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Start Free TrialIncome Tax Act, 1961 Chapter XVII
Title: Collection and Recovery of Tax
State: Central
Year: 1961
.....the public are substantially interested, being debentures listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder, if (a) the interest is paid by the company by an account payee cheque; and (b) the amount of such interest or, as the case may be, the aggregate of the amounts of such interest paid or likely to be paid during the financial year by the company to such individual does not exceed two thousand and five hundred rupees; 3[(vi) any interest payable to the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), in respect of any securities owned by it or in which it has full beneficial interest; or] 3[(vii) any interest payable to the General Insurance Corporation of India (hereafter in this clause referred to as the Corporation) or to any of the four companies (hereafter in this clause referred to as such company), formed by virtue of the schemes framed under sub-section (1) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), in respect of any securities owned by the.....
View Complete Act List Judgments citing this sectionAgricultural Income-tax Act, 1957 Chapter 2
Title: Charge of Agricultural Income-tax
State: Karnataka
Year: 1957
.....needs of the company and the benefit derived by or accruing to it therefrom;] 7 [(iii) any sum paid on account of wealth tax under the Wealth Tax Act, 1957 (Central Act XXVII of 1957);] 8 [Explanation.--For the removal of doubts it is hereby declared that deductions under this clause shall not include deductions specifically provided for or allowed under other clauses of this section or rules made under this section.] (l) such other deductions as may be prescribed generally or in particular cases; (m) in the case of agricultural income under the head rent or revenue derived from land referred to in sub-clause (1) of clause (a) of section 2,-- (i) any expenses actually incurred in the previous year in the collection of agricultural income; (ii) any expenses incurred in the previous year on repairs in respect of any capital asset used in connection with the collection of rents due in respect of the land from which the agricultural income is derived; (n) in the case of agricultural income referred to in sub-clause (2) of clause (a) of section 2,-- (i) the expenses other than capital expenditure incurred in the previous year of raising the crop from which the.....
View Complete Act List Judgments citing this sectionKarnataka Sales Tax Act, 1957 Chapter III
Title: Incidence and Levy of Tax
State: Karnataka
Year: 1957
.....by weight of the total fibre content] but excluding any cloth on which a duty under the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (Central Act 58 of 1957), has been levied.] 9 [(1-D x x x ] 10 [(2) Notwithstanding anything contained in sub-section (5), 1 [every dealer,] shall, whatever be the quantum of his total turnover, be liable to pay tax at the rate specified in this Act, 11 [on the sale of any goods which he has purchased in the course of inter-State trade or commerce in respect of which the concessional rate of tax under clause (b) of sub-section (1) of section 8 of the Central Sales Tax Act, 1956, has been levied.]] (3) Notwithstanding anything contained in sub-section (1), the tax under this Act shall be levied-- (a) in the case of the sale of any of the goods mentioned in column(2) of the Second Schedule, by the first or the earliest of successive dealersin the State who is liable to tax under this section, a tax at the rate specified in the corresponding entry of column (3) of the said Schedule, on the 12 [taxable turnover] of sales of such dealer in each year relating to such goods: 13 [Provided that in respect of sale by the.....
View Complete Act List Judgments citing this sectionKarnataka Sales Tax Act, 1957 Chapter V
Title: Returns, Assessment, Payment, Recovery, Composition and Collection of Tax
State: Karnataka
Year: 1957
.....and recovery, appeal and revision shall mutatis mutandis apply to such deemed assessment.]] ________________________________ 1. Substituted by Act 8 of 1990 w.e.f. 1.4.1990. 2. Inserted by Act 5 of 1972 w.e.f. 14.8.1972. 3. Inserted by Act 8 of 1984 w.e.f. 1.4.1984. 4. Sub-sections (4), (5), (6) and (7) substituted by Act 27 of 1985 w.e.f. 1.8.1985. 5. Inserted by Act 4 of 1999 w.e.f. 1.4.1999. 6. Substituted by Act 4 of 1999 w.e.f. 1.4.1997. 7. Provisos inserted by Act 8 of 1989 w.e.f. 1.8.1985. 8. Proviso substituted by Act 7 of 1997 w.e.f. 1.4.1997. 9. Substituted by Act 5 of 1996 w.e.f. 1.4.1996. 10. Inserted by Act 5 of 2000 w.e.f. 1.4.1997. 11. Omitted by Act 8 of 1989 w.e.f. 1.8.1985. 12. Substituted by Act 8 of 1989 w.e.f. 1.8.1985. Section 12 - Returns and assessment 1 [(1) Notwithstanding anything contained in section 12-B, every registered dealer and every dealer who is liable to get himself registered under sub-section (1) or (2) of section 10, shall submit such return or returns relating to his turnover, in such manner and within such period as may be prescribed.] 2 [(1A) Before any dealer submits any return under sub-section (1), he.....
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Chapter II
Title: Charge of Wealth-tax and Assets Subject to Such Charge
State: Central
Year: 1957
.....Act 18 of 1992, Section 90 w.e.f. 1-4-1993. 2. Substituted by Act 4 of 1988, Section 129, for "subject to the other provisions contained in this Act" w.e.f. 1-4-1989. 3. Substituted by Act 46 of 1964, Section 3, for "Financial year" w.e.f. 1-4-1965. 4. Inserted by Act 18 of 1992, Section 90 (a) w.e.f. 1-4-1993. 5. Substituted by Act 66 of 1976, Section 27(!), for "at the rate or rates specified in the schedule" w.e.f. 1-4-1977. 6. Inserted by Act 18 of 1992, Section 90(b) w.e.f. 1-4-1993. 7. Inserted by the Finance (No. 2) Act, 2009 w.e.f. 1st April, 2010. Section 4 - Net wealth to include certain assets (1) 1 [In computing the netwealth- (a)ofan individual, there shall be included, as belonging to that individual, thevalue of assets which on the valuation date are held -] 2 [(i)by the spouse of such individual to whom such assets have been transferred bythe individual, directly or indirectly, otherwise than for adequateconsideration or in connectionwith an agreement to live apart, or (ii)by a minor child, not being3 [a minor child suffering from anydisability of the nature specified in section 80U of the Income-tax Act or] a married.....
