Title : Proceedings Before Income-tax Authorities to Be Judicial Proceedings
State : Central
Year : 1961
Any proceeding under this Act before an income-tax authority shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 and for the purposes of section 196 of the Indian Penal Code (45 of 1860), and every income-tax authority shall be deemed to be a Civil Court for the purposes of section 195, but not for the purposes of Chapter XXVI of the Code of Criminal Procedure, 1973 (2 of 1974). 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 : [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 : Method of Accounting
State : Central
Year : 1961
(1) Income chargeable under the head Profits and gains of business or profession or Income from other sources shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. (2) The Central Government may notify in the Official Gazette from time to time accounting standards to be followed by any class of assessees or in respect of any class of income. (3) Where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee, the Assessing Officer may make an assessment..... View Complete Act List Judgments citing this sectionTitle : Method of Accounting in Certain Cases
State : Central
Year : 1961
1[Notwithstanding anything to the contrary contained in section 145,-- (a) the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "Profits and gains of business or profession" shall be- (i) in accordance with the method of accounting regularly employed by the assessee; and (ii) further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee to bring the goods to the place of its location and condition as on the date of valuation. Explanation.--For the purposes of this section, any tax, duty, cess or fee (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising..... 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 : Executors
State : Central
Year : 1961
(1) Subject as hereinafter provided, the income of the estate of a deceased person shall be chargeable to tax in the hands of the executor, - (a) if there is only one executor, then, as if the executor were an individual; or (b) if there are more executors than one, then, as if the executors were an association of persons, and for the purposes of this Act, the executor shall be deemed to be resident or non-resident according as the deceased person was a resident or non-resident during the previous year in which his death took place. (2) The assessment of an executor under this section shall be made separately from any assessment that may be made on him in respect of his own income. (3) Separate assessments shall be made under this section on the total income of each completed..... View Complete Act List Judgments citing this sectionTitle : Payments in Respect of Deposits Under National Savings Scheme, Etc.
State : Central
Year : 1961
The person responsible for paying to any person any amount referred to in clause (a) of sub-section (2) of section 80CCA shall, at the time of payment thereof, deduct income-tax thereon at the rate of twenty per cent : Provided that no deduction shall be made under this section where the amount of such payment or, as the case may be, the aggregate amount of such payments Provided further that nothing contained in this section shall apply to the payment of the said amount to the heirs of the assessee. View Complete Act List Judgments citing this sectionTitle : Commission, Etc., on the Sale of Lottery Tickets
State : Central
Year : 1961
(1) Any person who is responsible for paying, on or after the 1st day of October, 1991 to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of commission, remuneration or prize (by whatever name called) on such tickets in an amount exceeding one thousand rupees shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent. (2) 1[***] (3) 2[***] Explanation : For the purposes of this section, where any income is credited to any account, whether called Suspense account or by any other name, in the books of account of the person..... 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, 1988. View Complete Act List Judgments citing this section