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Agricultural Income-tax Act, 1957 Chapter 4

Title: Return of Income, Assessment, Etc.

State: Karnataka

Year: 1957

.....the prescribed manner, pay in advance the full amount of tax payable by him on the basis of such return and shall furnish along with the return satisfactory proofof the payment of such tax. After the assessment is made under section 19 the amount of tax so paid shall be deemed to have been paid towards the tax so assessed and excess amount, if any, paid shall be refunded to such person. (b) If after the assessment under section 19 it is found that the tax paid under clause (a) was less than the tax payable by more than twenty-five per cent, the3 [Assistant Commissioner of Agricultural Income-tax] may direct such person to pay in addition to the tax, by way of penalty, a sum9 [equal to twenty four per cent per annum of the amount of tax so paid short calculated from the date of expiry of the year to which such taxrelates:] 10 [Provided that in the case of a person whose total agricultural income as determined by the3 [Assistant Commissioner of Agricultural Income-tax] is less than twenty thousand rupees, the penalty imposed shall not exceed one hundredrupees.]] 11 [Provided further that no penalty under this sub-section shall be imposed unless the assessee affected has had a.....

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Income Tax Act, 1961 Chapter VIA

Title: Deductions to Be Made in Computing Total Income

State: Central

Year: 1961

..... (2) This section applies to any industrial undertaking which fulfils all the following conditions, namely : (i) it has begun or begins to manufacture or produce articles after the 31st day of December, 1970 but before the 1st day of April, 1990, in any backward area ; (ii) it is not formed by the splitting up, or the reconstruction, of a business already in existence in any backward area : Provided that this condition shall not apply in respect of any industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section ; (iii) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose in any backward area ; (iv) it employs ten or more workers in a manufacturing process carried on with the aid of power, or employs twenty or more workers in a manufacturing process carried on without the aid of power. Explanation : Where any machinery or plant or any part thereof previously used for any purpose in any backward area is.....

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Income Tax Act, 1961 Section 234A

Title: Interest for Defaults in Furnishing Return of Income

State: Central

Year: 1961

.....the total income determined under sub-section (1) of section 143 or on the basis of the earlier assessment aforesaid. (4) Where, as a result of an order under section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 or an order of the Settlement Commission under sub-section (4) of section 245D, the amount of tax on which interest was payable under sub-section (1) or sub-section (3) of this section has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly, and (i) in a case where the interest is increased, the Assessing Officer shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable, and such notice of demand shall be deemed to be a notice under section 156 and the provisions of this Act shall apply accordingly ; (ii) in a case where the interest is reduced, the excess interest paid, if any, shall be refunded. (5) The provisions of this section shall apply in respect of assessments for the assessment year commencing on the 1st day of April, 1989 and subsequent assessment years. _________________ 1. Substituted for one.....

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Agricultural Income-tax Act, 1957 Section 20

Title: Power to Make Provisional Assessment in Advance of Regular Assessment

State: Karnataka

Year: 1957

.....and documents, if any, accompanying it, after giving due effect to (i) the allowance referred to in paragraph (2) of the proviso to clause (c) of section 5, and (ii) any loss carried forward under section 15. (2) A partner of a firm may be provisionally assessed under sub-section (1) in respect of his share in the firm's income, profits and gains, if its return has been received, although the return of the partner himself may not have been received. (3) There shall be no right of appeal against a provisional assessment made under sub-section (1). (4) After a regular assessment has been made under section 19, any amount paid or deemed to have been paid towards a provisional assessment made under sub-section (1), shall be deemed to have been paid towards the regular assessment, and where the amount paid or deemed to have been paid towards the provisional assessment, exceeds the amount payable under the regular assessment, the excess shall be refunded to the assessee. (5) Nothing done or suffered by reason or in consequence of any provisional assessment made under this section shall prejudice the determination on the merits, of any issue which may arise in the course of.....

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Income Tax Act, 1961 Section 139

Title: Return of Income

State: Central

Year: 1961

.....Act, 1974 (38 of 1974) ; (d) where regular books of account are maintained by the assessee, the return is accompanied by copies of (i) manufacturing account, trading account, profit and loss account or, as the case may be, income and expenditure account or any other similar account and balance sheet ; (ii) in the case of a proprietary business or profession, the personal account of the proprietor ; in the case of a firm, association of persons or body of individuals, personal accounts of the partners or members ; and in the case of a partner or member of a firm, association of persons or body of individuals, also his personal account in the firm, association of persons or body of individuals ; (e) where the accounts of the assessee have been audited, the return is accompanied by copies of the audited profit and loss account and balance sheet and the auditors report and, where an audit of cost accounts of the assessee has been conducted under section 233B of the Companies Act, 1956 (1 of 1956), also the report under that section ; (f) where regular books of account are not maintained by the assessee, the return is accompanied by a statement indicating the amounts.....

