Income Tax
NCOME-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 :
9[Provided that—
(i) the building is on or in the immediate vicinity of the land, and is a building which the receiver of the rent or revenue or the cultivator, or the receiver of rent-in-kind, by reason of his connection with the land, requires as a dwelling house, or as a store-house, or other
[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 :
9[Provided that—
(i) the building is on or in the immediate vicinity of the land, and is a building which the receiver of the rent or revenue or the cultivator, or the receiver of rent-in-kind, by reason of his connection with the land, requires as a dwelling house, or as a store-house, or other