Title : Amendment of Section 71
State : Central
Year : 2004
In section 71 of the Income-tax Act, after sub-section (2), the following sub-section shall be inserted with effect from the 1st day of April, 2005, namely:-- '(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), where in respect of any assessment year, the net result of the computation under the head "Profits and gains of business or profession" is a loss and the assessee has income assessable under the head "Salaries", the assessee shall not be entitled to have such loss set off against such income.'. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 80-ia
State : Central
Year : 2004
In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 2005.-- (a) in sub-section (2), after the words "generates power or commences transmission or distribution of power", the words "or undertakes substantial renovation and modernisation of the existing transmission or distribution lines" shall be inserted; (b) in sub-section (3),-- (A) in the opening portion, for the words, brackets and figures "undertaking referred to in clause (iv)", the words, brackets and figures "undertaking referred to in clause (ii) or clause (iv)"shall be substituted; (B) after clause (ii) and before Explanation 1, the following proviso shall be inserted, namely:-- "Provided that nothing contained in this sub-section shall apply in the case of transfer, either in whole or in..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 87
State : Central
Year : 2004
In section 87 of the Income-tax Act, with effect from the 1st day of April, 2005,-- (a) in sub-section (1), for the words, figures and letters "sections 88, 88A, 88B and 88C", the words, figures and letters "sections 88, 88A, 88B, 88C, 88D and 88E" shall be substituted; (b) in sub-section (2), after the words, figures and letter "or section 88C", the words, figures and letters "or section 88D or section 88E" shall be inserted. View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 88d
State : Central
Year : 2004
After section 88C of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2005, namely:-- 88D. An assessee, being an individual resident in India,-- (a) whose total income does not exceed one hundred thousand rupees, shall be entitled to a deduction from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent. of such income-tax; (b) whose to total income exceeds one hundred thousand rupees and the income-tax payable on such total income (as computed before allowing the deductions under this Chapter) exceeds the amount by which such total income is in excess of one hundred thousand rupees,..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 88e
State : Central
Year : 2004
After section 88D of the Income-tax Act, as so inserted, the following section shall be inserted with effect from the 1st day of April, 2005, namely:-- 88E. Rebate in rebate in respect of securities transaction tax. (1) Where the total income of an assessee in a previous year includes any income, chargeable under the head "Profits and gains of business or profession", arising from taxable securities transactions, he shall be entitled to a deduction, from the amount of income-tax on such income arising from such transactions, computed in the amnner provided in sub-section (2), of an amount equal to the securities transaction tax paid by him in respect of the taxable securities transactions entered into in the course of his business during that previous year; Provided that no..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 90
State : Central
Year : 2004
In section 90 of the Income-tax Act, in the Explanation, the words and brackets", where such foreign company has not made the prescribed arrangement for declaration and payment within India, of the dividends (including dividends on preference shares) payable out of its income in India" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 1962. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 94
State : Central
Year : 2004
In section 94 of the Income-tax Act, with effect from the 1st day of April, 2005,-- (a) in sub-section (7), for clause (b), the following clause shall be substituted, namely:-- "(b) such person sells or transfers-- (i) such securities within a period of three months after such date; or (ii) such unit within a period of nine months after such date;"; (b) after sub-section (7), the following sub-section shall be inserted, namely:-- "(8) Where-- (a) any person buys or acquires any units within a period of three months prior to the record date; (b) such person is allotted additional units without any payment on the basis of holding of such units on such date; (c) such person sells or transfers all or any of the units referred to in clause (a) within a period of nine months..... View Complete Act List Judgments citing this sectionTitle : Insertion of New Section 111a
State : Central
Year : 2004
After section 111 of the Income-tax Act, the following section shall be inserted, with effect from the 1st day of April, 2005, namely:-- 111A Tax on short tern capital gains in certain cases. (1) Where the total income of an assessee includes any income chargeable under the head "Capital gains", arising from the transfer of a short-term capital asset, being an equity share in a company or a unit of an equity oriented fund and-- (a) the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter, the tax payable by the assessee on the total income shall be the aggregate of-- (i) the amount of..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 115ad
State : Central
Year : 2004
In section 115AD of the Income-tax Act, in sub-section (1), in clause (ii), the following proviso shall be inserted with effect from the 1st day of April, 2005, namely:-- "Provided that the amount of income-tax calculated on the income by way of short-term capital gains referred to in section 111A shall be at the rate of ten per cent.;". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 115jb
State : Central
Year : 2004
In section 115JB of the Income-tax Act, in the Explanation, with effect from the 1st day of April, 2005,-- (a) in clause (f), for the word and figures "section 10", the words, figures, brackets and letter "section 10 [other than the provisions contained in clause (23G) thereof]" shall be substituted; (b) in clause (ii), for the words and figures "provisions of section 10", the words, figures, brackets and letter "provisions of section 10 [other than the provisions contained in clause (23G) thereof]" shall be substituted. View Complete Act List Judgments citing this section