Title : Preliminary
State : Central
Year : 1987
(1) This Act may be called the Finance Act, 1987. (2) Save as otherwise provided is this Act, sections 2 to 91 shall be deemed to have come into force on the 1st day of April, 1987. View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 1987
(1) This Act may be called the Finance Act, 1987. (2) Save as otherwise provided is this Act, sections 2 to 91 shall be deemed to have come into force on the 1st day of April, 1987. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 10a
State : Central
Year : 1987
In section 10A of the Income-tax Act, in the Explanation occurring at the end after clause (ii), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1981, namely :- '(iii) "manufacture" includes any - (a) process, or (b) assembling, or (c) recording of programmes on any disc, tape, perforated media or other information storage device.'. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 27
State : Central
Year : 1987
In section 27 of the Income-tax Act, for clause (iii), the following clauses shall be substituted with effect from the 1st day of April, 1988, namely :- "(iii) a member of a co-operative society, company or other association of persons to whom a building or part thereof is allotted or leased under a house building scheme of the society, company or association, as the case may be, shall be deemed to be the owner of that building or part thereof; (iiia) a person who is allowed to take or retain possession of any building or part thereof in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882), shall be deemed to be the owner of that building or part thereof; (iiib) a person who acquires any rights (excluding any..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 32ab
State : Central
Year : 1987
In section 32AB of the Income-tax Act, - (a) in sub-section (1), - (i) for the words "deduction of", the words, brackets and figures "deduction (such deduction being allowed before the loss, if any, brought forward from earlier years is set off under section 72) of" shall be substituted; (ii) the following proviso shall be inserted at the end, namely :- "Provided that where such assessee is a firm, or any association of persons or any body of individuals, the deduction under this section shall not be allowed in the computation of the income of any partner, or, as the case may be, any member, of such firm, association of persons or body of individuals."; (b) in sub-section (2), for clause (ii), the following clauses shall be substituted, namely :- '(ii) "new ship" or "new..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 33ab
State : Central
Year : 1987
In section 33AB of the Income-tax Act, in sub-section (5), for the words, figures and letters "assessment year commencing on the 1st day of April, 1986, and the four assessment year next following that assessment year", the words, figures and letters "assessment years commencing on the 1st day of April, 1986, and the 1st day of April, 1987" shall be substituted with effect from the 1st day of April, 1988. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 36
State : Central
Year : 1987
In section 36 of the Income-tax Act, in sub-section (1), after clause (v), the following clause shall be inserted with effect from the 1st day of April, 1988, namely :- '(va) any sum received by the assessee from any of his employees to which the provisions of sub-clause (x) of clause (24) of section 2 apply, if such sum is credited by the assessee to the employee's account in the relevant fund or funds on or before the due date. Explanation : For the purposes of this clause, "due date" means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise.'. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 43b
State : Central
Year : 1987
In section 43B of the Income-tax Act, before the Explanation, the following provisos shall be inserted with effect from the 1st day of April, 1988, namely :- "Provided that nothing contained in this section shall apply in relation to any sum referred to in clause (a) which is actually paid by the assessee on or before the due date applicable in his case for furnishing the return of income under sub-section (1) of section 139 in respect of the previous year in which the liability to pay such sum was incurred as aforesaid and the evidence of such payment is furnished by the assessee along with such return : Provided further that no deduction shall, in respect of any sum referred to in clause (b), be allowed unless such sum has actually been paid during the previous year on or before..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 44bb
State : Central
Year : 1987
In the Income-tax Act, after section 44B, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1983, namely :- '44BB. Special provision for computing profits and gains in connection with the business of exploration, etc., of mineral oils. - (1) Notwithstanding anything to the contrary contained in section 28 to 41 and sections 43 and 43A, in the case of an assessee engaged in the business of providing services or facilities in connection with, or supplying plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils, a sum equal to ten per cent. of the aggregate of the amounts specified in sub-section (2) shall be deemed to be profits and gains of such business..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 44bba
State : Central
Year : 1987
In the Income-tax Act, after section 44BB (as directed to be inserted by section 11), the following section shall be inserted with effect from the 1st day of April, 1988, namely :- '44BBA. Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents. - (1) Notwithstanding anything to the contrary contained in sections 28 to 43A, in the case of an assessee, being a non-resident, engaged in the business of operation of aircraft, a sum equal to five per cent. of the aggregate of the amounts specified in sub-section (2) shall be deemed to be the profits and gains of such business chargeable to tax under the head "Profits and gains of business or profession". (2) The amounts referred to in sub-section (1) shall be the following..... View Complete Act List Judgments citing this section