Bare Act Search Results

Income Tax Act, 1961 Section 194H

Title: Commission or Brokerage

State: Central

Year: 1961

.....purposes of section 44AA ; (iii) the expression securities shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 or 1956) ; (iv) where any income is credited to any account, whether called Suspense account or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be credit of such income to the account of the payee and the provisions of this section shall apply accordingly.] __________________________ 1. Reinserted by the Finance Act, 2001, with effect from 1st June, 2001. Earlier section 194H, as omitted by the Finance Act, 1999, with effect from 1st April, 2000, stood as under: 194H. Commission, brokerage, etc. (1) Any person, not being an individual or a Hindu undivided family, who is responsible for paying, on or after the 1st day of October, 1991, but before the 1st day of June, 1992, to a resident, any income by way of commission (not being insurance commission referred to in section 194D) or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the.....

Act for Avoiding Wagers (Amendment) Act, 1865, (Maharashtra) Section 2

Title: nor for Commission or Brokerage, Etc., in Respect of Agreements by Way of Gaming or Wagering

State: Maharashtra

Year: 1865

No suit shall be allowed in any Court of Justice for recovering any commission, brokerage, fee or reward in respect of the knowingly effecting or carrying out, or of the knowingly aiding in effecting or in carrying out, or otherwise claimed or claimable in respect of, any such agreement by way of gaming or wagering or any such contract as aforesaid, whether the plaintiff in such suit be or be not a party to such last mentioned agreement or contract, or for recovering any sum of money knowingly paid or payable on account of any persons by way of commission, brokerage, fee or reward in respect of any such agreement by way of gaming or wagering or contract as aforesaid.

Insurance Act, 1938 (4 of 1938) Section 42E

Title: Commission, Brokerage or Fee Payable to Intermediary or Insurance Intermediary

State: Central

Year: 1938

1[42E. Commission, brokerage or fee payable to intermediary or insurance intermediary (1) No intermediary or insurance intermediary shall be paid or contract to be paid by way of commission, fee or as remuneration in any form, an amount exceeding thirty per cent of the premium payable as may be specified by the regulations made by the Authority, in respect of any policy or policies effected through him: Provided that the Authority may specify different amounts payable by way of commission, fee or as remuneration to an intermediary or insurance intermediary for different classes of business of insurance. (2) Without prejudice to the provisions contained in this Act, the Authority may , by the regulations made in this behalf, specify the requirements of capital, form of business and other conditions to act as an intermediary or insurance intermediary. ] _________________________ 1. Inserted by Act 42 of 2002, section 11 (w.e.f. 23-9-2002).

Banking Regulation Act, 1949 Section 13

Title: Restriction on Commission, Brokerage, Discount, Etc. on Sale of Shares

State: Central

Year: 1949

Notwithstanding anything to thecontrary contained in 1 [sections 76 and 79 of the Companies Act, 1956 (1 of1956)], no banking company shall pay outdirectly or indirectly by way of commission, brokerage, discount orremuneration in any form in respect of any shares issued by it, any amountexceeding in the aggregate two and one-half per cent of the paid-up value ofthe said shares. ___________________ 1. Subsituted by Act 95 of 1956, Section 14 and Schedule I, for"section 105 and 105A of the Indian Companies Act, 1913 (7 of 1913)" w.e.f.14-1-1957.

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.....

Income Tax Act, 1961 Chapter XVII

Title: Collection and Recovery of Tax

State: Central

Year: 1961

.....the public are substantially interested, being debentures listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956), and any rules made thereunder, if (a) the interest is paid by the company by an account payee cheque; and (b) the amount of such interest or, as the case may be, the aggregate of the amounts of such interest paid or likely to be paid during the financial year by the company to such individual does not exceed two thousand and five hundred rupees; 3[(vi) any interest payable to the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956 (31 of 1956), in respect of any securities owned by it or in which it has full beneficial interest; or] 3[(vii) any interest payable to the General Insurance Corporation of India (hereafter in this clause referred to as the Corporation) or to any of the four companies (hereafter in this clause referred to as such company), formed by virtue of the schemes framed under sub-section (1) of section 16 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972), in respect of any securities owned by the.....

