Title : Amendment of Section 35
State : Central
Year : 2010
In section 35 of the Income-tax Act, with effect from the 1st day of April, 2011,-- (i) in sub-section (1),-- (a) for the words "scientific research association", wherever they occur, the words "research association" shall be substituted; (b) in clause (ii), for the words "one and one-fourth", the words "one and three-fourth" shall be substituted; (c) in clause (iii),-- (A) for the words "any sum paid to a university", the words "any sum paid to a research association which has as its object the undertaking of research in social science or statistical research or to a university" shall be substituted; (B) in the proviso, for the words "such university", at both the places where they occur, the words "such association, university" shall be substituted; (ii) in sub-section..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 35dda
State : Central
Year : 2010
In section 35DDA of the Income-tax Act, with effect from the 1st day of April, 2011,-- (a) after sub-section (4), the following sub-section shall be inserted, namely:-- "(4A) Where there has been reorganisation of business, whereby a private company or unlisted public company is succeeded by a limited liability partnership fulfilling the conditions laid down in the proviso to clause (xiiib) of section 47, the provisions of this section shall, as far as may be, apply to the successor limited liability partnership, as they would have applied to the said company, if reorganisation of business had not taken place."; (b) in sub-section (5), for the words, brackets and figures "sub-section (3) and in the case of a firm or proprietary concern referred to in sub-section (4)", the words,..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 40
State : Central
Year : 2010
In section 40 of the Income-tax Act, in clause (a), in sub-clause (ia),-- (a) for the portion beginning with the words "has not been paid,--" and ending with the words "the last day of the previous year", the words, brackets and figures "has not been paid on or before the due date specified in sub-section (1) of section 139" shall be substituted; (b) for the proviso, the following proviso shall be substituted, namely:-- "Provided that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 43
State : Central
Year : 2010
In section 43 of the Income-tax Act, with effect from the 1st day of April, 2011 ,-- (a) in clause (1), in Explanation 13, in clause (b), in sub-clause (iii), for the brackets, figures and word "(xiii) and (xiv)" the brackets, figures, letter and word "(xiii), (xiiib) and (xiv)" shall be substituted; (b) in clause (6), after Explanation 2B, the following Explanation shall be inserted, namely:-- "Explanation 2C.--Where in any previous year, any block of assets is transferred by a private company or unlisted public company to a limited liability partnership and the conditions specified in the proviso to clause (xiiib) of section 47 are satisfied, then, notwithstanding anything contained in clause (1), the actual cost of the block of assets in the case of the limited liability..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 44ab
State : Central
Year : 2010
In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2011,-- (a) in clause (a), for the words "forty lakh rupees", the words "sixty lakh rupees" shall be substituted; (b) in clause (b), for the words "ten lakh rupees", the words "fifteen lakh rupees" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 44ad
State : Central
Year : 2010
In section 44AD of the Income-tax Act [as amended by section 20 of the Finance (No. 2) Act, 2009(33 of 2009)], in the Explanation, in clause (b), in sub-clause (ii), for the words "forty lakh rupees", the words "sixty lakh rupees" shall be substituted with effect from the 1st day of April, 2011. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 44bb
State : Central
Year : 2010
In section 44BB of the Income-tax Act, in the proviso to sub-section (1), after the words, figures and letter "section 44D or", the words, figures and letters "section 44DA or" shall be inserted with effect from the 1st day of April, 2011. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 44da
State : Central
Year : 2010
In section 44DA of the Income-tax Act, in sub-section (1), after the proviso, the following proviso shall be inserted with effect from the 1st day of April, 2011, namely:-- "Provided further that the provisions of section 44BB shall not apply in respect of the income referred to in this section.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 47
State : Central
Year : 2010
In section 47 of the Income-tax Act, after clause (xiiia), the following shall be inserted with effect from the 1st day of April, 2011, namely:-- '(xiiib) any transfer of a capital asset or intangible asset by a private company or unlisted public company (hereafter in this clause referred to as the company) to a limited liability partnership or any transfer of a share or shares held in the company by a shareholder as a result of conversion of the company into a limited liability partnership in accordance with the provisions of section 56 or section 57 of the Limited Liability Partnership Act, 2008(6 of 2009): Provided that-- (a) all the assets and liabilities of the company immediately before the conversion become the assets and liabilities of the limited liability partnership; ..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 47a
State : Central
Year : 2010
In section 47A of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 2011, namely:-- "(4) Where any of the conditions laid down in the proviso to clause (xiiib) of section 47 are not complied with, the amount of profits or gains arising from the transfer of such capital asset or intangible assets or share or shares not charged under section 45 by virtue of conditions laid down in the said proviso shall be deemed to be the profits and gains chargeable to tax of the successor limited liability partnership or the shareholder of the predecessor company, as the case may be, for the previous year in which the requirements of the said proviso are not complied with.". View Complete Act List Judgments citing this section