The Voluntary Surrender of Salaries (Exemption from Taxation) Act, 1961

THE VOLUNTARY SURRENDER OF SALARIES (EXEMPTION FROM TAXATION)

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THE VOLUNTARY SURRENDER OF SALARIES (EXEMPTION FROM TAXATION) ACT, 1961 __________ ARRANGEMENT OF SECTIONS __________ SECTIONS 1. Exemption from taxes on income in respect of salaries surrendered in favour of Government. Provisions of section 2 to apply to allowances.

THE VOLUNTARY SURRENDER OF SALARIES (EXEMPTION FROM TAXATION)

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Section 1 — Short title

Section 2 — Exemption from taxes on income in respect of salaries surrendered in favour of Government

Section 3 — Provisions of section 2 to apply to allowances

Section 4 — Power to make rules

Section 5 — Repeal

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:— 1. Short title.—This Act may be called the Voluntary Surrender of Salaries (Exemption from Taxation) Act, 1961. Exemption from taxes on income in respect of salaries surrendered in favour of Government.—Notwithstanding anything contained in the Indian Income-tax Act, 1922 (11 of 1922), or in any other law for the time being in force relating to taxation on income, no income-tax or super-tax shall be payable by any person— (a) where his salary is paid out of the Consolidated Fund of India or of the Consolidated Fund of a State, in respect of that part of the salary due to him for any period after the 31st day of March, 1961 which he has, by a declaration in writing, volunteered to forego in the public interest; (b) in any other case, in respect of that part of the salary which is due to him for any period after the 31st day of March, 1961 which has been, in the public interest, surrendered in favour of, and paid to, the Central Government in accordance with the rules made in this behalf by that Government; and such part of the salary shall not be included in his total income for the purposes of any law relating to taxation on income. Repeal.—(1) The Voluntary Surrender of Salaries (Exemption from Taxation) Act, 1950 (61 of 1950), is hereby repealed. (2) Notwithstanding such repeal any declaration made under the said Act shall be deemed to be a declaration made for the purposes of this Act.