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Finance Act, 1987 Section 22

Title: Amendment of Section 54e

State: Central

Year: 1987

In section 54E of the Income-tax Act, with effect from the 1st day of April, 1988, - (a) in sub-section (1), for the words "capital asset, not being a short-term capital asset", the words "long-term capital asset" shall be substituted; (b) in sub-section (2), for the words "capital assets other than short-term capital assets", the words "long-term capital assets" shall be substituted; (c) sub-sections (3), (4) and (5) shall be omitted; (d) sub-section (6) shall be renumbered as sub-section (3), and in that sub-section as so renumbered, the words, brackets, letters and figure "or clause (a) or clause (b) of sub-section (3)" shall be omitted.

Income Tax Act, 1961 Section 45

Title: Capital Gains

State: Central

Year: 1961

.....transfer took place and shall not be regarded as income of the depository who is deemed to be the registered owner of securities by virtue of sub-section (1) of section 10 of the Depositories Act, 1996, and for the purposes of - (i) section 48; and (ii) proviso to clause (42A) of section 2, the cost of acquisition and the period of holding of any securities shall be determined on the basis of the first-in-first-out method. Explanation: For the purposes of this sub-section, the expressions beneficial owner, depository and security shall have the meanings respectively assigned to them in clauses (a), (e) and (l ) of sub-section (1) of section 2 of the Depositories Act, 1996. (3) The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co-operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax as his income of the previous year in which such transfer takes place and, for the purposes of section 48, the amount recorded in the books of account of the firm, association or body as.....

Maharashtra Value Added Tax ,rules Complete Act

State: Maharashtra

Year: 2005

.....a registered dealer means - the total of all taxes payable by him in respect of all his places of business in the State under the Central Sales Tax Act, 1956 and the Act, or as the case may be, the Bombay Sales Tax Act, 1959, after adjustment of the amount of set-off or refund claimed by him, if any under the respective Act. For the purposes of this rule, the expression "previous year" includes the year ending on the 31 st March 2005. Explanation II." For the purposes of this rule, the first six monthly return shall be for the period starting on the appointed day or, as the case may be, 1 st April and ending on the 30 th September. The second six monthly return shall be for the period starting on the 1 st October and ending on the 31 st March. 18. Special provision for first and last return in certain cases and for dealers under the package scheme of incentives. " (1) Where a dealer has become liable to be registered under this Act, the first return to be furnished by him shall be for the period from the appointed day, 1 st April of the year, or as the case may be, from the date of event which makes him liable to pay tax to the end of the quarter containing the date of.....

Finance Act, 1987 Section 13

Title: Amendment of Section 45

State: Central

Year: 1987

.....(1), for the figures, letters and word "54E and 54F", the figures, letters and word "54E, 54F and 54G" shall be substituted; (b) after sub-section (2), the following sub-sections shall be inserted, namely :- '(3) The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co-operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable to tax as his income of the previous year in which such transfer takes place and, for the purposes of section 48, the amount recorded in the books of account of the firm, association or body as the value of the capital asset shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset. (4) The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise, shall be chargeable to tax as the income of the firm,.....

Finance Act, 1987 Section 25

Title: Amendment of Section 55

State: Central

Year: 1987

In section 55 of the Income-tax Act, with effect from the 1st day of April, 1988, - (a) in sub-section (1), in clause (b), for the words "cost of any improvement", in relation to a capital asset, - ', the following shall be substituted, namely :- '"Cost of any improvement", - (1) in relation to a capital asset being goodwill of a business shall be taken to be nil; and (2) in relation to any other capital asset, - '; (b) in sub-section (2), for the opening portion, the following shall be substituted, namely :- 'For the purposes of sections 48 and 49, "cost of acquisition", - (a) in relation to a capital asset, being goodwill of a business, - (i) in the case of acquisition of such asset by the assessee by purchase from a previous owner, means the amount of the purchase price; and (ii) in any other case, shall be taken to be nil; (b) in relation to any other capital asset, -'.

