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Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] 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 : CHAPTER 1 PRELIMINARY Section 1 Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....

Income Tax Act, 1961 Chapter VIA

Title: Deductions to Be Made in Computing Total Income

State: Central

Year: 1961

.....any premium or other payment made on an insurance policy other than a contract for a deferred annuity as is not in excess of twenty per cent of the actual capital sum assured. Explanation : In calculating any such actual capital sum assured, no account shall be taken (i) of the value of any premiums agreed to be returned, or (ii) of any benefit by way of bonus or otherwise over and above the sum actually assured, which is to be or may be received under the policy by any person. (4) The persons referred to in sub-section (2) shall be the following, namely: (a) for the purposes of clauses (i), (v), (x) and (xi) of that sub-section, (i) in the case of an individual, the individual, the wife or husband and any child of such individual, and (ii) in the case of a Hindu undivided family, any member thereof; (b) for the purposes of clause (ii) of that sub-section, in the case of an individual, the individual, the wife or husband and any child of such individual; (c) for the purpose of clause (xvii) of that sub-section, in the case of an individual, any two children of such individual. (5) Where, in any previous year, an assessee (i) terminates his contract of insurance.....

Income Tax Act, 1961 Section 80RRB

Title: Deduction in Respect of Royalty on Patents

State: Central

Year: 1961

.....any consideration which would be the income of the recipient chargeable under the head Capital gains or consideration for sale of product manufactured with the use of patented process or of the patented article for commercial use) for (i) the transfer of all or any rights (including the granting of a licence) in respect of a patent; or (ii) the imparting of any information concerning the working of, or the use of, a patent; or (iii) the use of any patent; or (iv) the rendering of any services in connection with the activities referred to in sub-clauses (i) to (iii); (h) true and first inventor shall have the meaning assigned to it in clause (y) of sub-section (1) of section 2 of the Patents Act, 1970 (39 of 1970).] ________________________________ 1. Inserted by the Finance Act, 2003, with effect from 1st April, 2004. 2. See rule 19AD(2) and Form No. 10CCE. For analysis, see Mashbras Income-tax Rules. 3. Under rule 19AD(1), the prescribed authority is the Controller, referred to in section 2(1)(b) of the Patents Act, 1970. For analysis, see Mashbras Income-tax Rules. 4. See rule 29A(1) and Form No. 10H. For analysis, see Mashbras Income-tax Rules. 5......

Income Tax Act, 1961 Chapter X

Title: Special Provisions Relating to Avoidance of Tax

State: Central

Year: 1961

.....mean of such prices: Provided further that if the variation between the arms length price so determined and price at which the international transaction has actually been undertaken does not exceed five per cent. of the latter, the price at which the international transaction has actually been undertaken shall be deemed to be the arms length price.] (3) Where during the course of any proceeding for the assessment of income, the Assessing Officer is, on the basis of material or information or document in his possession, of the opinion that (a) the price charged or paid in an international transaction has not been determined in accordance with sub-sections (1) and (2) ; or (b) any information and document relating to an international transac­tion have not been kept and maintained by the assessee in accordance with the provisions contained in sub-section (1) of section 92D and the rules made in this behalf ; or (c) the information or data used in computation of the arms length price is not reliable or correct ; or (d) the assessee has failed to furnish, within the specified time, any information or document which he was required to furnish by a notice issued under.....

Income Tax Act, 1961 Section 92A

Title: Meaning of Associated Enterprise

State: Central

Year: 1961

.....executive directors or members of the governing board, of each of the two enterprises are appointed by the same person or persons ; or (g) the manufacture or processing of goods or articles or business carried out by one enterprise is wholly dependent on the use of know-how, patents, copyrights, trade-marks, licences, franchises or any other business or commercial rights of similar nature, or any data, documentation, drawing or specification relating to any patent, invention, model, design, secret formula or process, of which the other enterprise is the owner or in respect of which the other enterprise has exclusive rights ; or (h) ninety per cent or more of the raw materials and consumables required for the manufacture or processing of goods or articles carried out by one enterprise, are supplied by the other enterprise, or by persons specified by the other enterprise, and the prices and other conditions relating to the supply are influenced by such other enterprise ; or (i) the goods or articles manufactured or processed by one enterprise, are sold to the other enterprise or to persons specified by the other enterprise, and the prices and other conditions relating thereto.....

