Bare Act Search Results

Finance Act, 1992 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1992

.....section 3 of the Companies Act, 1956 (1 of 1956); (c) "Government company" shall have the meaning assigned to it in section 617 of the Companies Act, 1956 (1 of 1956).'. Section 15 - Amendment Of Section 37 In section 37 of the Income-tax Act, for sub-sections (2) and (2A), the following sub-section shall be substituted with effect from the 1st day of April, 1993, namely :- '(2) Notwithstanding anything contained in sub-section (1), any expenditure in the nature of entertainment expenditure incurred by any assessee during any previous year commencing on the 1st day of April, 1992 shall be allowed as follows :- (a) where the amount of such expenditure does not exceed ten thousand rupees, the whole of such amount; (b) in any other case, ten thousand rupees as increased by a sum equal to fifty per cent. of such expenditure in excess of ten thousand rupees. Explanation : For the purposes of this sub-section, "entertainment expenditure" includes - (i) the amount of any allowance in the nature of entertainment allowance paid by the assessee to any employee or other person; (ii) the amount of any expenditure in the nature of entertainment expenditure [not being.....

Income Tax Act, 1961 Chapter III

Title: Incomes Which Do Not Form Part of Total Income

State: Central

Year: 1961

.....him as an employee of the employer from whose service he has retired; (10B) any compensation received by a workman under the Industrial Disputes Act, 1947 (14 of 1947), or under any other Act or Rules, orders or notifications issued thereunder or under any standing orders or under any award, contract of service or otherwise, at the time of his retrenchment: Provided that the amount exempt under this clause shall not exceed (i) an amount calculated in accordance with the provisions of clause (b) of section 25F of the Industrial Disputes Act, 1947 (14 of 1947); or (ii) such amount, not being less than fifty thousand rupees, as the Central Government may, by notification in the Official Gazette, specify in this behalf, whichever is less : Provided further that the preceding proviso shall not apply in respect of any compensation received by a workman in accordance with any scheme which the Central Government may, having regard to the need for extending special protection to the workmen in the undertaking to which such scheme applies and other relevant circumstances, approve in this behalf. Explanation : For the purposes of this clause (a) compensation received by a.....

Finance Act, 1992 Section 4

Title: Amendment of Section 10

State: Central

Year: 1992

.....in the Official Gazette, specify, for any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 :"; (i) in clause (23), - (1) for clause (b) of the third proviso, the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1990, namely :- "(b) does not invest or deposit its funds, other than - (i) any assets held by the association or institution where such assets form part of the corpus of the fund of the association or institution as on the 1st day of June, 1973; (ii) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the association or institution before the 1st day of March, 1983; (iii) any accretion to the shares, forming part of the corpus of the fund mentioned in sub-clause (i), by way of bonus shares allotted to the association or institution; (iv) voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify, for any period during the previous year otherwise.....

Income Tax Act, 1961 Section 10

Title: Incomes Not Included in Total Income

State: Central

Year: 1961

.....him as an employee of the employer from whose service he has retired; (10B) any compensation received by a workman under the Industrial Disputes Act, 1947 (14 of 1947), or under any other Act or Rules, orders or notifications issued thereunder or under any standing orders or under any award, contract of service or otherwise, at the time of his retrenchment: Provided that the amount exempt under this clause shall not exceed (i) an amount calculated in accordance with the provisions of clause (b) of section 25F of the Industrial Disputes Act, 1947 (14 of 1947); or (ii) such amount, not being less than fifty thousand rupees, as the Central Government may, by notification in the Official Gazette, specify in this behalf, whichever is less : Provided further that the preceding proviso shall not apply in respect of any compensation received by a workman in accordance with any scheme which the Central Government may, having regard to the need for extending special protection to the workmen in the undertaking to which such scheme applies and other relevant circumstances, approve in this behalf. Explanation : For the purposes of this clause (a) compensation received by a.....

Income Tax Act, 1961 Schedule IV

Title: Recognised Provident Funds

State: Central

Year: 1961

.....fund shall be excluded from the accounts of the recognised fund and shall be liable to income-tax in accordance with the provisions of this Act, other than this Part. (4) Subject to such rules as the Board may make in this behalf, the Assessing Officer shall make a calculation of the aggregate of all sums comprised in a transferred balance which would have been liable to income-tax if this Part had been in force from the date of the institution of the fund, without regard to any tax which may have been paid on any sum, and such aggregate (if any) shall be deemed to be income received by the employee in the previous year in which the recognition of the fund takes effect and shall be included in the employees total income for that previous year, and, for the purposes of assessment, the remainder of the transferred balance shall be disregarded, but no other exemption or relief, by way of refund or otherwise, shall be granted in respect of any sum comprised in such transferred balance : Provided that, in cases of serious accounting difficulty, the Chief Commissioner or Commissioner may, subject to the said rules, make a summary calculation of such aggregate. (5).....

