Title : Meaning of "adjusted", "cost of Improvement" and "cost of Acquisition"
State : Central
Year : 1961
(1) For the purposes of sections 48 and 49, - (a) [Omitted by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, with effect from 1st April, 1988] ; (b) "cost of any improvement", - (1) in relation to a capital asset being goodwill of a business or a right to manufacture, produce or process any article or thing 1[or right to carry on any business] shall be taken to be nil; and (2) in relation to any other capital asset, - (i) where the capital asset became the property of the previous owner or the assessee before the 1 st day of April 1981, means all expenditure of a capital nature incurred in making any additions or alterations to the capital asset on or after the said date by the previous owner or the assessee, and (ii) in any other case, means all..... View Complete Act List Judgments citing this sectionTitle : Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Amalgamation or Demerger, Etc.
State : Central
Year : 1961
1[2[(1) Where there has been an amalgamation of (a) a company owning an industrial undertaking or a ship or a hotel with another company; or (b) a banking company referred to in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949) with a specified bank; or (c) one or more public sector company or companies engaged in the business of operation of aircraft with one or more public sector company or companies engaged in similar business, then, notwithstanding anything contained in any other provision of this Act, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for unabsorbed depreciation of the amalgamated company for the previous year in which the amalgamation was..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Contribution to Pension Scheme of Central Government
State : Central
Year : 1961
1[(1) Where an assessee, being an individual 2[employed by the Central Government or any other employer] on or after the 1st day of January, 2004, 3[or any other assessee, being an individual] has in the previous year paid or deposited any amount in his account under a pension scheme notified or as may be notified by the Central Government, he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income, of the whole of the amount so paid or deposited as does not exceed, -- (a) in the case of an employee, ten per cent. of his salary in the previous year; and (b) in any other case, ten per cent of his gross total income in the previous year. (2) Where, in the case of an assessee referred to in sub-section..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Medical Insurance Premia
State : Central
Year : 1961
1[(1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted such sum, as specified in sub-section (2) or sub-section (3), payment of which is made by any mode, other than cash, in the previous year out of his income chargeable to tax. (2) Where the assessee is an individual, the sum referred to in sub-section (1) shall be the aggregate of the following, namely: (a) the whole of the amount paid to effect or to keep in force an insurance on the health of the assessee or his family 3[or any contribution made to the Central Government Health Scheme] as does not exceed in the aggregate fifteen thousand rupees; and (b) the whole of the amount paid to effect or to keep in force an insurance on the health of the parent or..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Profits and Gains from Housing Projects in Certain Cases
State : Central
Year : 1961
1[(1) Where the gross total income of an assessee being an Indian company or a person (other than a company) who is a resident in India includes any profits and gains derived from the execution of a housing project awarded to the assessee on the basis of global tender and such project is aided by the World Bank, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, 2[a deduction from such profits and gains of an amount equal to (i) forty per cent thereof for an assessment year beginning on the 1st day of April, 2001; (ii) thirty per cent thereof for an assessment year beginning on the 1st day of April, 2002; (iii) twenty per cent thereof for an assessment year beginning on the 1st day of April,..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Profits Retained for Export Business
State : Central
Year : 1961
(1) Where an assessee, being an Indian company or a person (other than a company) resident in India, is engaged in the business of export out of India of any goods or merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, 1[a deduction to the extent of profit, referred to is sub-section (1B)] derived by the assessee from the export of such goods or merchandise: Provided that if the assessee, being a holder of an Export House Certificate or a Trading House Certificate, (hereafter in this section referred to as an Export House or a Trading House, as the case may be,) issues a certificate referred to in clause (b) of sub-section (4A), that in respect of the amount..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Earnings in Convertible Foreign Exchange
State : Central
Year : 1961
(1) Where an assessee, being an Indian company or a person (other than a company) resident in India, is engaged in the business of a hotel or of a tour operator, approved by the prescribed authority1 in this behalf or of a travel agent, there shall, in accordance with and subject to the provisions of this section, be allowed, 2[in computing the total income of the assessee (a) for an assessment year beginning on the 1st day of April, 2001, a deduction of a sum equal to the aggregate of (i) forty per cent of the profits derived by him from services provided to foreign tourists; and (ii) so much of the amount not exceeding forty per cent of the profits referred to in sub-clause (i) as is debited to the profit and loss account of the previous year in respect of which the deduction is..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Profits from Export of Computer Software, Etc.
State : Central
Year : 1961
(1) Where an assessee, being an Indian company or a person (other than a company) resident in India, is engaged in the business of, (i) export out of India of computer software or its transmission from India to a place outside India by any means; (ii) providing technical services outside India in connection with the development or production of computer software, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, 1[a deduction to the extent of the profits, referred to in sub-section (1B)] derived by the assessee from such business. [Proviso omitted by the Finance Act, 1995, with effect from 1st April, 1996.] 2[Provided that if the assessee, being a company engaged in the export out of India..... View Complete Act List Judgments citing this sectionTitle : Deduction in Respect of Profits and Gains from Business of Hotels and Convention Centres in Specified Area
State : Central
Year : 1961
1[(1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking from any business referred to in sub-section (2) (such business being hereinafter referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to hundred per cent of the profits and gains derived from such business for five consecutive assessment years beginning from the initial assessment year. (2) This section applies to any undertaking, - (i) engaged in the business of hotel located in the specified area, if such hotel is constructed and has started or starts functioning at any time during the period beginning on the 1st day of..... View Complete Act List Judgments citing this sectionTitle : Deduction in Case of Person with Disability
State : Central
Year : 1961
1(1) In computing the total income of an individual, being a resident, who, at any time during the previous year, is certified by the medical authority to be a person with disability, there shall be allowed a deduction of a sum of fifty thousand rupees: Provided that where such individual is a person with severe disability, the provisions of this sub-section shall have effect as if for the words fifty thousand rupees, the words seventy-five thousand rupees had been substituted. 2[Provided further that for the assessment years beginning on or after the 1st day of April, 2010, the provisions of the first proviso shall have effect as if for the words seventy-five thousand rupees, the words one lakh rupees had been substituted] (2) Every individual claiming a deduction under this..... View Complete Act List Judgments citing this section