable under section 115BB) or sport ; or (ii) advertisement ; or (iii) contribution of articles relating to any game or sport in India in newspapers, magazines or journals ; or (b) being a non-resident sports association or institution, includes any amount guaranteed to be paid or payable to such association or institution in relation to any game (other than a game the winnings wherefrom are taxable under section 115BB) or sport played in India, the income-tax payable by the assessee shall be the..... View Complete Act List Judgments citing this sectionTitle : Manner of Computation of Income Under Tonnage Tax Scheme
State : Central
Year : 1961
(1) A tonnage tax company engaged in the business of operating qualifying ships shall compute the profits from such business under the Tonnage Tax Scheme. (2) The business of operating qualifying ships giving rise to income referred to in sub-section (1) of section 115VI shall be considered as a separate business (hereafter in this Chapter referred to as the tonnage tax business) distinct from all other activities or business carried on by the company. (3) The profits referred to in sub-section (1) shall be computed separately from the profits and gains from any other business. (4) The Tonnage Tax Scheme shall apply only if an option to that effect is made in accordance with the provisions of section 115VP. (5) Where a company engaged in the business of operating qualifying..... View Complete Act List Judgments citing this sectionTitle : Method and Time of Opting for Tonnage Tax Scheme
State : Central
Year : 1961
(1) A qualifying company may opt for the Tonnage Tax Scheme by making an application to the Joint Commissioner having jurisdiction over the company in the form and manner as may be prescribe1, for such scheme. (2) The application under sub-section (1) may be made by any existing qualifying company at any time after the 30th day of September, 2004 but before the 1st day of January, 2005 (hereafter referred to as the initial period): Provided that-- (i) a company incorporated after the initial period ; or (ii) a qualifying company incorporated before the initial period but which becomes a qualifying company for the first time after the initial period, may make an application within three months of the date of its incorporation or the date on which it became a qualifying company,..... View Complete Act List Judgments citing this sectionTitle : Prohibition to Opt for Tonnage Tax Scheme in Certain Cases
State : Central
Year : 1961
A qualifying company, which, on its own, opts out of the Tonnage Tax Scheme or makes a default in complying with the provisions of section 115VT or section 115VU or section 115VV or whose option has been excluded from Tonnage Tax Scheme in pursuance of an order made under sub-section (1) of section 115VZC, shall not be eligible to opt for Tonnage Tax Scheme for a period of ten years from the date of opting out or default or order, as the case may be. View Complete Act List Judgments citing this sectionTitle : Exclusion from Tonnage Tax Scheme
State : Central
Year : 1961
(1) Where a tonnage tax company is a party to any transaction or arrangement referred to in sub-section (1) of section 115VZB, the Assessing Officer shall, by an order in writing, exclude such company from the Tonnage Tax Scheme: Provided that an opportunity shall be given by the Assessing Officer by serving a notice calling upon such company to show cause, on a date and time to be specified in the notice, why it should not be excluded from the Tonnage Tax Scheme : Provided further that no order under this sub-section shall be passed without the previous approval of the Chief Commissioner. (2) The provisions of this section shall not apply where the company shows to the satisfaction of the Assessing Officer that the transaction or arrangement was a bona fide commercial transaction..... View Complete Act List Judgments citing this section