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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.....

Finance Act, 1992 Section 89

Title: Amendment of Section 2

State: Central

Year: 1992

.....Official Gazette, but does not include land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him;'; (c) in clause (m), for the portion beginning with the words "on the valuation date other than -" and ending with the words, brackets, figures and letter "under sub-section (1A) of section 5;"; the words "on the valuation date which have been incurred in relation to the said assets;" shall be substituted.

Finance Act, 1992 Complete Act

State: Central

Year: 1992

.....Be it enacted by Parliament in the Forty-third Year of the Republic of India as follows :--- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called The Finance Act. 1992. (2) Save as otherwise provided in this Act Sections 2-to108,116and117[except sections61.109. sub-section (1) of section 110andsections 112and113shall be deemed to have come into force on the 1st day of April, 1992. SECTION 02: INCOME-TAX (1) Subject to the provisions of sub-sections (2) and (3). for the assessment year commencing on the 1st day of April. 1992, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income- tax calculated under section 88 of the Income-tax Act. 1961(hereinafter referred to as the Income-tax Act) shall be increased. (a) in the cases to which Paragraphs A. B. C and D of that Part apply, by a surcharge for purposes of the union: and (b) in the cases to which Paragraphs A, B. E of that Part applies, by a surcharge, calculated in each case in the manner provided therein. (2) In the cases to which Sub-Paragraph I or Sub-Paragraph II of Paragraph A of Part I of the First Schedule applies, where the.....