Central Government Act The Income- Tax Act, 1995 THE INCOME- TAX ACT, 1995 ACT NO. 43 OF 1961 [ date 13- 9- 1961] (Received the assent of the President on 13- 9- 1961) An Act to consolidate and amend the law relating to income- tax 1 and super- tax] BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows:- CHAP PRELIMINARY. CHAPTER I PRELIMINARY 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. 2 (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962 . 2. Definitions In this Act, unless the context otherwise requires,- (1) " advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII- C;] (1A) ]" agricultural income" means- (a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes; (b) any income derived from such land by- (i) agriculture; 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 market; or (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: Provided that- (A) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year; or (B) in any area within such distance, not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in item (A), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification 2 in the Official Gazette.] Explanation.- For the removal of doubts, it is hereby declared that revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in item (a) or item (b) of sub- clause (iii) of clause (14) of this section;] 1. Substituted by the Taxation Laws (Amendment) Act, 1970, w. r. e. f. 1- 4- 1962. 2. Inserted by the Finance Act, 1989 w. r. e. f. 1- 4- 1970. Rohit typing center.