Income Tax Act, 1961 Chapter III

Title: Incomes Which Do Not Form Part of Total Income

State: Central

Year: 1961

.....him as an employee of the employer from whose service he has retired; (10B) any compensation received by a workman under the Industrial Disputes Act, 1947 (14 of 1947), or under any other Act or Rules, orders or notifications issued thereunder or under any standing orders or under any award, contract of service or otherwise, at the time of his retrenchment: Provided that the amount exempt under this clause shall not exceed (i) an amount calculated in accordance with the provisions of clause (b) of section 25F of the Industrial Disputes Act, 1947 (14 of 1947); or (ii) such amount, not being less than fifty thousand rupees, as the Central Government may, by notification in the Official Gazette, specify in this behalf, whichever is less : Provided further that the preceding proviso shall not apply in respect of any compensation received by a workman in accordance with any scheme which the Central Government may, having regard to the need for extending special protection to the workmen in the undertaking to which such scheme applies and other relevant circumstances, approve in this behalf. Explanation : For the purposes of this clause (a) compensation received by a.....

Income Tax Act, 1961 Section 10

Title: Incomes Not Included in Total Income

State: Central

Year: 1961

.....him as an employee of the employer from whose service he has retired; (10B) any compensation received by a workman under the Industrial Disputes Act, 1947 (14 of 1947), or under any other Act or Rules, orders or notifications issued thereunder or under any standing orders or under any award, contract of service or otherwise, at the time of his retrenchment: Provided that the amount exempt under this clause shall not exceed (i) an amount calculated in accordance with the provisions of clause (b) of section 25F of the Industrial Disputes Act, 1947 (14 of 1947); or (ii) such amount, not being less than fifty thousand rupees, as the Central Government may, by notification in the Official Gazette, specify in this behalf, whichever is less : Provided further that the preceding proviso shall not apply in respect of any compensation received by a workman in accordance with any scheme which the Central Government may, having regard to the need for extending special protection to the workmen in the undertaking to which such scheme applies and other relevant circumstances, approve in this behalf. Explanation : For the purposes of this clause (a) compensation received by a.....

Income Tax Act, 1961 Section 92F

Title: Definitions of Certain Terms Relevant to Computation of Arms Length Price, Etc.

State: Central

Year: 1961

.....92, 92A, 92B, 92C, 92D and 92E, unless the context otherwise requires (i) accountant shall have the same meaning as in the Explanation below sub-section (2) of section 288 ; (ii) arms length price means a price which is applied or proposed to be applied in a transaction between persons other than associated enterprises, in uncontrolled conditions ; (iii) enterprise means a person (including a permanent establishment of such person) who is, or has been, or is proposed to be, engaged in any activity, relating to the producton, storage, supply, distribution, acquisition or control of articles or goods, or know-how, patents, copyrights, trade-marks, licences, franchises or any other business or commercial rights of similar nature, or any data, documentation, drawing or specification relating to any patent, invention, model, design, secret formula or process, of which the other enterprise is the owner or in respect of which the other enterprise has exclusive rights, or the provision of services of any kind 2[or in carrying out any work in pursuance of a contract], or in investment, or providing loan or in the business of acquiring, holding, underwriting or dealing with shares,.....

The Kerala Essential Articles Control (Temporary Powers) Act, 1961 Complete Act

State: Kerala

Year: 1961

.....inconsistent therewith contained in any enactment other than this Act or in any instrument having effect by virtue of any enactment other than this Act. Section 6 - Penalties If any person contravenes any order made under section 3,- (a) he shall be punishable- (i) in the case of an order made with reference to clause (g) or clause (h) of sub-section (2) of that section, with imprisonment for a term which may extend to one year and shall also be liable to fine, and (ii) in the case of any other order, with imprisonment for a term which may extend to three years and shall also be liable to fine: Provided that if the court is of opinion that a sentence of fine only will meet the ends of justice, it may, for reasons to be recorded, refrain from imposing a sentence of imprisonment; and (b) any property in respect of which the order has been contravened or such part thereof as to the court may deem fit shall be forfeited to the Government: Provided that if the court is of opinion that it is not necessary to direct forfeiture in respect of the whole or. as the case may be, any part of the property, it may, for reasons to be recorded, refrain from doing so. Section 7.....

Income Tax Act, 1961 Section 35A

Title: Expenditure on Acquisition of Patent Rights or Copyrights

State: Central

Year: 1961

.....have elapsed since the commencement thereof, and if fourteen years have elapsed as aforesaid, of a reference to one year; (ii) appropriate fraction means the fraction the numerator of which is one and the denominator of which is the number of the relevant previous years. (2) Where the rights come to an end without being subsequently revived or where the whole or any part of the rights is sold and the proceeds of the sale (so far as they consist of capital sums) are not less than the cost of acquisition thereof remaining unallowed, no deduction under sub-section (1) shall be allowed in respect of the previous year in which the rights come to an end or, as the case may be, the whole or any part of the rights is sold or in respect of any subsequent previous year. (3) Where the rights either come to an end without being subsequently revived or are sold in their entirety and the proceeds of the sale (so far as they consist of capital sums) are less than the cost of acquisition thereof remaining unallowed, a deduction equal to such cost remaining unallowed, or, as the case may be, such cost remaining unallowed as reduced by the proceeds of the sale, shall be allowed in.....