View Complete Act List Judgments citing this sectionGift-tax Act, 1958 [Cease to Have Effect on or After the 01.10.1998] Chapter II
Title: Charge of Gift-tax and Gifts Subject to Such Charge
State: Central
Year: 1958
.....be deemed to be a gift made by the transferor; (c) where there is a release, discharge, surrender, forfeiture or abandonment of any debt, contractor other actionable claim or of any interest in property by any person, the value of the release, discharge, surrender, forfeiture or abandonment, to the extent to which it has not been found to the satisfaction of the4[Assessing Officer] to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment; (d) where a person absolutely entitled to property causes or has caused the same to be vested in whatever manner in himself and any other person jointly without adequate consideration and such other person makes an appropriation from or out of the said property, the amount of the appropriation used for the benefit of the person making the appropriation or for the benefit of any other person shall be deemed to be a gift made in his favour by the person who causes or has caused the property to be so vested; 5[(e) where a person who has an interest in property as a tenant for a term or for life or a remainder man surrenders or relinquishes his.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 3
Title: "previous Year" Defined
State: Central
Year: 1961
.....effect from 1st April, 2000. Prior to substitution, section 3 stood as under : 3. "Previous year" defined. (1) Save as otherwise provided in this section, "previous year" for the purposes of this Act, means the financial year immediately preceding the assessment year : Provided that, in the case of a business or profession newly set-up, or a source of income newly coming into existence, in the said financial year, the previous year shall be the period beginning with the date of setting up of the business or profession or, as the case may be, the date on which the source of income newly comes into existence and ending with the said financial year. (2) Previous year, in relation to the assessment year, commencing on the 1st day of April, 1989, means the period which begins with the date immediately following the last day of the previous year relevant to the assessment year commencing on the 1st day of April, 1988 and ends on the 31st day of March, 1989 : Provided that where the assessee has adopted more than one period as the previous year in relation to the assessment year commencing on the 1st day of April, 1988 for different sources of his income, the previous year in.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115JB
Title: Special Provision for Payment of Tax by Certain Companies
State: Central
Year: 1961
.....or amounts of expenditure relatable to any income to which 9[section 10[other than the provisions contained in clause (38) thereof] or 10[***] section 11 or section 12 apply;] 11[(g) the amount of depreciation,] 12[(h) the amount of deferred tax and the provision therefor,] 13[(i) the amount or amounts set aside as provision for diminution in the value of any asset if any amount referred to in clauses (a) to (i) is debited to the profit and loss account, and as reduced by.--] 14[(i) the amount withdrawn from any reserve or provision (excluding a reserve created before the 1st day of April, 1997 otherwise than by way of a debit to the profit and loss account), if any such amount is credited to the profit and loss account : Provided that where this section is applicable to an assessee in any previous year, the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing on or after the 1st day of April, 1997 shall not be reduced from the book profit unless the book profit of such year has been increased by those reserves or provisions (out of which the said amount was withdrawn) under this Explanation or.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115VT
Title: Transfer of Profits to Tonnage Tax Reserve Account
State: Central
Year: 1961
.....Reserve Account) an amount not less than twenty per cent of the book profit derived from the activities referred to in clauses (i) and (ii) of sub-section (1) of section 115VI in each previous year to be utilised in the manner laid down in sub-section (3) : Provided that a tonnage tax company may transfer a sum in excess of twenty per cent of the book profit and such excess sum transferred shall also be utilised in the manner laid down in subsection (3). Explanation : For the purposes of this section, book profit shall have the same meaning as in the Explanation to sub-section (2) of section 115JB so far as it relates to the income derived from the activities referred to in clauses (i) and (ii) of sub-section (1) of section 115VI. (2) Where the company has book profit from the business of operating qualifying ships and book loss from any other sources, and consequently, the company is not in a position to create the full or any part of the reserves under sub-section (1), the company shall create the reserves to the extent possible in that previous year and the shortfall, if any, shall be added to the amount of the reserves required to be created for the following previous.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 209
Title: Computation of Advance Tax
State: Central
Year: 1961
.....calculation is made by the assessee for the purposes of payment of advance tax under sub-section (1) or sub-section (2) or sub-section (5) or sub-section (6) of section 210, he shall first estimate his current income and income-tax thereon shall be calculated at the rates in force in the financial year ; (b) where the calculation is made by the Assessing Officer for the purpose of making an order under sub-section (3) of section 210, the total income of the latest previous year in respect of which the assessee has been assessed by way of regular assessment or the total income returned by the assessee in any return of income furnished by him for any subsequent previous year, whichever is higher, shall be taken and income-tax thereon shall be calculated at the rates in force in the financial year ; (c) where the calculation is made by the Assessing Officer for the purpose of making an amended order under sub-section (4) of section 210, the total income declared in the return furnished by the assessee for the later previous year, or, as the case may be, the total income in respect of which the regular assessment, referred to in that sub-section has been made, shall be taken.....
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