Bare Act Search Results

Income Tax Act, 1961 Section 194B

Title: Winnings from Lottery or Crossword Puzzle

State: Central

Year: 1961

.....of the winnings, the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in respect of the winnings. ______________________________________ 1. Inserted by the Finance Act, 2001, with effect from 1st June, 2001. 2. First proviso omitted by the Finance Act, 1999, with effect from 1st April, 2000. Prior to omission, the first proviso stood as under: Provided that no deduction shall be made under this section from any payment made before the 1st day of June, 1972: 3. Substituted for the words Provided further that by the Finance Act, 1999, with effect from 1st April, 2000. 4. Substituted by the Finance Act, 2010 w.e.f. 01.07.2010 for the following : "five thousand rupees".

Income Tax Act, 1961 Section 115BB

Title: Tax on Winnings from Lotteries, Crossword Puzzles, Races Including Horse Races, Card Games and Other Games of Any Sort or Gambling or Betting of Any Form or Nature Whatsoever

State: Central

Year: 1961

Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race (not being income from the activity of owning and maintaining race horses) or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, the income-tax payable shall be the aggregate of (i) the amount of income-tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, at the rate of 1[thirty per cent] ; and (ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i). Explanation : For the purposes of this section, horse race shall have the same meaning as in section 74A. ____________________________ 1. Substituted for forty per cent by the Finance Act, 2001, with effect from 1st April, 2002.

Income Tax Act, 1961 Section 194BB

Title: Winnings from Horse Race

State: Central

Year: 1961

Any person, being a bookmaker or a person to whom a licence has been granted by the Government under any law for the time being in force for horse racing in any race course or for arranging for wagering or betting in any race course, who is responsible for paying to any person any income by way of winnings from any horse race in an amount exceeding 2[five thousand rupees] shall, at the time of payment thereof, deduct income-tax thereon at the rates in force. 1[***] ______________________________________ 1. Proviso omitted by the Finance Act, 1999, with effect from 1st April, 2000. Prior to omission, the proviso stood as under: "Provided that no deduction shall be made under this section from any payment made before the 1st day of June, 1978." 2. Substituted by the Finance Act, 2010 w.e.f. 01.07.2010 for the following : "two thousand five hundred rupees".

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, 1997 Complete Act

State: Central

Year: 1997

.....actually paid and the subsequent previous year or years during which the licence, for which the fee is paid, shall be in force; (ii) 'appropriate fraction' means the fraction the numerator of which is one and the denominator of which is the total number of the relevant previous years; (iii) 'payment has actually been made' means the actual payment of expenditure irrespective of the previous year in which the liability for the expenditure was incurred according to the method of accounting regularly employed by the assessee. (2) Where the licence is transferred and the proceeds of the transfer (so far as they consist of capital sums) are less than the expenditure incurred remaining unallowed, a deduction equal to such expenditure remaining unallowed, as reduced by the proceeds of the transfer, shall be allowed in respect of the previous year in which the licence is transferred. (3) Where the whole or any part of the licence is transferred and the proceeds of the transfer (so far as they consist of capital sums) exceed the amount of the expenditure incurred remaining unallowed, so much of the excess as does not exceed the difference between the expenditure incurred to obtain the.....

Finance Act 1972 Chapter III

Title: Direct Taxes-income-tax

State: Central

Year: 1972

.....: Provided that no deduction shall be made under this section from any payment made before the 1st day of June, 1972. 194C. Payments to contractors and sub-contractors. - (1) Any person responsible for paying any sum to any resident (hereafter in this section referred to as the contractor) for carrying out any work (including supply or labour for carrying out any work) in pursuance of a contract between the contractor and - (a) the Central Government or any State Government; or (b) any local authority; or (c) any corporation established by or under a Central, State or provincial Act; or (d) any company, shall, at the time of credit of such sum to the account of the contractor or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to 2 per cent. of such sum as income-tax on income comprised therein. (2) Any person (being a contractor and not being an individual or a Hindu undivided family) responsible for paying any sum to any resident (hereafter in this section referred to as the sub-contractor) in pursuance of a contract with the sub-contractor for carrying out, or for the.....

Finance Act 1994 Schedule 1

Title: First Schedule

State: Central

Year: 1994

..... (4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in Part IV of the First Schedule to the Finance Act, 1986 (23 of 1986), or of the First Schedule to the Finance Act, 1987 (11 of 1987), or of the First Schedule to the Finance Act, 1988 (26 of 1988), or of the First Schedule to the Finance Act, 1989 (13 of 1989), or of the First Schedule to the Finance Act, 1990 (12 of 1990), or of the First Schedule to the Finance (No. 2) Act, 1991 (49 of 1991), or of the First Schedule to the Finance Act, 1992 (18 of 1992), or of the First Schedule to the Finance Act, 1993 (38 of 1993), shall be set off under sub-rule (1) or, as the case may be, sub-rule (2). Rule 9 - Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 10 - The provisions of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary modifications, apply in relation.....

Finance Act, 1989 Schedule I

Title: First Schedule

State: Central

Year: 1989

.....by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 and any rules made thereunder; (vi) on any other income (excluding interest payable on a tax-free security) 20 per cent.; (b) where the person is not resident in India - (i) in the case of a non-resident Indian - (ii) in the case of any other person - (A) on investment income and long-term capital gains 20 per cent.; (B) on income by way of interest payable on a tax-free security 15 per cent.; (C) on income by way of winnings from lotteries and crossword puzzles 40 per cent.; (D) on income by way of winnings from horse races 40 per cent.; (E) on the whole of other income income-tax at 30 per cent. of the amount of income or income-tax in respect of the income at the rates prescribed in Sub-Paragraph I of Paragraph A of Part III of this Schedule, if such income had been the total income, whichever is higher; (A) .....

Finance Act 1997 Schedule I

Title: First Schedule

State: Central

Year: 1997

..... (4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in Part IV of the First Schedule to the Finance Act, 1989 (13 of 1989), or of the First Schedule to the Finance Act, 1990 (12 of 1990), or of the First Schedule to the Finance (No. 2) Act, 1991 (49 of 1991), or of the First Schedule to the Finance Act, 1992 (18 of 1992), or of the First Schedule to the Finance Act, 1993 (38 of 1993), or of the First Schedule to the Finance Act, 1994 (32 of 1994), or of the First Schedule to the Finance Act, 1995 (22 of 1995), or of the First Schedule to the Finance (No. 2) Act, 1996 (33 of 1996), shall be set off under sub--rule (1) or, as the case may be, sub--rule (2). Rule 9 -- Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 10 -- The provisions of the Income--tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income), shall, with the necessary modifications,.....

Finance Act 1999 Schedule I

Title: First Schedule

State: Central

Year: 1999

..... (4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in Part IV of the First Schedule to the Finance (No. 2) Act, 1991 (49 of 1991), or of the First Schedule to the Finance Act, 1992 (18 of 1992), or of the First Schedule to the Finance Act, 1993 (38 of 1993), or of the First Schedule to the Finance Act, 1994 (32 of 1994), or of the First Schedule to the Finance Act, 1995 (22 of 1995), or of the First Schedule to the Finance (No. 2) Act, 1996 (33 of 1996) or of the First Schedule to the Finance Act, 1997 (26 of 1997) or of the First Schedule to the Finance (No. 2) Act, 1998 (21 of 1998), shall be set off under sub--rule (1) or, as the case may be, sub--rule (2). Rule 9 . -- Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 10 . -- The provisions of the Income--tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary.....