Section 61 Of Income Tax Act
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95 615 see short title of 1978 amendment note under section 1 of this title other than sections 4 and 5 thereof amending section 167 of this title enacting provisions set out as notes under this section and sections 61 and 62 of this title and amending provisions set out as notes under sections 117 167 and 382 of this.
Section 61 of income tax act. Section 5 of the electricity act contains provisions relating to the circumstances under which the licence of a licensee can be revoked and the transfer thereof to the board can be effected. Form 61a is a statement of specified financial transactions that needs to be submitted by a notified taxpayer for the applicable financial year. 1961 income tax department all acts income tax act 1961.
In both the situations income from such assets is treated as income of the transferor. The income tax department never asks for your pin numbers. Form 61a is generated under section 285 ba of income tax act 1961 read with rule 114e of income tax rules 1962.
An act to restate with minor changes certain enactments relating to income tax on employment income pension income and social security income. Section 60 61 contains provisions when income from an asset is transferred without transferring the asset or transferring an asset but the transfer is revocable. Income tax act 1922 and the income tax act 1961 a brief reference may be made to the provisions of the electricity act.
Chapter v sections 60 65 of income tax act 1961 deals with provisions related to income of other persons included in assessee s total income. Comptroller means the comptroller of income tax appointed under section 3 1 and includes for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f 9 37ie 7 37j 5 67 1 a 95 96 96a and 101 a deputy comptroller or an assistant comptroller so appointed. 1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions 18 deductions 22 ceasing to carry on business.
Section 61 of income tax act 1961 2017 provides for revocable transfer of assets. Scope of total income. Title i of this act probably means sections 1 to 8 of pub.
And for connected purposes. Transfer of income where there is no transfer of assets all income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this act shall where there is no transfer of the assets from which the income arises be chargeable to income tax as the income of the transferor and shall be included in his total income.
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