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Start Free TrialIncome Tax Act, 1961 Section 23
Title: Annual Value How Determined
State: Central
Year: 1961
.....- (a) is in the occupation of the owner for the purposes of his own residence; or (b) cannot actually be occupied by the owner by reason of the fact that owing to his employment, business or profession carried on at any other place, he has to reside at that other place in a building not belonging to him, the annual value of such house or part of the house shall be taken to be nil. (3) The provisions of sub-section (2) shall not apply if - (a) the house or part of the house is actually let during the whole or any part of the previous year; or (b) any other benefit therefrom is derived by the owner. (4) Where the property referred to in sub-section (2) consists of more than one house - (a) the provisions of that sub-section shall apply only in respect of one of such houses, which the assessee may, at his option, specify in this behalf; (b) the annual value of the house or houses, other than the house in respect of which the assessee has exercised an option under clause (a), shall be determined under sub-section (1) as if such house or houses had been let.] ________________ 1. Substituted by the Finance Act, 2001, with effect from 1st April, 2002. Prior to.....
View Complete Act List Judgments citing this sectionCantonments Act, 1924 Section 64
Title: Definition of "annual Value
State: Central
Year: 1924
For the purposes of this Chapter, "annual value" means-- (a) in the case of railway stations, hotels, colleges, schools, hospitals, factories and any other buildings which a1[Board] decides to assess under this clause, one-twentieth of the sum obtained by adding the estimated present cost of erecting the building to the estimated value of the land appertaining thereto, and (b) in the case of building or land not assessed under clause (a), the gross annual rent for which such building (exclusive of furniture or machinery therein) or such land is actually let or, where the building or land is not let or in the opinion of the1[Board] is let for a sum less than its fair letting value, might reasonably be expected to let from year to year: Provided that, where the annual value of any building is, by reason of exceptional circumstances, in the opinion of the1[Board], excessive if calculated in the aforesaid manner, the1[Board] may fix the annual value at any less amount which appears to it to be just. ___________________________ 1. Substituted by Act 24 of 1936, section 69, for "Cantonment Authority".
View Complete Act List Judgments citing this sectionManipur Municipalities Act, 1994 Section 82
Title: Determination of Annual Value of Holding
State: Central
Year: 1994
"Annual value" means-- (a) in the case of hotels, colleges, schools, hospitals, factories and such other buildings, a proportion not exceeding five per centum, to be fixed by rule made in this behalf of the sum obtained by adding the estimated present cost of erecting the building, less depreciation at the rate to be fixed by rule to the estimated value of the land appurtenant thereto, and (b) in the case of a building or land not falling within the provisions of clause (a), the gross annual rent for which such buildings, exclusive of furniture or machinery therein or such land is actually let, or where the building or land is not let or in the opinion of the municipality is let for a sum less than its fair letting value, might reasonably be expected to let from year to year: Provided that where the annual value of any building would, by reason of exceptional circumstances, in the opinion of the municipality be excessive if calculated in the aforesaid manner, the municipality may fix the annual, value at any less amount which appears to it suitable: Provided further that the rules framed in this behalf shall be subject to the prior approval of the Government.
View Complete Act List Judgments citing this sectionManipur Municipalities Act, 1994 Section 80
Title: Returns Required for Ascertaining Annual Value
State: Central
Year: 1994
The assessor, in order to prepare the valuation list, may whenever he thinks fit, by notice require the owners or occupiers of all holdings to furnish him, within fifteen days with returns of the rent or annual value thereof and a description of the holdings in such detail as the municipality may direct; and the assessor, at any time between sunrise and sunset may enter, inspect and measure any such holdings: Provided that at least forty-eight hours' previous notice of the intention to enter, inspect and measure any holding shall be given to the owner or occupier thereof, unless he waives his right to such notice.
