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Home Bare Acts Phrase: total incomeIncome Tax Act, 1961 Chapter III
Title : Incomes Which Do Not Form Part of Total Income
State : Central
Year : 1961
.....1] : For the purposes of this sub-clause, the expression industrial undertaking means any undertaking which is engaged in (a) the manufacture or processing of goods; or 53[(aa) the manufacture of computer software or recording of programme on any disc, tape, perforated media or other information device; or] (b) the business of generation or distribution of electricity or any other form of power; or 54[(ba) the business of providing telecommunication services; or] (c) mining; or (d) the construction of ships; or 55[(da) the business of ship-breaking; or] (e) the operation of ships or aircrafts or construction or operation of rail systems; 56[Explanation 1A : For the purposes of this sub-clause, the expression interest shall not include interest paid on delayed payment of loan or on default if it is in excess of two per cent per annum over the rate of interest payable in terms of such loan.] 57[Explanation 2 : For the purposes of this clause, the expression interest includes hedging transaction charges on account of currency fluctuation;] (v) interest on (a) securities held by the Welfare Commissioner, Bhopal Gas Victims, Bhopal, in the Reserve.....
View Complete Act List Judgments citing this sectionIncome 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.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 10
Title : Incomes Not Included in Total Income
State : Central
Year : 1961
.....1] : For the purposes of this sub-clause, the expression industrial undertaking means any undertaking which is engaged in (a) the manufacture or processing of goods; or 53[(aa) the manufacture of computer software or recording of programme on any disc, tape, perforated media or other information device; or] (b) the business of generation or distribution of electricity or any other form of power; or 54[(ba) the business of providing telecommunication services; or] (c) mining; or (d) the construction of ships; or 55[(da) the business of ship-breaking; or] (e) the operation of ships or aircrafts or construction or operation of rail systems; 56[Explanation 1A : For the purposes of this sub-clause, the expression interest shall not include interest paid on delayed payment of loan or on default if it is in excess of two per cent per annum over the rate of interest payable in terms of such loan.] 57[Explanation 2 : For the purposes of this clause, the expression interest includes hedging transaction charges on account of currency fluctuation;] (v) interest on (a) securities held by the Welfare Commissioner, Bhopal Gas Victims, Bhopal, in the Reserve.....
View Complete Act List Judgments citing this sectionINCOME TAX ACT, 1961 Chapter V
Title : INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE'S TOTAL INCOME
State : Central
Year : 1961
.....of sale thereof and where the property is converted into any other property by any method, such other property. Explanation 2: For the purposes of this section, income includes loss. Section 65 - Liability of person in respect of income included in the income of another person Where, by reason of the provisions contained in this Chapter or in clause (i) of section 27, the income from any asset or from membership in a firm of a person other than the assessee is included in the total income of the assessee, the person in whose name such asset stands or who is a member of the firm shall, notwithstanding anything to the contrary contained in any other law for the time being in force, be liable, on the service of a notice of demand by the Assessing Officer in this behalf, to pay that portion of the tax levied on the assessee which is attributable to the income so included, and the provisions of Chapter XVIID shall, so far as may be, apply accordingly: Provided that where any such asset is held jointly by more than one person, they shall be jointly and severally liable to pay the tax which is attributable to the income from the assets so included.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 14A
Title : Expenditure Incurred in Relation to Income Not Includible in Total Income
State : Central
Year : 1961
.....this Act.] 3[(3) The provisions of sub-section (2) shall also apply in relation to a case where an assessee claims that no expenditure has been incurred by him in relation to income which does not form part of the total income under this Act:] 5[Provided that nothing contained in this section shall empower the Assessing Officer either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of April, 2001.] ________________________ 1. Inserted by the Finance Act, 2001, with retrospective effect from 1st April, 1962. 2. Numbered by the Finance Act, 2006, with effect from 1st April, 2007. 3. Inserted by the Finance Act, 2006, with effect from 1st April, 2007. 4. See Rule 8D. 5. Inserted by the Finance Act, 2002, with retrospective effect from 11th May, 2001.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 80A
Title : Deductions to Be Made in Computing Total Income
State : Central
Year : 1961
.....of such member in the income of the association of persons or body of individuals. 5[(4) Notwithstanding anything to the contrary contained in section 10A or section 10AA or section 1 0B or section 10BA or in any provisions of this Chapter under the heading C-Deductions in respect of certain incomes, where, in the case of an assessee, any amount of profits and gains of an undertaking or unit or enterprise or eligible business is claimed and allowed as a deduction under any of those provisions for any assessment year, deduction in respect of, and to the extent of, such profits and gains shall not be allowed under any other provisions of this Act for such assessment year and shall in no case exceed the profits and gains of such undertaking or unit or enterprise or eligible business, as the case may be.] 5[(5) Where the assessee fails to make a claim in his return of income for any deduction under section 10A or section 10AA or section 10B or section 10BA or under any provision of this Chapter under the heading C.--Deductions in respect of certain incomes, no deduction shall be allowed to him thereunder.] 6[(6) Notwithstanding anything to the contrary contained in section.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 115D
Title : Special Provision for Computation of Total Income of Non-residents
State : Central
Year : 1961
(1) No deduction in respect of any expenditure or allowance shall be allowed under any provision of this Act in computing the investment income of a nonresident Indian. (2) Where in the case of an assessee, being a non-resident Indian, - (a) the gross total income consists only of investment income or income by way of long-term capital gains or both, no deduction shall be allowed to the assessee under Chapter VIA and nothing contained in the provisions of the second proviso to section 48 shall apply to income chargeable under the head Capital gains ; (b) the gross total income includes any income referred to in clause (a), the gross total income shall be reduced by the amount of such income and the deductions under Chapter VIA shall be allowed as if the gross total income as so reduced were the gross total income of the assessee.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 5
Title : Scope of Total Income
State : Central
Year : 1961
.....non-resident includes all income from whatever source derived which - (a) is received or is deemed to be received in India in such year by or on behalf of such person ; or (b) accrues or arises or is deemed to accrue or arise to him in India during such year. Explanation 1 : Income accruing or arising outside India shall not be deemed to be received in India within the meaning of this section by reason only of the fact that it is taken into account in a balance sheet prepared in India. Explanation 2 : For the removal of doubts, it is hereby declared that income which has been included in the total income of a person on the basis that it has accrued or arisen or is deemed to have accrued or arisen to him shall not again be so included on the basis that it is received or deemed to be received by him in India. ____________________ * Sub-section (6) should be read as clause (6).
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 80AB
Title : Deductions to Be Made with Reference to the Income Included in the Gross Total Income
State : Central
Year : 1961
Where any deduction is required to be made or allowed under any section included in this Chapter under the heading C. Deductions in respect of certain incomes in respect of any income of the nature specified in that section which is included in the gross total income of the assessee, then, notwithstanding anything contained in that section, for the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with provisions of this Act (before making any deduction under this Chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 110
Title : Determination of Tax Where Total Income Includes Income on Which No Tax is Payable
State : Central
Year : 1961
Where there is included in the total income of an assessee any income on which no income-tax is payable under the provisions of this Act, the assessee shall be entitled to a deduction, from the amount of income-tax with which he is chargeable on his total income, of an amount equal to the income-tax calculated at the average rate of income-tax on the amount on which no income-tax is payable.
View Complete Act List Judgments citing this section