Title : Liability for Payment of Advance Tax
State : Central
Year : 1961
Tax shall be payable in advance during any financial year, in accordance with the provisions of sections 208 to 219 (both inclusive), in respect of the total income of the assessee which would be chargeable to tax for the assessment year immediately following that financial year, such income being hereafter in this Chapter referred to as current income. View Complete Act List Judgments citing this sectionTitle : Unrealised Rent Received Subsequently to Be Charged to Income-tax
State : Central
Year : 1961
1[Where the assessee cannot realise rent from a property let to a tenant and subsequently the assessee has realised any amount in respect of such rent, the amount so realised shall be deemed to be income chargeable under the head Income from house property and accordingly charged to income-tax as the income of that previous year in which such rent is realised whether or not the assessee is the owner of that property in that previous year.] ______________________ 1. Inserted by the Finance Act, 2001, with effect from 1st April, 2002. View Complete Act List Judgments citing this sectionTitle : Transfer Irrevocable for a Specified Period
State : Central
Year : 1961
(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 lifetime of the beneficiary, and, in the case of any other transfer, which is not revocable during the lifetime of the transferee; or (ii) made before the 1st day of April, 1961, which is not revocable for a period exceeding six years: Provided that the transferor derives no direct or indirect benefit from such income in either case. (2) Notwithstanding anything contained in sub-section (1), all income arising to any person by virtue of any such transfer shall be chargeable to income-tax as the income of the transferor as and when the power to revoke the transfer arises, and shall then be included in his total..... View Complete Act List Judgments citing this sectionTitle : Tax on Income in Certain Cases
State : Central
Year : 1961
(1) Notwithstanding anything contained in any other provisions of this Act, any income received by a person out of investments made in a venture capital company or venture capital fund shall be chargeable to income-tax in the same manner as if it were the income received by such person had he made investments directly in the venture capital undertaking. (2) The person responsible for making payment of the income on behalf of a venture capital company or a venture capital fund and the venture capital company or venture capital fund shall furnish, within such time as may be prescribed, to the person receiving such income and to the prescribed income-tax authority1, a statement in the prescribed form2 and verified in the prescribed manner2, giving details of the nature of the income paid..... View Complete Act List Judgments citing this sectionTitle : Treatment of Common Costs
State : Central
Year : 1961
(1) Where a tonnage tax company also carries on any business or activity other than the tonnage tax business, common costs attributable to the tonnage tax business shall be determined on a reasonable basis. (2) Where any asset, other than a qualifying ship, is not exclusively used for the tonnage tax business by the tonnage tax company, depreciation on such asset shall be allocated between its tonnage tax business and other business on a fair proportion to be determined by the Assessing Officer, having regard to the use of such asset for the purpose of the tonnage tax business and for the other business. View Complete Act List Judgments citing this sectionTitle : Demerger
State : Central
Year : 1961
Where in a scheme of demerger, the demerged company transfers its business to the resulting company before the expiry of the option for Tonnage Tax Scheme, then, subject to the other provisions of this Chapter, the Tonnage Tax Scheme shall, as far as may be, apply to the resulting company for the unexpired period if it is a qualifying company: Provided that the option for Tonnage Tax Scheme in respect of the demerged company shall remain in force for the unexpired period of the Tonnage Tax Scheme if it continues to be a qualifying company. View Complete Act List Judgments citing this sectionTitle : Income from Units
State : Central
Year : 1961
Where any income in respect of units referred to in section 115AB or by way of long-term capital gains arising from the transfer of such units is payable to an Offshore Fund, the person responsible for making the payment 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 the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent. View Complete Act List Judgments citing this sectionTitle : Recovery Through State Government
State : Central
Year : 1961
If the recovery of tax in any area has been entrusted to a State Government under clause (1) of article 258 of the Constitution, the State Government may direct, with respect to that area or any part thereof, that tax shall be recovered therein with, and as an addition to, any municipal tax or local rate, by the same person and in the same manner as the municipal tax or local rate is recovered. View Complete Act List Judgments citing this sectionTitle : Application for Advance Ruling
State : Central
Year : 1961
(1) An applicant desirous of obtaining an advance ruling under this Chapter may make an application in such form and in such manner as may be prescribed1, stating the question on which the advance ruling is sought. (2) The application shall be made in quadruplicate and be accompanied by a fee of two thousand five hundred rupees. (3) An applicant may withdraw an application within thirty days from the date of the application. _________________________________ 1. See rule 44E and Form Nos. 34C, 34D and 34E. For analysis, see Mashbras Income-tax Rules. View Complete Act List Judgments citing this sectionTitle : Transfer of Income Where there is No Transfer of Assets
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. View Complete Act List Judgments citing this section