Title : Insertion of New Chapter Xii-c
State : Central
Year : 1992
After Chapter XII-B of the Income-tax Act, the following Chapter shall be inserted, with effect from the 1st day of April, 1993, namely :- CHAPTER XII-C Special Provisions Relating To Retail Trade, Etc. 115K. Special provision for computation of income in certain cases. - (1) Notwithstanding anything contained in any other provision of this Act relating to the computation of income chargeable under the head "Profits and gains of business or profession", in the case any person, to whom this section applies, carrying on - (a) the business of retail trade in any goods or merchandise and who submits a statement in accordance with the provisions of sub-section (4), a sum equal to seven per cent. of the amount specified in sub-section (5) shall be deemed to be the profits and gains of..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 139
State : Central
Year : 1992
In section 139 of the Income-tax Act, sub-section (1A) shall be omitted with effect from the 1st day of April, 1993. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 143
State : Central
Year : 1992
In section 143 of the Income-tax Act, in sub-section (1A), after the words "as a result of an order under", the words, brackets and figure "sub-section (3) of this section or" shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 154
State : Central
Year : 1992
In section 154 of the Income-tax Act, in sub-section (2), in clause (b), the following proviso shall be inserted at the end, namely :- "Provided that the Assessing Officer shall make an amendment for rectifying any mistake, which has been brought to his notice by the assessee in relation to an intimation referred to in clause (b) of sub-section (1), within a period of three months from the end of the month in which it is so brought to his notice and if no such amendment is made within the said period of three months, the assessee may appeal to the Deputy Commissioner (Appeals) or, as the case may be, Commissioner (Appeals) against such intimation and the provisions of section 246 and section 249 shall have effect as if the said intimation were an order for the purposes of those..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 155
State : Central
Year : 1992
In section 155 of the Income-tax Act, with effect from the 1st day of April, 1993, - (a) In sub-section (1), in the opening paragraph, for the words "Where in respect of any completed assessment of a partner in a firm", the words, figures and letter "Where, in respect of any completed assessment of a partner in a firm for the assessment year commencing on the 1st day of April, 1992, or any earlier assessment year", shall be substituted; (b) after sub-section (1), the following sub-section shall be inserted, namely :- "(1A) Where in respect of any completed assessment of a firm it is found - (a) on the assessment or reassessment of the firm, or (b) on any reduction or enhancement made in the income of the firm under this section, section 154, section 250, section 254, section..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 158
State : Central
Year : 1992
In section 158 of the Income-tax Act, for the words "Whenever a registered firm is assessed", the words, figures and letters "Whenever, in respect of the assessment year commencing on the 1st day of April, 1992, or any earlier assessment year, a registered firm is assessed" shall be substituted with effect from the 1st day of April, 1993. View Complete Act List Judgments citing this sectionTitle : Substitution of Sub-heading in Chapter Xv
State : Central
Year : 1992
In Chapter XV of the Income-tax Act, for the sub-heading "DD. - Association of persons and body of individuals", the following shall be substituted, with effect from the 1st day of April, 1993, namely :- "DD. - Firms, association of persons and body of individuals 167A. Charge of tax in the case of a firm. - In the case of a firm which is assessable as a firm, tax shall be charged on its total income at the maximum marginal rate.". View Complete Act List Judgments citing this sectionTitle : Omission of Sections 182 and 183
State : Central
Year : 1992
Sections 182 and 183 of the Income-tax Act shall be omitted with effect from the 1st day of April, 1993. View Complete Act List Judgments citing this sectionTitle : Substitution of New Sections for Sections 184, 185 and 186
State : Central
Year : 1992
For the sub-heading "B. - Registration of firms", occurring before section 184 and for sections 184, 185 and 186 of the Income-tax Act, the following sections shall be substituted, with effect from the 1st day of April, 1993, namely :- "184. Assessment as a firm. - (1) A firm shall be assessed as a firm for the purposes of this Act, if - (i) the partnership is evidenced by an instrument; and (ii) the individual shares of the partners are specified in that instrument. (2) A certified copy of the instrument of partnership referred to in sub-section (1) shall accompany the return of income of the firm of the previous year relevant to the assessment year commencing on or after the 1st day of April, 1993, in respect of which assessment as a firm is first sought. Explanation : For..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 187
State : Central
Year : 1992
In section 187 of the Income-tax Act, in sub-section (1), the proviso shall be omitted with effect from the 1st day of April, 1993. View Complete Act List Judgments citing this section