Income Tax Act, 1961 (43 of 1961) As amended by Finance Act, 2008 VOL I

Income Tax Act, 1961 (43 of 1961) As amended by Finance Act, 2008 VOL I
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Income Tax Act, 1961 (43 of 1961) As amended by Finance Act, 2008 VOL I

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CHAPTER I PRELIMINARY Short title, extent and commencement. 1 1. 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
1. For applicability of the Act to State of Sikkim, see section 26 of the Finance Act, 1989. For extension of Act to Continental Shelf of India, see Notification No. GSR 304 E , dated 31-3-1983. For details, see Taxmann s Master Guide to Income-tax Act. 2. For effective date for the applicability of the Act in the State of Sikkim, see Notification No. SO 148 E , dated 23-2-1989. For details, see Taxmann s Master Guide to Income-tax Act. 3. Inserted by the Direct Tax Laws Amendment Act, 1987, w.e.f. 1-4-1989. Amendments made by the Finance Act, 2008 notwithstanding the dates from which they come into effect, have been printed in italics enclosed with bold square brackets. Amendments made by the Finance Act, 2007 coming into force from April 1, 2008 have also been printed in italics but enclosed within medium square brackets.
1.1
S. 2 1A
I.T. ACT, 1961
1.2
1A 6 agricultural income 7 means8 9 a any rent10 or revenue derived 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