Bare Act Search Results

Finance Act, 1986 Chapter III

Title: Direct Taxes Income-tax

State: Central

Year: 1986

.....shall be substituted, namely :- "(3) Where the property referred to in sub-section (2) consists of one residential house only and it 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 shall be taken to be nil: Provided that the following conditions are fulfilled, namely :- (i) such house is not actually let, and (ii) no other benefit therefrom is derived by the owner.". Section 6 - Amendment Of Section 24 In section 24 of the Income-tax Act, for sub-section (2), the following sub-sections shall be substituted with effect from the 1st day of April, 1987, namely :- "(2) No deduction shall be allowed under sub-section (1) in respect of property of the nature referred to in sub-clause (i) of clause (a) of sub-section (2), or sub-section (3), of section 23 : Provided that nothing in this sub-section shall apply to the allowance of a deduction under clause (vi) of sub-section (1) of an amount not exceeding five thousand rupees in respect of the property of the nature.....

Finance Act, 1986 Section 26

Title: Insertion of New Section 115bb

State: Central

Year: 1986

In Chapter XII of the Income-tax Act, after section 115B, the following section shall be inserted with effect from the 1st day of April, 1987, namely :- '115BB. Tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature whatsoever. - Where the total income of an assessee includes any income by way of winnings from any lottery or crossword puzzle or race including horse race (not being income from the activity of owning and maintaining race horses) or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, the income-tax payable shall be the aggregate of - (i) the amount of income-tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race or card game and other game of any sort or from gambling or betting of any form or nature whatsoever, at the rate of forty per cent.; and (ii) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i). Explanation : For the purposes of this.....

Finance Act, 1986 Section 8

Title: Insertion of New Section 32ab

State: Central

Year: 1986

.....in this section referred to as the scheme) to be framed by the Central Government, or if the assessee is carrying on the business of growing and manufacturing tea in India, to be approved in this behalf by the Tea Board, the assessee shall be allowed a deduction of - (i) a sum equal to the amount, or the aggregate of the amounts, so deposited and any amount so utilised; or (ii) a sum equal to twenty per cent. of the profits of eligible business or profession as computed in the accounts of the assessee audited in accordance with sub-section (5), whichever is less. (2) For the purposes of this section, - (i) "eligible business or profession" shall mean business or profession, other than - (a) the business of construction, manufacture or production of any article or thing specified in the list in the Eleventh Schedule carried on by an industrial undertaking, which is not a small-scale industrial undertaking as defined in section 80HHA; (b) the business of leasing or hiring of machinery or plant to an industrial undertaking, other than a small-scale industrial undertaking as defined in section 80HHA, engaged in the business of construction, manufacture or production of.....

The Goa, Daman and Diu Labour Welfare Fund Act, 1986 Complete Act

State: Maharashtra

Year: 1986

.....or by any other name, such other persons; (e) ˜establishment' means any" (i) factory as defined in clause (m) of section 2 of the Factories Act, 1948 (Central Act 53 of 1948), or any place which is deemed to be a factory under section 85 of that Act, or (ii) motor transport undertaking as defined in clause (g) of section 2 of the Motor Transport Workers Act, 1961 (Central Act 27 of 1961), or (iii) establishment, including a society registered under the Societies Registration Act, 1860 (Central Act 21 of 1860), and a charitable or other trust whether registered under any law applicable to such charitable or other trust or not, which carries on any business or trade or any work in connection therewith or ancillary thereto but does not include an establishment not being a factory which is a unit or department of the Central or any State Government, or (iv) establishment as defined under sub-section (9) of section 2 of the Goa, Daman and Diu Shops and Establishments Act, 1973 (Act 13 of 1974), or (v) establishment of a contractor, or (vi) scheduled employment as defined in clause (g) of section 2 of the Minimum Wages Act, 1948 (Central Act 11 of 1948), or .....

Finance Act, 1986 Section 14

Title: Amendment of Section 58

State: Central

Year: 1986

In section 58 of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 1987, namely :- '(4) In the case of an assessee having income chargeable under the head "Income from other sources", no deduction in respect of any expenditure or allowance in connection with such income shall be allowed under any provision of this Act in computing the income by way of any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature, whatsoever : Provided that nothing contained in this sub-section shall apply in computing the income of an assessee, being the owner of horses maintained by him for running in horse races, from the activity of owning and maintaining such horses. Explanation : For the purposes of this sub-section, "horse race" means a horse race upon which wagering or betting may be lawfully made.'.