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Companies Profits Surtax Act 1964 Section 5

Title: Return of Chargeable Profits

State: Central

Year: 1964

.....the company during the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed : Provided that on an application made in this behalf, the1[Assessing Officer] may, in his discretion, extend the date for the furnishing of the return. (3) Any assessee who has not furnished a return during the time allowed under sub-sectior (1) or sub-section (2), or having furnished a return under sub-section (1) or sub-section (2), discovers any omission or wrong statement therein, may furnish a return or a revised return, as the case may be, at any time before the assessment is made. ________________________ 1. Substituted for the words "Income-tax Officer" and consequential changes as the rules of grammar may require by the Direct Tax Laws (Amdt.) Act (4 of 1988), S. 187 (1-4-1988).

Companies Profits Surtax Act 1964 Complete Act

Title: Companies Profits Surtax Act 1964

State: Central

Year: 1964

.....- Trnasfer of certain pending appeals Section12 - Appeals to Appellate Tribunal Section13 - Rectification of mistakes Section14 - Other amendments Section15 - Surtax deductible in computing distributable income under Income-tax Act Section16 - Revision of orders prejudicial to revenue Section17 - Revision of orders by [Chief Commissioner or Commissioner] Section18 - Application of provisions of Income-tax Act Section19 - Income-tax papers to be available for the purposes of this Act Section20 - Failure to deliver returns, etc Section21 - False statement Section22 - Abetment of false returns, etc Section23 - Institution of proceedings and composition of offences Section24 - Power to make exemption, etc., in relation to certain Union territories Section24A - Agreement with foreign countries Section24AA - Power to make exemption, etc. in relation to participation in the business of prospecting for extraction, etc., of mineral oils Section25 - Power to make rules Section26 - Saving ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE ScheduleIII - THIRD SCHEDULE

Companies Profits Surtax Act 1964 Preamble 1

Title: Companies (Profits) Surtax Act, 1964

State: Central

Year: 1964

THE COMPANIES (PROFITS) SURTAX ACT, 1964 [Act, No. 7 of 1964] [2nd May, 1964] PREAMBLE An Act to impose a special tax on the profits of certain companies. BE it enacted by Parliament in the Fifteenth year of the Republic of India as follows;--

Companies Profits Surtax Act 1964 Section 8

Title: Profits Escaping Assessment

State: Central

Year: 1964

.....omission or failure on the part of the assessee to make a return under section 5 for any assessment year or to disclose fully and truly all material facts necessary for his assessment for any assessment year, chargeable profits for that year have escaped assessment or have been underassessed or assessed at too low a rate or have been made the subject of exercise relief under this Act, or (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee, the1[Assessing Officer] has in consequence of information in his possession reason to belive that chargeable profits assessable for any assessment year have escaped assessment or have been under-assessed or assessed at too low a rate or have been the subject of excessive relief under this Act, he may, in cases falling under clause (a) at any time, and in cases failing under clause (b) at any time within four years of the end of that assessment year, serve on the assessee a notice containing all or any of the requirements which may be included in a notice under section 5, and may proceed to assess or re-assess the amount chargeable to surtax, and the provisions of this Act.....

Business Profits Tax Act, 1947 Complete Act

State: Central

Year: 1947

.....1949, are extended to. and shall be in force in, all the merged States. For the definition of the expression "merged States", see S. 2(1) of that Act. This Act and all rules and orders made there under shall operate as if they had been extended to, and brought into force in, all the merged States on the Ist day of April. 1949 - SetS. 3 of the Taxation Laws (Extension to Merged States and Amendment) Act, 1949 (67 of 1949), For the interpretation of laws as extended to the merged Slates, for the removal of difficulties in giving effect to the provisions of any Act, etc., extended to the merged States and for repeal of corresponding laws in force in any of the merged States and savings in consequence of such repeal, see sections 4, 6 and Section 7, respectively, of Act 67 of 1949. SECTION 01: SHORT TITLE, EXTENT AND COMMENCEMENT (1) This Act may be called The Business Profits Tax Act, 1947. (2) It extends to the whole of1[India except2[the territories which, immediately before the 1st November, 1956, were comprised in Part B States].] (3) It shall come into force on such date3as the Central Government may, by notification in the official Gazette, appoint. SECTION 02:.....

Super Profits Tax Rules, 1963 Complete Act

State: Central

Year: 1963

....." sub-sections (1) and (2) " shall be substituted. Modification of section 138.---(vii) In section 138,--- (a) for the words " either under this Act or the Indian Income-tax Act, 1922, on or after the 1st day of April, 1960", the words " under the Act " shall be substituted ; (b) for the word and figures "section 137", the words and figures " the applied section 137 " shall be substituted. Modification of section 140.---(viii) For section 140, the following section shall be substituted, namely:--- "140. Return by whom to be signed.---The return under section 6 of the Act shall be signed and verified by the principal officer of the company, or where in the case of a non-resident company any person has been treated as its agent under section 163 of the Income-tax Act, by such person. " Modification of section 160.---(ix) In section 160, in sub-section (1),--- (a) in clause (i),--- (i) for the words, brackets and figures " in respect of the income of a non-resident specified in clause (i) of sub-section (1) of section 9 ", the words, brackets and figures " in respect of the chargeable profits relating to the income of a non-resident specified in clause (i) of sub-section.....

