Title : Assessment of Association of Persons or Body of Individuals or Artificial Juridical Person Formed for a Particular Event or Purpose
State : Central
Year : 1961
Notwithstanding anything contained in section 4, where it appears to the Assessing Officer that any association of persons or a body of individuals or an artificial juridical person, formed or established or incorporated for a particular event or purpose is likely to be dissolved in the assessment year in which such association of persons or a body of individuals or an artificial juridical person was formed or established or incorporated or immediately after such assessment year, the total income of such association or body or juridical person for the period from the expiry of the previous year for that assessment year up to the date of its dissolution shall be chargeable to tax in that assessment year, and the provisions of sub-sections (2) to (6) of section 174 shall, so far as may..... View Complete Act List Judgments citing this sectionTitle : Company in Liquidation
State : Central
Year : 1961
(1) Every person (a) who is the liquidator of any company which is being wound up, whether under the orders of a court or otherwise; or (b) who has been appointed the receiver of any assets of a company, (hereinafter referred to as the liquidator) shall, within thirty days after he has become such liquidator, give notice of his appointment as such to the Assessing Officer who is entitled to assess the income of the company. (2) The Assessing Officer shall, after making such inquiries or calling for such information as he may deem fit, notify to the liquidator within three months from the date on which he receives notice of the appointment of the liquidator the amount which, in the opinion of the Assessing Officer, would be sufficient to provide for any tax which is then, or is..... View Complete Act List Judgments citing this sectionTitle : Joint and Several Liability of Partners for Tax Payable by Firm
State : Central
Year : 1961
Every person who was, during the previous year, a partner of a firm, and the legal representative of any such person who is deceased, shall be jointly and severally liable along with the firm for the amount of tax, penalty or other sum payable by the firm for the assessment year to which such previous year is relevant, and all the provisions of this Act, so far as may be, shall apply to the assessment of such tax or imposition or levy of such penalty or other sum. View Complete Act List Judgments citing this sectionTitle : Provisions Applicable to Past Assessments of Firms
State : Central
Year : 1961
In relation to the assessment of any firm and its partners for the assessment year commencing on the 1st day of April, 1992, or any earlier assessment year, the provisions of this Chapter as they stood immediately before the 1st day of April, 1993 shall continue to apply. View Complete Act List Judgments citing this sectionTitle : Insurance Commission
State : Central
Year : 1961
Any person responsible for paying to a resident any income by way of remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance) shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force : Provided that no deduction shall be made under this section from any such income credited or paid before the 1st day of June, 1973: Provided further that no dedduction shall be made under this section in a case where the amount of such income or, as the case may be, the..... View Complete Act List Judgments citing this sectionTitle : Payments on Account of Repurchase of Units by Mutual Fund or Unit Trust of India
State : Central
Year : 1961
The person responsible for paying to any person any amount referred to in sub-section (2) of section 80CCB shall, at the time of payment thereof, deduct income-tax thereon at the rate of twenty per cent. View Complete Act List Judgments citing this sectionTitle : Furnishing of Statement of Tax Deducted
State : Central
Year : 1961
1[The prescribed2 income-tax authority or the person authorised by such authority referred to in sub-section (3) of section 200, shall, within the prescribed2 time after the end of each financial year beginning on or after the 3[1st day of April, 2008] prepare and deliver to every person from whose income the tax has been deducted or in respect of whose income the tax has been paid a statement in the prescribed2 form specifying the amount of tax deducted or paid and such other particulars as may be prescribed2.] ________________ 1. Inserted by the Finance (No. 2) Act, 2004, with effect from 1st April, 2005. 2. See rule 31AB and Form No. 26AS. The prescribed income-tax authority under rule 31AB is the Director General of Income-tax (Systems) or the person authorised by him. For..... View Complete Act List Judgments citing this sectionTitle : Conditions of Liability to Pay Advance Tax
State : Central
Year : 1961
Advance tax shall be payable during a financial year in every case where the amount of such tax payable by the assessee during that year, as computed in accordance with the provisions of this Chapter, is 1[ten thousand rupees] or more. _______________________ 1. Substituted by the Finance (No. 2) Act, 2009, with retrospective effect from 1st April, 2009 for the words : - five thousand rupees View Complete Act List Judgments citing this sectionTitle : Payment of Advance Tax by the Assessee of His Own Accord or in Pursuance of Order of Assessing Officer
State : Central
Year : 1961
(1) Every person who is liable to pay advance tax under section 208 (whether or not he has been previously assessed by way of regular assessment) shall, of his own accord, pay on or before each of the due dates specified in section , the appropriate percentage, specified in that section, of the advance tax on his current income, calculated in the manner laid down in section 209. (2) A person who pays any instalment or instalments of advance tax under sub-section (1), may increase or reduce the amount of advance tax payable in the remaining instalment or instalments to accord with his estimate of his current income and the advance tax payable thereon, and make payment of the said amount in the remaining instalment or instalments accordingly. (3) In the case of a person who has been..... View Complete Act List Judgments citing this sectionTitle : Power of Chairman to Transfer Cases from One Bench to Another
State : Central
Year : 1961
On the application of the assessee or the Chief Commissioner or Commissioner and after notice to them, and after hearing such of them as he may desire to be heard, or on his own motion without such notice, the Chairman may transfer any case pending before one Bench, for disposal, to another Bench. View Complete Act List Judgments citing this section