Title : Amendment of Section 158bb
State : Central
Year : 1996
In section 158BB of the Income-tax Act, in sub-section (1), in the Explanation, for clause (b), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 1995, namely :- "(b) of a firm, returned income and total income assessed for each of the previous years falling within the block period shall be income determined before allowing deduction of salary, interest, commission, bonus or remuneration by whatever name called : Provided that undisclosed income of the firm so determined shall not be chargeable to tax in the hands of the partners, whether on allocation or on account of enhancement." View Complete Act List Judgments citing this sectionTitle : Amendment of Section 158be
State : Central
Year : 1996
In section 158BE of the Income-tax Act, after sub-section (2), the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 1995, namely :- "Explanation : In computing the period of limitation for the purposes of this section, the period - (i) during which the assessment proceeding is stayed by an order or injunction of any court, or (ii) commencing from the day on which the Assessing Officer directs the assessee to get his accounts audited under sub-section (2A) of section 142 and ending on the day on which the assessee is required to furnish a report of such audit under that sub-section, shall be excluded.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 158bg
State : Central
Year : 1996
In section 158BG of the Income-tax Act, for the proviso, the following proviso shall be substituted with effect from the 1st day of October, 1996, namely :- "Provided that no such order shall be passed without the previous approval of the Commissioner or Director, as the case may be." View Complete Act List Judgments citing this sectionTitle : Amendment of Section 199
State : Central
Year : 1996
In section 199 of the Income-tax Act, with effect from the 1st day of April, 1997, - (i) for the words "owner of the security", the words "owner of the security, or depositor or owner of property or of unit-holder" shall be substituted; (ii) in the first proviso, for the word "owner", the words "owner or depositor or unit-holder" shall be substituted; (iii) for the second proviso, the following proviso shall be substituted, namely :- "Provided further that where any property, deposit, security, unit or share is owned jointly by two or more persons not constituting a partnership, the payment shall be deemed to have been made on behalf of, and credit shall be given to, each such person in the same proportion in which rent, interest on deposit or on security or income in respect of..... View Complete Act List Judgments citing this sectionTitle : Omission of Sections 206a and 206b
State : Central
Year : 1996
Sections 206A and 206B of the Income-tax Act shall be omitted with effect from the 1st day of October, 1996. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 206c
State : Central
Year : 1996
In section 206C of the Income-tax Act, in sub-section (1), for the Table, the following Table shall be substituted with effect from the 1st day of October, 1996, namely: - TABLE S. No. Nature of Goods Percentage (1) (2) (3) (i) Alcoholic liquor for human consumption (other than Indian-made foreign liquor) and tendu leaves Ten per cent. (ii) Timber obtained under a forest lease Fifteen per cent. (iii) Timber obtained by any mode other than under a forest lease Five per cent. (iv) Any other forest produce not being timber or tendu leaves Fifteen per cent. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 208
State : Central
Year : 1996
In section 208 of the Income-tax Act, for the words "one thousand five hundred rupees", the words "five thousand rupees" shall be substituted with effect from the 1st of October, 1996. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 234c
State : Central
Year : 1996
In section 234C of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 1997, - (a) in the first proviso, for the words "instalment of advance tax which is immediately due or where no such instalment is so due", the words "remaining instalments of advance tax which are due or where no such instalments are due" shall be substituted; (b) the second proviso shall be omitted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 272a
State : Central
Year : 1996
In section 272A of the Income-tax Act, in sub-section (2), in clause (c), the words, figures and letters "or section 206A or section 206B" shall be omitted with effect from the 1st day of October, 1996. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 2
State : Central
Year : 1996
In section 2 of the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act), in clause (ea), for sub-clause (i), the following sub-clause shall be substituted with effect from the 1st day of April, 1997, namely :- (i) any building or land appurtenant thereto (hereinafter referred to as "house"), whether used for residential or commercial purposes or for the purpose of maintaining a guest-house or otherwise including a farmhouse situated within twenty-five kilometers from local limits of any municipality (whether known as municipality, municipal corporation or by any other name) or a cantonment board, but does not include - (1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or director who..... View Complete Act List Judgments citing this section