View Complete Act List Judgments citing this sectionWealth-tax Act, 1957 Schedule III
Title: Rules for Determining the Value of Assets
State: Central
Year: 1957
.....in a finished form, meant for personal adornment or for the adornment of any idol, deity or any other object of religious worship, made of, or manufactured from gold, whether or not set with stones or gems, real or artificial, or with pearls, real, cultured or imitation, or with all or any of them and includes parts, pendants or broken pieces of gold ornaments; (6) "investment company" means a company whose gross total income consists mainly of income which is chargeable to income-tax under the heads "Income from house property", "Capital gains" and "Income from other sources". Explanation. -In this clause, the expression "gross total income" shall have the meaning assigned to it in section 80B of the Income-tax Act; (7) "jewellery" includes - (a) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel; (b) precious or semi-precious stones, whether or not set in any furniture, utensils or other article or worked or sewn into any apparel; (8) "preference share" has the.....
View Complete Act List Judgments citing this sectionCantonments Act, 1924 Section 70
Title: Evidential Value of Assessment List
State: Central
Year: 1924
Subject to such alterations as may thereafter be made in the assessment list under the provisions of this Chapter and to the result of any appeal made thereunder, the entries in the assessment list authenticated and deposited as provided in section 69 shall be accepted as conclusive evidence-- (i) for the purpose of assessing any tax imposed under this Act, of the annual value or other valuation of all buildings and lands to which such entries respectively refer, and (ii) for the purposes of any tax imposed on buildings or lands, of the amount of each such tax leviable thereon during the year to which such list relates.
View Complete Act List Judgments citing this sectionKarnataka Existing Laws (Construction of References to Values) Act, 1957 Preamble 1
Title: Karnataka Existing Laws (Construction of References to Values) Act, 1957
State: Karnataka
Year: 1957
THE1[KARNATAKA] EXISTING LAWS (CONSTRUCTION OF REFERENCES TO VALUES) ACT, 19572 [Act No. 12 of 1957] [31st March, 1957] PREAMBLE An Act to provide for the construction of references in existing laws to values expressed in annas, pice and pies, in relation to new coins (Naye Paise). WHEREAS it is expedient to provide for the construction of references in existing laws to values expressed in annas, pice and pies, in relation to new coins (Naye Paise); BE it enacted by the1[Karnataka State] Legislature in the Eighth Year of the Republic of India as follows:- ________________________ 1. Adapted by the Karnataka Adaptations of Laws Order, 1973 w.e.f. 01.11.1973. 2. First published in the Karnataka Gazette on the First Day of April, 1957.
View Complete Act List Judgments citing this sectionKarnataka Value Added Tax (Amendment) Act, 2009 Preamble
Title: Karnataka Value Added Tax (Amendment) Act, 2009
State: Karnataka
Year: 2009
THE KARNATAKA VALUE ADDED TAX (AMENDMENT) ACT, 2009 [KARNATAKA ACT No. 5 OF 2009] PREAMBLE An Act further to amend the Karnataka Value Added Tax Act, 2003. Whereas it is expedient further to amend the Karnataka Value Added Tax Act, 2003 (Karnataka Act 32 of 2004) for the purposes hereinafter appearing; Be it enacted by the Karnataka State Legislature in the sixtieth year of the Republic of India, as follows.-
View Complete Act List Judgments citing this sectionKarnataka Existing Laws (Construction of References to Values) Act, 1957 Section 3
Title: Construction of References to Certain Values in Existing Laws
State: Karnataka
Year: 1957
In every existing law, all references to any value expressed in annas, pice and pies, shall be construed as references to that value expressed in new coins referred to in sub-section (1) of section 14 of the Indian Coinage Act, 1906 (Central Act III of 1906), converted thereto at the rate specified in sub-section (2) of section 14 of the said Act.
View Complete Act List Judgments citing this sectionKarnataka Existing Laws (Construction of References to Values) Act, 1957 Complete Act
Title: Karnataka Existing Laws (Construction of References to Values) Act, 1957
State: Karnataka
Year: 1957
Preamble 1 - KARNATAKA EXISTING LAWS (CONSTRUCTION OF REFERENCES TO VALUES) ACT, 1957 Section 1 - Short title and commencement Section 2 - Interpretation Section 3 - Construction of references to certain values in existing laws
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