Income Tax Act, 1961 Section 80IA

Title: Deductions in Respect of Profits and Gains from Industrial Undertakings or Enterprises Engaged in Infrastructure Development, Etc.

State: Central

Year: 1961

.....as may be prescribed,38 such profit shall not be liable to tax where the profit has been transferred to a special reserve account and the same is actually utilised for the highway project excluding housing and other activities before the expiry of three years following the year in which such amount was transferred to the reserve account; and the amount remaining unutilised shall be chargeable to tax as income of the year in which such transfer to reserve account took place. (7) 39[The deduction] under sub-section (1) from profits and gains derived from an 40[undertaking] shall not be admissible unless the accounts of the 40[undertaking] for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant, as defined in the Explanation below sub-section (2) of section 288, and the assessee furnishes, along with his return of income, the report of such audit in the prescribed form41 duly signed and verified by such accountant. (8) Where any 42[goods or services] held for the purposes of the eligible business are transferred to any other business carried on by the assessee, or where any 42[goods or services] held for the.....

Companies (Profits) Surtax Act, 1964 Complete Act

State: Central

Year: 1964

.....of India, 29-2-1964, Pt. II, S. 2, Ext., p. 178. Act 41 of 1975.- The object of this Bill is to amend the income-tax Act, 1961, the Wealth Tax Act. 1957, the Gift Tax Act, 1958 and the Companies (Profits) Surtax Act, 1964. The proposals relating to the amendments to these enactments have been formulated after a detailed examination of the recommendations of the Direct Taxes Enquiry Committee (Wanchoo Committee) and the Forty-seventh Report of the Law Commission on the Trial and Punishment of Social and Economic Offences, the latter in so far as they relate to direct taxes. Opportunity has been taken to sponsor some amendments on the basis of suggestions received from various other quarters as well. Technical difficulties arising in the operation of some of the provisions of these enactments have also been taken into account in formulating these proposals. 2. The main objective of the amendments proposed to be made are to unearth black-money and prevent its proliferation; to fight and curb tax evasion; to check avoidance of tax 'through various legal devices, including the formation of trusts and diversion of income or wealth to members of family; to reduce tax arrears and.....

Super Profits Tax Act, 1963 Complete Act

State: Central

Year: 1963

.....are no chargeable profits in respect of the previous year relevant to that assessment year, the amount of the standard deduction ; (7) " Income-tax Act" means the Income-tax Act, 1961 (43 of 1961)-; (8) " prescribed" means prescribed by rules made under this Act; (9) " standard deduction " means an amount equal to six percent of the capital of the company as computed in accordance with the provisions of the Second Schedule, or an amount of fifty thousand rupees, whichever is greater: Provided that where the previous year is longer or shorter than a period of twelve months, the aforesaid amount of six per cent. or, as the case may be, of fifty thousand rupees shall be increased or decreased proportionately: Provided further that where a company has different previous years in respect of its income, profits and gains, the aforesaid increase or decrease, as the case may be, shall be calculated with reference to the length of the previous year of the longest duration; and (10) all other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act. SECTION 03: TAX AUTHORITIES (1) Every.....

Income Tax Act, 1961 Section 80IB

Title: Deduction in Respect of Profits and Gains from Certain Industrial Undertakings Other Than Infrastructure Development Undertakings

State: Central

Year: 1961

.....before the 31st day of May, 2008; and (iii) it begins refining not later than the 31st day of March, 2012. 24. Inserted by the Finance (No. 2) Act, 2009. 24a. Inserted by the Finance (No. 2) Act, 2009, with effect from 1st April, 2010. 25. Substituted by the Finance (No. 2) Act, 2004, with effect from 1st April, 2005. Prior to substitution, sub-section (10), as amended by the Finance Act, 2000, with effect from 1st April, 2001 and the Finance Act, 2003, with retrospective effect from 1st April, 2002, stood as under: (10) The amount of profits in case of an undertaking developing and building housing projects approved before the 31st day of March, 2005 by a local authority, shall be hundred per cent of the profits derived in any previous year relevant to any assessment year from such housing project if, - (a) such undertaking has commenced or commences development and construction of the housing project on or after the 1st day of October, 1998; (b) the project is on the size of a plot of land which has a minimum area of one acre; and (c) the residential unit has a maximum built-up area of one thousand square feet where such residential unit is situated within the.....