The Voluntary Surrender of Salaries (Exemption from Taxation) Act, 1961
An Act to provide for exempting from taxes on income a portion of the salary or allowances payable to any person who has in the public interest volunteered to forego it.
Administered by. Ministry of Finance, Department of Revenue · Other Acts of 1961
Preamble
THE VOLUNTARY SURRENDER OF SALARIES (EXEMPTION FROM TAXATION) ACT, 1961
ACT NO. 46 OF 1961
[6th December, 1961.] An Act to provide for exempting from taxes on income a portion of the salary or allowances payable to any person who has in the public interest volunteered to forego it.
BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows:--
What this Act covers
Summary of the Voluntary Surrender of Salaries (Exemption from Taxation) Act, 1961
Key Provisions
1. Exemption from Income Tax: - Salaries Surrendered in Public Interest: No income-tax or super-tax shall be payable on the portion of the salary voluntarily surrendered in the public interest by an individual, if:
• Paid out of the Consolidated Fund of India or a State, and surrendered after 31st March 1961 via a written declaration.
• Surrendered to the Central Government in accordance with rules, in other cases.
• Such surrendered salary shall not be included in the total income for taxation purposes.
2. Application to Allowances: - Provisions of Section 2 (regarding exemption) also apply to allowances due after 31st March 1961.
3. Administrative Provisions
• Power to Make Rules: Central Government can make rules to carry out the Act's purposes, subject to parliamentary oversight.
• Repeal: Repeals the Voluntary Surrender of Salaries (Exemption from Taxation) Act, 1950, with a provision for declarations under the repealed Act to be deemed valid under this Act.
Sections
Type to filter. 5 sections.
Related Acts
- The Income-tax Act, 1961821 sections
- The Deposit Insurance and Credit Guarantee Corporation Act, 196163 sections
- The Finance Act, 196111 sections
- The Income-tax Rules, 1962483 sections
- The Customs Act, 1962285 sections
- The Manipur (Sales of Motor Spirit and Lubricants) Taxation Act, 196237 sections
- The Finance Act, 196216 sections
- The State-Associated Banks (Miscellaneous Provisions) Act, 19626 sections
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 5 sections of this Act has its own page. This page is not a substitute for legal advice.