(1) This Act May Be Called The Finance Act, 1994. (2) Save as otherwise provided in this Act, sections 2 to 59 (except section 26) shall be deemed to have come into force on the 1st day of April, 1994.
View Complete Act List Judgments citing this section(1) This Act May Be Called The Finance Act, 1994. (2) Save as otherwise provided in this Act, sections 2 to 59 (except section 26) shall be deemed to have come into force on the 1st day of April, 1994.
View Complete Act List Judgments citing this section.....be the income-tax in respect of the total income. (3) In cases to which the provisions of Chapter XII or Chapter XII-A or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be : Provided that the amount of income-tax computed in accordance with the provisions of section 112 shall be increased by a surcharge for purposes of the Union or surcharge as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule : Provided further that in respect of any income chargeable to tax under section 115B or section 115BB of the Income-tax Act, - (a) the income-tax computed under section 115B shall be increased by a surcharge calculated at the rate of fifteen per cent. of such income-tax; and (b) the income-tax computed under section 115BB shall be increased, - (i) in the case of a person other than a company, being a resident in India, by a surcharge for purposes of the Union.....
View Complete Act List Judgments citing this section.....be the income-tax in respect of the total income. (3) In cases to which the provisions of Chapter XII or Chapter XII-A or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be : Provided that the amount of income-tax computed in accordance with the provisions of section 112 shall be increased by a surcharge for purposes of the Union or surcharge as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule : Provided further that in respect of any income chargeable to tax under section 115B or section 115BB of the Income-tax Act, - (a) the income-tax computed under section 115B shall be increased by a surcharge calculated at the rate of fifteen per cent. of such income-tax; and (b) the income-tax computed under section 115BB shall be increased, - (i) in the case of a person other than a company, being a resident in India, by a surcharge for purposes of the Union.....
View Complete Act List Judgments citing this section.....:- '(19C) "Deputy Director" means a person appointed to be a Deputy Director of Income-tax or an Additional Director of Income-tax under sub-section (1) of section 117;'; (d) in clause (21), after the words "that sub-section to be", the words "an Additional Director of Income-tax or" shall be inserted with effect from the 1st day of June, 1994; (e) in clause (42A), with effect from the 1st day of April, 1995, - (i) in the proviso, after the words "share held in a company", the words, figures, brackets and letter "or any other security listed in a recognised sk exchange in India or a unit of the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963), or a unit of a Mutual Fund specified under clause (23D) of section 10" shall be inserted; (ii) the existing Explanation shall be renumbered as Explanation 1 and in Explanation 1 as so renumbered, in clause (i), after sub-clause (c), the following sub-clauses shall be inserted, namely :- "(d) in the case of a capital asset, being a share or any other security (hereafter in this clause referred to as the financial asset) subscribed to by the assessee on the basis of his right to subscribe.....
View Complete Act List Judgments citing this sectionAfter section 5 of the Income-tax Act, the following section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1963, namely :- '5A. Apportionment of income between spouses governed by Portuguese Civil Code. - (1) Where the husband and wife are governed by the system of community of property (known under the Portuguese Civil Code of 1860 as "COMMUNIAO DOS BENS") in force in the State of Goa and in the Union territories of Dadra and Nagar Haveli and Daman and Diu, the income of the husband and of the wife under any head of income shall not be assessed as that of such community of property (whether treated as an association of persons or a body of individuals), but such income of the husband and of the wife under each head of income (other than under the head "Salaries") shall be apportioned equally between the husband and the wife and the income so apportioned shall be included separately in the total income of the husband and of the wife respectively, and the remaining provisions of this Act shall apply accordingly. (2) Where the husband or, as the case may be, the wife governed by the aforesaid system of community of property.....
View Complete Act List Judgments citing this sectionIn section 6 of the Income-tax Act, in clause (1), in sub-clause (c), in the Explanation, in clause (b), for the words "one hundred and fifty days", the words "one hundred and eighty-two days" shall be substituted with effect from the 1st day of April, 1995.
View Complete Act List Judgments citing this sectionIn section 10B of the Income-tax Act, - (a) in sub-section (2), after clause (i), the following clause shall be inserted, with effect from the 1st day of April, 1995, namely :- "(ia) in relation to an undertaking which begins to manufacture or produce any article or thing on or after the 1st day of April, 1994, its exports of such articles and things are not less than seventy-five per cent. of the total sales thereof during the previous year;"; (b) in the Explanation occurring at the end, after clause (iii), the following clause shall be inserted, namely :- '(iv) "produce", in relation to any article or thing referred to in clause (i) of sub-section (2) includes production of computer programmes.'.
View Complete Act List Judgments citing this sectionIn section 12A of the Income-tax Act, in clause (b), for the words "twenty-five thousand", the words "fifty thousand" shall be substituted with effect from the 1st day of April, 1995.
View Complete Act List Judgments citing this sectionIn section 13 of the Income-tax Act, in sub-section (3) in clause (b), for the words "twenty-five thousand", the words "fifty thousand" shall be substituted with effect from the 1st day of April, 1995.
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