Income Tax Act, 1961 Complete Act

State: Central

Year: 1961

INCOME TAX ACT, 1961 INCOME TAX ACT, 1961 43 of 1961 [AS AMENDED BY FINANCE ACT, 2003] An Act to consolidate and amend the law relating to income-tax and super-tax BE it enacted by Parliament in the Twelfth Year of the Republic of India as follows : CHAPTER 1 PRELIMINARY Section 1 Short title, extent and commencement (1) This Act may be called the Income-tax Act, 1961. (2) It extends to the whole of India. (3) Save as otherwise provided in this Act, it shall come into force on the 1st day of April, 1962. Section 2 Definitions 1 Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1) "advance tax" means the advance tax payable in accordance with the provisions of Chapter XVII-C;] 2 Renumbered as clause (1A) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.[(1A)] 3 For manner of computation of income which is partially agricultural and partially frombusiness, see rules 7, 7A, 7B and 8. For analysis, see Mashbra's Income-tax Rules."agricultural income" means - 4 Substituted by the Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1962.[(a) any rent or revenue derived from land which is situated in India and is used for.....

General Insurance Business (Nationalisation) Act, 1972 Complete Act

State: Central

Year: 1972

.....Companies Act; (i) "Indian insurance company" means an existing insurer having a share capital who is a company within the meaning of the Companies Act; (j) "Insurance Act" means the Insurance Act, 1938; (k) Life Insurance Corporation" means the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956; (l) "notification" means a notification published in the Official Gazette; (m) "prescribed" means prescribed by rules made under this Act; (n) "Schedule" means the Schedule to this Act; (o) "scheme" means the scheme framed under section 16-3[and also includes a scheme framed under section 17A-]; (p) words and expressions used in this Act but not defined herein and defined in the Insurance Act, shall have the meanings respectively assigned to them in that Act; (q) words and expressions used in this Act but not defined herein or in the Insurance Act and defined in the Companies Act, shall have the meanings respectively assigned to them in the Companies Act. Clause 3.- "The Committee feel that the Act should be made effective as early as possible and, for that purpose, there should be an overall time limit beyond which the implementation of the.....

Coal Mines Conservation and Development Act 1974 Chapter II

Title: Provisions Relating to Conservation of Coal and Development of Coal Mines

State: Central

Year: 1974

.....Safety and Development) Act, 1952, and remaining undisbursed before the commencement of this Act, for all or any of the purposes specified in this section. Section 10 - Duty of owner to open Coal Mine Conservation and Development Account (1) The owner of every coal mine, to whom any money is disbursed under section 9, shall open a separate account in a scheduled bank, to be known as the "Coal Mine Conservation and Development Account" and shall credit to the said Account all sums so disbursed to him : Provided that where it is necessary so to do in relation to the different groups of coal mines owned by an owner, separate accounts may be opened in relation to each such group of coal mines. (2) The money standing to the credit of the Coal Mine Conservation and Development Account and accretions thereto shall be applied by the owner of the coal mine to-- (a) the furtherance of the objects of this Act; (b) the acquisition of stowing or other materials needed for stowing operations in coal mines; (c) the execution of stowing and other operations in furtherance of the objects of this Act; (d) the prosecution of research work connected with the conservation,.....

Coal Mines Conservation and Development Act 1974 Section 10

Title: Duty of Owner to Open Coal Mine Conservation and Development Account

State: Central

Year: 1974

.....may be opened in relation to each such group of coal mines. (2) The money standing to the credit of the Coal Mine Conservation and Development Account and accretions thereto shall be applied by the owner of the coal mine to-- (a) the furtherance of the objects of this Act; (b) the acquisition of stowing or other materials needed for stowing operations in coal mines; (c) the execution of stowing and other operations in furtherance of the objects of this Act; (d) the prosecution of research work connected with the conservation, development and utilisation of coal and safety in coal mines; (e) the planning and development of coal mines in a scientific manner; and (f) any other expenditure which the Central Government may direct to be defrayed out of the money standing to the credit of the Account. (3) The Account, referred to in sub-section (1), shall be kept in such manner and in such form as may be prescribed, and every such account shall be audited by the same person by whom the accounts of the owner of the coal mine are audited.

Finance Act, 1992 Section 5

Title: Amendment of Section 13

State: Central

Year: 1992

In section 13 of the Income-tax Act, in sub-section (1), in clause (d), in the proviso, - (i) in clause (i), the words "and such assets were not purchased by the trust or institution or acquired by it by conversation of, or in exchange for, any other asset" shall be omitted and shall be deemed to have been omitted with effect from the 1st day of April, 1983; (ii) after clause (i), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1983, namely :- "(ia) any accretion to the shares, forming part of the corpus mentioned in clause (i), by way of bonus shares allotted to the trust or institution;"; (iii) in clause (iia), for the figures "1992", the figures "1993" shall be substituted.