Title : Revocable Transfer of Assets
State : Central
Year : 1961
All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income-tax as the income of the transferor and shall be included in his total income. View Complete Act List Judgments citing this sectionTitle : Total Income
State : Central
Year : 1961
In computing the total income of an assessee, there shall be included all income on which no income-tax is payable under Chapter VII. View Complete Act List Judgments citing this sectionTitle : Determination of Tax Where Total Income Includes Income on Which No Tax is Payable
State : Central
Year : 1961
Where there is included in the total income of an assessee any income on which no income-tax is payable under the provisions of this Act, the assessee shall be entitled to a deduction, from the amount of income-tax with which he is chargeable on his total income, of an amount equal to the income-tax calculated at the average rate of income-tax on the amount on which no income-tax is payable. View Complete Act List Judgments citing this sectionTitle : Credit for Advance Tax
State : Central
Year : 1961
Any sum, other than a penalty or interest, paid by or recovered from an assessee as advance tax in pursuance of this Chapter shall be treated as a payment of tax in respect of the income of the period which would be the previous year for an assessment for the assessment year next following the financial year in which it was payable, and credit therefor shall be given to the assessee in the regular assessment. View Complete Act List Judgments citing this sectionTitle : Inspection, Etc., of Reports
State : Central
Year : 1961
No person shall be entitled to inspect, or obtain copies of, any reports made by any income-tax authority to the Settlement Commission ; but the Settlement Commission may, in its discretion, furnish copies thereof to any such person on an application made to it in this behalf and on payment of the prescribed fee1: Provided that, for the purpose of enabling any person whose case is under consideration to rebut any evidence brought on record against him in any such report, the Settlement Commission shall, on an application made in this behalf, and on payment of the prescribed fee by such person, furnish him with a certified copy of any such report or part thereof relevant for the purpose. ________________ 1. See rule 44D. For analysis, see Mashbras Income-tax Rules. ..... View Complete Act List Judgments citing this sectionTitle : Salaries
State : Central
Year : 1961
The following income shall be chargeable to income-tax under the head Salaries - (a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not; (b) any salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer, though not due or before it became due to him; (c) any arrears of salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer, if not charged to income-tax for any earlier previous year. Explanation 1: For the removal of doubts, it is hereby declared that where any salary paid in advance is included in the total income of any person for any previous year it shall not be included again in the total income of the person when the salary..... View Complete Act List Judgments citing this sectionTitle : Liability of Person in Respect of Income Included in the Income of Another Person
State : Central
Year : 1961
Where, by reason of the provisions contained in this Chapter or in clause (i) of section 27, the income from any asset or from membership in a firm of a person other than the assessee is included in the total income of the assessee, the person in whose name such asset stands or who is a member of the firm shall, notwithstanding anything to the contrary contained in any other law for the time being in force, be liable, on the service of a notice of demand by the Assessing Officer in this behalf, to pay that portion of the tax levied on the assessee which is attributable to the income so included, and the provisions of Chapter XVIID shall, so far as may be, apply accordingly: Provided that where any such asset is held jointly by more than one person, they shall be jointly and severally..... View Complete Act List Judgments citing this sectionTitle : Cash Credits
State : Central
Year : 1961
Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. View Complete Act List Judgments citing this sectionTitle : Tax on Profits and Gains of Life Insurance Business
State : Central
Year : 1961
(1) Where the total income of an assessee includes any profits and gains from life insurance business, the income-tax payable shall be the aggregate of (i) the amount of income-tax calculated on the amount of profits and gains of the life insurance business included in the total income, at the rate of twelve and one-half per cent ; and (ii) the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the amount of profits and gains of the life insurance business. (2) Notwithstanding anything contained in sub-section (1) or in any other law for the time being in force or any instrument having the force of law, the assessee shall, in addition to the payment of income-tax computed under subsection (1), deposit,..... View Complete Act List Judgments citing this sectionTitle : Income-tax Authorities
State : Central
Year : 1961
There shall be the following classes of income-tax authorities for the purposes of this Act, namely : (a) The Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963), (b) Directors General of Income-tax or Chief Commissioners of Income-tax, (c) Directors of Income-tax or Commissioners of Income-tax or Commissioners of Income-tax (Appeals), (cc) Additional Directors of Income-tax or Additional Commissioners of Income-tax or Additional Commissioners of Income-tax (Appeals), 1[(cca) Joint Directors of Income-tax or Joint Commissioners of Income tax,] (d) Deputy Directors of Income-tax or Deputy Commissioners of Income-tax or Deputy Commissioners of Income-tax (Appeals), (e) Assistant Directors of Income-tax or Assistant..... View Complete Act List Judgments citing this section