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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.....

Finance Act,1990 Chapter III

Title: Direct Taxes

State: Central

Year: 1990

.....turnover" shall not include any sum referred to in clauses (iiia), (iiib) and (iiic) of section 28;'; (iii) in clause (d), for the words "manufacturing goods", the words and brackets "manufacturing (including processing) goods" shall be substituted. Section 23 - Amendment Of Section 80HHD In section 80HHD of the Income-tax Act, with effect from the 1st day of April, 1991, - (a) in sub-section (2), for the words "by the assessee in convertible foreign exchange", the words and brackets "in, or brought into, India by the assessee in convertible foreign exchange within a period of six months from the end of the previous year or, where the Chief Commissioner or Commissioner is satisfied (for reasons to be recorded in writing) that the assessee is, for reasons beyond his control, unable to do so within the said period of six months, within such further period as the Chief Commissioner or Commissioner may allow in this behalf" shall be substituted; (b) for sub-section (3), the following sub-section shall be substituted, namely :- '(3) For the purposes of sub-section (1), profits derived from services provided to foreign tourists shall be the amount which bears to the.....

Finance Act,1990 Section 15

Title: Amendment of Section 45

State: Central

Year: 1990

In section 45 of the Income-tax Act, after sub-section (5) and the Explanation thereto, the following sub-section shall be inserted with effect from the 1st day of April, 1991, namely :- '(6) Notwithstanding anything contained in sub-section (1), the difference between the repurchase price of the units referred to in sub-section (2) of section 80CCB and the capital value of such units shall be deemed to be the capital gains arising to the assessee in the previous year in which such repurchase takes place or the plan referred to in that section is terminated and shall be taxed accordingly. Explanation : For the purposes of this sub-section, "capital value of such units" means any amount invested by the assessee in the units referred to in sub-section (2) of section 80CCB.'

Reserve Bank of India Act, 1934 (2 of 1934) Amending Act 1

Title: Reserve Bank of India (Amendment) Act, 2006

State: Central

Year: 1934

.....may, by notification in the Official Gazette, appoint; and different dates may be appointed for different provisions of this Act. 2. Amendment of section 17 In section 17 of the Reserve Bank of India Act, 1934(2 of 1934) (hereinafter referred to as the principal Act),-- (i) after clause (6), the following shall be inserted, namely:-- '(6A) dealing in derivatives, and, with the approval of the Central Board, in any other financial instrument. Explanation.--For the purposes of this clause, "derivative" means an instrument, to be settled at a future date, whose value is derived from change in one or a combination of more than one of the following underlyings, namely:-- (a) interest rate, (b) price of securities of the Central Government or a State Government or of such securities of a local authority as may be specified in this behalf by the Central Government, (c) price of foreign securities, (d) foreign exchange rate, (e) index of rates or prices, (f) credit rating or credit index, (g) price of gold or silver coins, or gold or silver bullion, or (h) any other variable of similar nature;'; (ii) after clause (12A), the following shall be inserted,.....

Income Tax Act, 1961 Section 45

Title: Capital Gains

State: Central

Year: 1961

.....transfer took place and shall not be regarded as income of the depository who is deemed to be the registered owner of securities by virtue of sub-section (1) of section 10 of the Depositories Act, 1996, and for the purposes of - (i) section 48; and (ii) proviso to clause (42A) of section 2, the cost of acquisition and the period of holding of any securities shall be determined on the basis of the first-in-first-out method. Explanation: For the purposes of this sub-section, the expressions beneficial owner, depository and security shall have the meanings respectively assigned to them in clauses (a), (e) and (l ) of sub-section (1) of section 2 of the Depositories Act, 1996. (3) The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co-operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax as his income of the previous year in which such transfer takes place and, for the purposes of section 48, the amount recorded in the books of account of the firm, association or body as.....

