Income Tax Act 1961
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INCOME-TAX ACT, 1961*
[43 OF 1961]
[AS AMENDED BY FINANCE ACT, 2012]
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 I
PRELIMINARY
Short title, extent and commencement.
11. 2(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
Definitions.
2. In this Act, unless the context otherwise requires,—
3[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;]
4[5(1A)] 6"agricultural income"7 means8—
9[(a) any rent10 or revenue10 derived10 from land10 which is situated in India and is used for agricultural purposes;]
(b) any income derived from such land10 by—
(i) agriculture10; or
(ii) the performance by a cultivator or receiver of rent-in-kind of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render the produce raised or received by him fit to be taken to market10; or
(iii) the sale by a cultivator or receiver of rent-in-kind of the produce raised or received by him, in respect of which no process has been performed other than a process of the nature described in paragraph (ii) of this sub-clause ;
(c) any income derived from any building owned and occupied by the receiver of the rent or revenue of any such land, or occupied by the cultivator or the receiver of rent-in-kind, of any land with respect to which, or the produce of which, any process mentioned in paragraphs (ii) and (iii) of sub-clause (b) is carried on :
Charge of income-tax.
424. 43(1) Where any Central Act enacts that income-tax44 shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year 45in accordance with, and 46[subject to the provisions (including provisions for the...
[43 OF 1961]
[AS AMENDED BY FINANCE ACT, 2012]
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 I
PRELIMINARY
Short title, extent and commencement.
11. 2(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
Definitions.
2. In this Act, unless the context otherwise requires,—
3[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;]
4[5(1A)] 6"agricultural income"7 means8—
9[(a) any rent10 or revenue10 derived10 from land10 which is situated in India and is used for agricultural purposes;]
(b) any income derived from such land10 by—
(i) agriculture10; or
(ii) the performance by a cultivator or receiver of rent-in-kind of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render the produce raised or received by him fit to be taken to market10; or
(iii) the sale by a cultivator or receiver of rent-in-kind of the produce raised or received by him, in respect of which no process has been performed other than a process of the nature described in paragraph (ii) of this sub-clause ;
(c) any income derived from any building owned and occupied by the receiver of the rent or revenue of any such land, or occupied by the cultivator or the receiver of rent-in-kind, of any land with respect to which, or the produce of which, any process mentioned in paragraphs (ii) and (iii) of sub-clause (b) is carried on :
Charge of income-tax.
424. 43(1) Where any Central Act enacts that income-tax44 shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year 45in accordance with, and 46[subject to the provisions (including provisions for the...