Banking Regulation Act, 1949 Complete Act

State: Central

Year: 1949

.....on 19-9-1949. This Act now incorporates the provisions contained therein in the Banking Companies Act. 1949 as a pernabebt basis, in addition. this Act also amends the said Act for the following purposes :- (a) to incorporate special provisions for facilitating quick amalgamations between banking companies: (b) to empower the Reserve Bank to control opening of branches by Indian banks in foreign countries: (c) to provide a meaning of the terms "assets in India" for the purpose of section 25.-Gaz. of Ind.. 24-12-1949. Pt. V. p:501. Act 52 of 1953.- The Banking Companies Act. 1949 (X of 1949) was passed to ensure proper administration of the banking companies in India. The liquidation of banks, however, continued to be governed by the provisions of the Indian Companies Act, 1913. Experience of the liquidation of a large number of banks that failed during the post-war and post-partition period disclosed that the procedure for the liquidation of joint stock companies was totally inadequate for the liquidation of banking companies in a manner satisfactory to the depositors. A bank has a far larger number of debtors than a joint stock company of a comparable size, and the necessity to.....

Companies Act, 1956 Complete Act

State: Central

Year: 1956

.....as in the (Depositories Act, 1996) (22 of 1996); (12B) "derivative" has the same meaning as in clause (aa) of (S.2 of the Securities Contracts (Regulation) Act, 1956) (42 of 1956);] (13) "director" includes any person occupying the position of director, by whatever name called; (14) "District Court" means the principal Civil Court of original jurisdiction in a district, but does not include a High Court in the exercise of its ordinary original civil jurisdiction ; [(14A) "dividend" includes any interim dividend;] (15) "document" includes summons, notice, requisition, order, other legal process, and registers, whether issued, sent or kept in pursuance of this or any other Act or otherwise ; [(15A) "employees stock option" means the option given to the whole-time directors, officers or employees of a company, which gives such directors, officers or employees the benefit or right to purchase or subscribe at a future date, the securities offered by the company at a pre-determined price;] (16) "existing company" means an existing company as defined in (section 3); (17) "financial year" means, in relation to any body corporate, the period in respect of which.....

Finance Act, 2001 Complete Act

State: Central

Year: 2001

FINANCE ACT, 2001 FINANCE ACT, 2001 14 of 2001 An Act to give effect to the financial proposals of the Central Government for the financial year 2001-2002 BE it enacted by Parliament in the Fifty-second Year of the Repub of India as follows :" SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called theFinance Act, 2001-. (2) Save as otherwise provided in this Act,section 2-toSection 101-shall be deemed to have come into force on the 1st day of April, 2001. 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, 2001, 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 underChapter 8A of the Income-tax Act, 1961-(43 of 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 Paragraph E of that Part applies, by a surcharge, calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of.....

Securities and Exchange Board of India Act, 1992 Section 15F

Title: Penalty for Default in Case of Stock Brokers

State: Central

Year: 1992

.....due to the investor in the manner within the period specified in the regulations, he shall be liable to1 [a penalty of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less]. (c) charges an amount of brokerage which is in excess of the brokerage specified in the regulations, he shall be liable to 2 [a penalty of one lakh rupees] or five times the amount of brokerage charged in excess of the specified brokerage, whichever is higher. ______________________ 1.Substituted by Act 59 of 2002, section 14, for "a penalty not exceeding five thousand rupees for each day during which such failure continues"(w.r.e.f. 29-10-2002). 2.Substituted by Act 59 of 2002, section 14, for "a penalty not exceeding five thousand rupees"(w.r.e.f. 29-10-2002).