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Income Tax Act, 1961 Section 158BA

Title: Assessment of Undisclosed Income as a Result of Search

State: Central

Year: 1961

.....in section 113, as income of the block period irrespective of the previous year or years to which such income relates and irrespective of the fact whether regular assessment for any one or more of the relevant assessment years is pending or not. 1[Explanation : For the removal of doubts, it is hereby declared that (a) the assessment made under this Chapter shall be in addition to the regular assessment in respect of each previous year included in the block period ; (b) the total undisclosed income relating to the block period shall not include the income assessed in any regular assessment as income of such block period ; (c) the income assessed in this Chapter shall not be included in the regular assessment of any previous year included in the block period.] (3) Where the assessee proves to the satisfaction of the Assessing Officer that any part of income referred to in sub-section (1) relates to an assessment year for which the previous year has not ended or the date of filing the return of income under sub-section (1) of section 139 for any previous year has not expired, and such income or the transactions relating to such income are recorded on or before the.....

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Income Tax Act, 1961 Chapter XIII

Title: Income-tax Authorities

State: Central

Year: 1961

.....may also determine the interest or penalty, if any, payable or imposable accordingly : Provided further that where a person has paid or made satisfactory arrangements for payment of all the amounts referred to in clauses (ii), (iia) and (iii) or any part thereof, the Assessing Officer may, with the previous approval of the Chief Commissioner or Commissioner, release the assets or such part thereof as he may deem fit in the circumstances of the case. 20. Prior to omission, sub-section (6) stood as under : (6) The assets retained under sub-section (5) may be dealt with in accordance with the provisions of section 132B. 21. Prior to omission, sub-section (7) stood as under : (7) If the Assessing Officer is satisfied that the seized assets or any part thereof were held by such person, for or on behalf of any other person, the Assessing Officer may proceed under sub-section (5) against such other person and all the provisions of this section shall apply accordingly. 22. Substituted for one hundred and eighty days from the date of the seizure by the Finance Act, 2002, with effect from 1st June, 2002. 23. Substituted for under clause (c) of section 158BC by the Finance.....

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Agricultural Income-tax Act, 1957 Chapter 2

Title: Charge of Agricultural Income-tax

State: Karnataka

Year: 1957

.....regard to tea, coffee and rubber 8. Assessment of agricultural income in regard to tea,1[coffee and rubber] In the case of cultivation and manufacture of tea,1[coffee and rubber] the agricultural income for the purposes of this Act shall be deemed to be that portion of the income from cultivation, manufacture and sale computed under the2[Income-tax Act, 1961 (Central act 43 of 1961)] which is excluded from taxation under that Act as being agricultural income, after deducting from the said portion any allowance authorized by this Act in so far as the same has not been allowed in the computation of the income for the purposes of the2[Income-tax Act, 1961 (Central Act 43 of 1961)] ________________________ 1. Inserted by Act 7 of 2003 w.e.f. 1.4.2002 2. Substituted by Act 29 of 1976 w.e.f. 1.4.1975 Section 9 - Assessment of a Hindu undivided Family (1) The total agricultural income of a Hindu undivided family shall be treated as the income of one individual and assessed as such. (2) In the case of a Marumakkattayam tarwad or Aliyasantana family, the total agricultural income of the tarwad or family shall be assessed on the karnavan of the tarwad or the manager of.....

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Income Tax Act, 1961 Section 9

Title: Income Deemed to Accrue or Arise in India

State: Central

Year: 1961

.....resident, for the transfer of all or any rights (including the granting of a licence) in respect of computer software supplied by a non-resident manufacturer along with a computer or computer-based equipment under any scheme approved under the Policy on Computer Software Export, Software Development and Training, 1986 of the Government of India. Explanation 1 : For the purposes of the first proviso, an agreement made on or after the 1st day of April, 1976, shall be deemed to have been made before that date if the agreement is made in accordance with proposals approved by the Central Government before that date ; so, however, that, where the recipient of the income by way of royalty is a foreign company, the agreement shall not be deemed to have been made before that date unless, before the expiry of the time allowed under sub-section (1) or sub-section (2) of section 139 (whether fixed originally or on extension) for furnishing the return of income for the assessment year commencing on the 1st day of April, 1977, or the assessment year in respect of which such income first becomes chargeable to tax under this Act, whichever assessment year is later, the company exercises an.....

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Income Tax Act, 1961 Section 158BB

Title: Computation of Undisclosed Income of the Block Period

State: Central

Year: 1961

.....in the block period including the previous year ending with the date of search or of the requisition. (3) The burden of proving to the satisfaction of the Assessing Officer that any undisclosed income had already been disclosed in any return of income filed by the assessee before the commencement of search or of the requisition, as the case may be, shall be on the assessee. (4) For the purpose of assessment under this Chapter, losses brought forward from the previous year under Chapter VI or unabsorbed depreciation under sub-section (2) of section 32 shall not be set-off against the undisclosed income determined in the block assessment under this Chapter, but may be carried forward for being set-off in the regular assessments. ________________________________ 1. Substituted for in accordance with the provisions of Chapter IV, on the basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with the Assessing Officer by the Finance Act, 2002, with retrospective effect from 1st July, 1995. 2. Substituted for have been concluded by the Finance Act, 2002, with retrospective.....

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