THE KERALA AGRICULTURISTS' DEBTRELIF ACT, 1970 [1] Complete Act

State: Kerala

Year: 1970

THE KERALA AGRICULTURISTS' DEBTRELIF ACT, 1970 [1] THE KERALA AGRICULTURISTS' DEBTRELIF ACT, 1970 [1] (ACT 11 Of 1970) An Act to give relief to indebted agriculturists in the State of Kerala Preamble.- WHEREASit is considered necessary to provide for the relief of indebted agiculturists in the State of Kerala; BE it enacted in the Twenty-first Year of the Republic of India as follows:- I. Short title , extent and commencement.- (1) This Act may be called The Kerala Agriculturists' Debt Relief Act, 1970. (2) It extends to the whole of the State of Kerala. (3) It shall come into force at once. 2. Definitions._ In this Act, unless the context otherwise requires _ (1) "agriculturist" means a person who has an interest, other than as a simple mortgagee, in any agricultural or horticultural land in the State of Kerala, and includes- (a) an agricultural labourer; (b) a kudikidappukaran; and (c) a tenant. But does not include-\ (i) any person assessed to sales tax on a turnover which in the aggregate is not less than forty thousand rupees in any two years within the three years immediately preceding the commencement of this Act, under the Kerala General Sales Tax Act, 1963 or.....

Finance Act,1990 Section 17

Title: Insertion of New Section 80ccb

State: Central

Year: 1990

After section 80CCA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1991, namely :- "80CCB. Deduction in respect of investment made under Equity Linked Savings Scheme. - (1) Where an assessee, being - (a) an individual, or (b) a Hindu undivided family, or (c) an association of persons or a body of individuals consisting, in either case, only of husband and wife governed by the system of community of property in force in the State of Goa and the Union territories of Dadra and Nagar Haveli and Daman and Diu, has acquired in the previous year, out of his income chargeable to tax, units of any Mutual Fund specified under clause (23D) of section 10 or of the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963), under any plan formulated in accordance with such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf (hereafter in this section referred to as the Equity Linked Savings Scheme), he shall, in accordance with, and subject to, the provisions of this section, be allowed a deduction in the computation of his total income of so much of.....

Finance Act,1990 Section 40

Title: Insertion of New Section 194f

State: Central

Year: 1990

After section 194E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 1991, namely :- "194F. Payments on account of repurchase of units by Mutual Fund or Unit Trust of India. - 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."

Reserve Bank of India Act, 1934 (2 of 1934) Section 17

Title: Business Which the Bank May Transact

State: Central

Year: 1934

..... (10) the sale realisation of all property, whether movable or immovable, which may in any way come into the possession of the Bank in satisfaction, or part satisfaction, of any of its claims; (11) the acting as agent for 1 [***] the 2 [Central Government] 80 [or any 5 [State] Government 81 [***] or any local authority 82 [***] 83 [or the Industrial Finance Corporation of India 84 [***] 11 [or any other body corporate which is established or constituted by or under any other law] 10 [or the Government of any such country outside India or 85 [any such person or authority] is may be approved in this behalf by the Central Government] in the transaction of any of the following kinds of business, namely:- (a) the purchase and sale of gold or silver 86 [or foreign exchange]; (b) the purchase, sale, transfer and custody of bills of exchange, securities or shares in any company; (c) the collection of the proceeds, whether principal, interest or dividends, of any securities or shares; (d) the remittance of such proceeds, at the risk of the principal, by bills of exchange payable either in India or elsewhere; (e) the management of public debt; 87 [(f) 88 [***] the.....

Reserve Bank of India Act, 1934 (2 of 1934) Section 45U

Title: Definitions

State: Central

Year: 1934

For the purposes of this Chapter,--. (a) "derivative" means an instrument, to be settled at a future date, whose value is derived from change in interest rate, foreign exchange rate, credit rating or credit index, price of securities (also called "underlying"), or a combination of more than one of them and includes interest rate swaps, forward rate agreements, foreign currency swaps, foreign currency-rupee swaps, foreign currency options, foreign currency-rupee options or such other instruments as may be specified by the Bank from time to time; (b) "money market instruments" include call or notice money, term money, repo, reverse repo, certificate of deposit, commercial usance bill, commercial paper and such other debt instrument of original or initial maturity up to one year as the Bank may specify from time to time; (c) "repo" means an instrument for borrowing funds by selling securities with an agreement to repurchase the securities on a mutually agreed future date at an agreed price which includes interest for the funds borrowed; (d) "reverse repo" means an instrument for lending funds by purchasing securities with an agreement to resell the securities on a mutually a