Title : Procedure for Registration
State : Central
Year : 1961
(1) The 1[***] Commissioner, on receipt of an application for registration of a trust or institution made under clause (a) 3[or clause (aa) of sub-section (1)] of section 12A, shall (a) call for such documents or information from the trust or institution as he thinks necessary in order to satisfy himself about the genuineness of activities of the trust or institution and may also make such inquiries as he may deem necessary in this behalf; and (b) after satisfying himself about the objects of the trust or institution and the genuineness of its activities, he (i) shall pass an order in writing registering the trust or institution; (ii) shall, if he is not so satisfied, pass an order in writing refusing to register the trust or institution, and a copy of such order shall be sent..... View Complete Act List Judgments citing this sectionTitle : Amortisation of Expenditure Incurred Under Voluntary Retirement Scheme
State : Central
Year : 1961
1[(1) Where an assessee incurs any expenditure in any previous year by way of payment of any sum to an employee 2[in connection with his voluntary retirement], in accordance with any scheme or schemes of voluntary retirement, one-fifth of the amount so paid shall be deducted in computing the profits and gains of the business for that previous year, and the balance shall be deducted in equal instalments for each of the four immediately succeeding previous years. 3[(2) Where the assessee, being an Indian company, is entitled to the deduction under sub-section (1) and the undertaking of such Indian company entitled to the deduction under sub-section (1) is transferred, before the expiry of the period specified in that sub-section, to another Indian company in a scheme of amalgamation,..... View Complete Act List Judgments citing this sectionTitle : Special Provisions Consequential to Changes in Rate of Exchange of Currency
State : Central
Year : 1961
1[Notwithstanding anything contained in any other provision of this Act, where an assessee has acquired any asset in any previous year from a country outside India for the purposes of his business or profession and, in consequence of a change in the rate of exchange during any previous year after the acquisition of such asset, there is an increase or reduction in the liability of the assessee as expressed in Indian currency (as compared to the liability existing at the time of acquisition of the asset) at the time of making payment (a) towards the whole or a part of the cost of the asset; or (b) towards repayment of the whole or a part of the moneys borrowed by him from any person, directly or indirectly, in any foreign currency specifically for the purpose of acquiring the asset..... View Complete Act List Judgments citing this sectionTitle : Value of Fringe Benefits.
State : Central
Year : 1961
(1) For the purpose of this Chapter, the value of fringe benefits shall be the aggregate of the following, namely, - (a) cost at which the benefits referred to in clause (b) of sub-section (1) of section 115WB, is provided by the employer to the general public as reduced by the amount, if any, paid by, or recovered from, his employee or employees : Provided that in a case where the expenses of the nature referred to in clause (b) of sub-section (1) of section 115WB are included in any other clause of sub-section (2) of the said section, the total expenses included under such other clause shall be reduced by the amount of expenditure referred to in the said clause (b) for computing the value of fringe benefits; 1[(b) the amount of contribution, referred to in clause (c) of..... View Complete Act List Judgments citing this sectionTitle : Penalty Not to Be Imposed in Certain Cases
State : Central
Year : 1961
Notwithstanding anything contained in the provisions of clause (b) of subsection (1) of section 271, section 271A 1[,section 271AA] section 271B, 1[, section 271BA], section 271BB, 2[section 271C, section 271CA], section 271D, section 271E, 3[section 271F, 4[section 271FA, section 271FB]] 1[, section 271G], clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or 5[section 272B or] 6[sub-section (1) or subsection (1A) of section 272BB] or 5[sub-section (1) of section 272BBB or] clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section (2) of section 273, no penalty shall be imposable on the person or the assessee, as the case may be, for any failure referred to in the said provisions if he proves that there was..... View Complete Act List Judgments citing this sectionTitle : Special Provision Relating to Income of Shipping Companies
State : Central
Year : 1961
1 [Chapter XII-G2 Special Provisions Relating to Income of Shipping Companies A.-Meaning of certain expressions __________________________ 1.Chapter XII-G, consisting of sections 115V to 115VZC, inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. 2. To make the Indian shipping industry more competitive, a tonnage tax scheme for taxation of shipping profits has been introduced. Many maritime nations have introduced tonnage based taxation. Some of the basic features of the proposed tonnage tax scheme are as follows : It is a scheme of presumptive taxation whereby the notional income arising from the operation of a ship is determined based on the tonnage of the ship. The notional income is taxed at the normal corporate rate applicable for the year. Tax is payable..... View Complete Act List Judgments citing this sectionTitle : Incomes Which Do Not Form Part of Total Income
State : Central
Year : 1961
In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included- (1) agricultural income; (2) subject to the provisions of sub-section (2) of section 64, any sum received by an individual as a member of a Hindu undivided family, where such sum has been paid out of the income of the family, or, in the case of any impartible estate, where such sum has been paid out of the income of the estate belonging to the family; (2A) in the case of a person being a partner of a firm which is separately assessed as such, his share in the total income of the firm. Explanation : For the purposes of this clause, the share of a partner in the total income of a firm separately assessed as such shall, notwithstanding..... View Complete Act List Judgments citing this sectionTitle : Income-tax Act, 1961
State : Central
Year : 1961
THE INCOME-TAX ACT, 1961 [43 of 1961] An Act to consolidate and amend the law relating to income-tax and super-tax Be it enacted by Parliament in the Twelfth Year of the Republic of India as follows : View Complete Act List Judgments citing this sectionTitle : Relief Respecting Tax on Dividends in Certain Cases
State : Central
Year : 1961
1[***] __________________________________ 1. Omitted by the Finance (No. 2) Act, 1971, with effect from 1st April, 1972. Section 236 - Relief to company in respect of dividend paid out of past taxed profits (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,..... View Complete Act List Judgments citing this sectionTitle : INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE'S TOTAL INCOME
State : Central
Year : 1961
All income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as the income of the transferor and shall be included in his total income. Section 61 - Revocable transfer of assets 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. Section 62 - Transfer irrevocable for a specified period (1) The provisions of section 61 shall not apply to any income arising to any person by virtue of a transfer - (i) by way of trust which is not revocable during the..... View Complete Act List Judgments citing this section