Finance Act, 1987 Section 74

Title: Consequential Amendments

State: Central

Year: 1987

..... (b) with effect from the 1st day of June, 1987, - (i) in section 272A, in sub-section (2), in clause (a), for the words, figures and letter ", section 285, section 285B or section 286", the words, figures and letter "or section 285B" shall be substituted; (ii) in the Fourth Schedule in Part B, - (1) for the figures and brackets "206(2)", in the heading at the beginning, the figures "206" shall be substituted; (2) in rule 7, the words, brackets and figure "sub-section (1) of" shall be omitted; (c) with effect from the 1st day of April, 1988, - (i) in section 2, in clause (18), in sub-clause (b), in item (B), in sub-item (c), for the words, brackets, letter and figures "where such subsidiary company fulfils the conditions laid down in clause (b) of section 108", the words "if the whole of the share capital of such subsidiary company has been held by the parent company or by its nominees throughout the previous year" shall be substituted; (ii) in clause (ii) of sub-section (4) of section 10A, in clause (i) of the Explanation below section 44C, in sub-section (2) of section 75, in clause (b) of sub-section (2) of section 77, in section 80, in sub-section (3) of.....

Finance Act, 1987 Section 18

Title: Amendment of Section 53

State: Central

Year: 1987

In section 53 of the Income-tax Act, with effect from the 1st day of April, 1988, - (a) in the opening paragraph, - (i) after the words "assessee being an individual", the words "or a Hindu undivided family" shall be inserted; (ii) for the words and brackets "capital asset (other than a short-term capital asset)", the words "long-term capital asset" shall be substituted; (b) the following Explanation shall be added at the end, namely :- "Explanation : In this section and in sections, 54, 54B, 54D, 54E, 54F and 54G, references to capital gain shall be construed as references to the amount of capital gain as computed under clause (a) of sub-section (1) of section 48.".

Income Tax Act, 1961 Complete Act

Title: Income Tax Act, 1961

State: Central

Year: 1961

.....Section4 - Charge of income-tax Section5 - Scope of total income Section5A - Apportionment of income between spouses governed by Portuguese Civil Code Section6 - Residence in India Section7 - Income deemed to be received Section8 - Dividend income Section9 - Income deemed to accrue or arise in India Chapter III Section10 - Incomes not included in total income Section10A - Special provision in respect of newly established undertakings in free trade zone, etc. Section10AA - Special provisions in respect of newly established Units in Special Economic Zones Section10B - Special provisions in respect of newly established hundred per cent export-oriented undertakings Section10BA - Special provisions in respect of export of certain articles or things Section10BB - Meaning of computer programmes in certain cases Section10C - Special provision in respect of certain industrial undertakings in North-Eastern Region Section11 - Income from property held for charitable or religious purposes Section12 - Income of trusts or institutions from contributions Section12A - Conditions as to registration of trusts, etc. Section12AA - Procedure for registration Section13 - Section 11.....

Super Profits Tax Rules, 1963 Complete Act

State: Central

Year: 1963

....." sub-sections (1) and (2) " shall be substituted. Modification of section 138.---(vii) In section 138,--- (a) for the words " either under this Act or the Indian Income-tax Act, 1922, on or after the 1st day of April, 1960", the words " under the Act " shall be substituted ; (b) for the word and figures "section 137", the words and figures " the applied section 137 " shall be substituted. Modification of section 140.---(viii) For section 140, the following section shall be substituted, namely:--- "140. Return by whom to be signed.---The return under section 6 of the Act shall be signed and verified by the principal officer of the company, or where in the case of a non-resident company any person has been treated as its agent under section 163 of the Income-tax Act, by such person. " Modification of section 160.---(ix) In section 160, in sub-section (1),--- (a) in clause (i),--- (i) for the words, brackets and figures " in respect of the income of a non-resident specified in clause (i) of sub-section (1) of section 9 ", the words, brackets and figures " in respect of the chargeable profits relating to the income of a non-resident specified in clause (i) of sub-section.....

INCOME TAX ACT, 1961 Section 74

Title: Losses under the head 'Capital gains'

State: Central

Year: 1961

.....of this section as it stood before the 1st day of April, 1988, shall be dealt with in the assessment year commencing on the 1st day of April, 1988, or any subsequent assessment year as follows: (a) in so far as such loss relates to short-term capital assets, it shall be carried forward and set-off in accordance with the provisions of sub-sections (1) and (2); (b) in so far as such loss relates to long-term capital assets, it shall be reduced by the deductions specified in sub-section (2) of section 48 and the reduced amount shall be carried forward and set-off in accordance with the provisions of subsection (1) but such carry forward shall not be allowed beyond the fourth assessment year immediately succeeding the assessment year for which the loss was first computed.