Title : Tax on Income from Units of an Open-ended Equity Oriented Fund of the Unit Trust of India or of Mutual Funds
State : Central
Year : 1961
1[(1) Where the total income of an assessee includes any income from units of an open-ended equity oriented fund of the Unit Trust of India or of a Mutual Fund, the income-tax payable shall be the aggregate of (a) the amount of income-tax calculated on income from units of an open-ended equity-oriented fund of the Unit Trust of India or of a Mutual Fund, at the rate of ten per cent ; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (a). (2) Nothing contained in sub-section (1) shall apply in relation to any income from units of an open-ended equity-oriented fund of the Unit Trust of India or of the Mutual Fund arising after the 31st day of March, 2003. Explanation :..... View Complete Act List Judgments citing this sectionTitle : Tonnage Income
State : Central
Year : 1961
Subject to the other provisions of this Chapter, the tonnage income shall be computed in accordance with section 115VG and the income so computed shall be deemed to be the profits chargeable under the head Profits and gains of business or profession and the relevant shipping income referred to in sub-section (1) of section 115VI shall not be chargeable to tax. View Complete Act List Judgments citing this sectionTitle : Calculation in Case of Joint Operation, Etc.
State : Central
Year : 1961
(1) Where a qualifying ship is operated by two or more companies by way of joint interest in the ship or by way of an agreement for the use of the ship and their respective shares are definite and ascertainable, the tonnage income of each such company shall be an amount equal to a share of income proportionate to its share of that interest. (2) Subject to the provisions of sub-section (1), where two or more companies are operators of a qualifying ship, the tonnage income of each company shall be computed as if each had been the only operator. View Complete Act List Judgments citing this sectionTitle : Charge of Tax in the Case of a Firm
State : Central
Year : 1961
In the case of a firm which is assessable as a firm, tax shall be charged on its total income at the rate as specified in the Finance Act of the relevant year. View Complete Act List Judgments citing this sectionTitle : Income Payable "net of Tax"
State : Central
Year : 1961
1[In a case other than that referred to in sub-section (1A) of section 192, where under an agreement] or other arrangement, the tax chargeable on any income referred to in the foregoing provisions of this Chapter is to be borne by the person by whom the income is payable, then, for the purposes of deduction of tax under those provisions such income shall be increased to such amount as would, after deduction of tax thereon at the rates in force for the financial year in which such income is payable, be equal to the net amount payable under such agreement or arrangement. _______________ 1. Substituted for Where, under an agreement by the Finance Act, 2002, with effect from 1st June, 2002. View Complete Act List Judgments citing this sectionTitle : Relief to Company in Respect of Dividend Paid out of Past Taxed Profits
State : Central
Year : 1961
(1) Where in respect of any previous year relevant to the assessment year commencing after the 31st day of March, 1960, an Indian company or a company which has made the prescribed arrangements1 for the declaration and payment of dividends within India, pays any dividend wholly or partly out of its profits and gains actually charged to income-tax for any assessment year ending before the 1st day of April, 1960, and deducts tax therefrom in accordance with the provisions of Chapter XVIIB, credit shall be given to the company against the income-tax, if any, payable by it on the profits and gains of the previous year during which the dividend is paid, of a sum calculated in accordance with the provisions of sub-section (2), and, where the amount of credit so calculated exceeds the..... View Complete Act List Judgments citing this sectionTitle : B.--[Omitted]
State : Central
Year : 1961
View Complete Act List Judgments citing this sectionTitle : Advance Money Received
State : Central
Year : 1961
Where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of such negotiations shall be deducted from the cost for which the asset was acquired or the written down value or the fair market value, as the case may be, in computing the cost of acquisition. View Complete Act List Judgments citing this sectionTitle : Transitional Provisions for Set off of Loss Under the Head "income from House Property"
State : Central
Year : 1961
Where in respect of the assessment year commencing on the 1st day of April, 1993 or the 1st day of April, 1994, the net result of the computation under the head Income from house property is a loss, such loss in so far as it relates to interest on borrowed capital referred to in clause (vi) of sub-section (1) of section 24 and to the extent it has not been set-off shall be carried forward and set-off in the assessment year commencing on the 1st day of April, 1995, and the balance, if any, in the assessment year commencing on the 1st day of April, 1996, against the income under any head. View Complete Act List Judgments citing this sectionTitle : Losses of Firms
State : Central
Year : 1961
Where the assessee is a firm, any loss in relation to the assessment year commencing on or before the 1st day of April, 1992, which could not be set-off against any other income of the firm and which had been apportioned to a partner of the firm but could not be set-off by such partner prior to the assessment year commencing on the 1st day of April, 1993, then such loss shall be allowed to be set-off against the income of the firm subject to the condition that the partner continues in the said firm and to be carried forward for setoff under sections 70, 71, 72, 73, 74 and 74A. View Complete Act List Judgments citing this section