Bare Act Search Results

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.....

Finance Act 2001 Chapter 3

Title: Direct Taxes

State: Central

Year: 2001

.....consists of a house or part of a house which - (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 there from 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.". Section 15 - Substitution of new section for section 24.....

Finance Act 2001 Section 6

Title: Amendment of Section 10a

State: Central

Year: 2001

.....Act, (a) in sub-section (1),- (i) in the second proviso, for the words "undertaking was first set up", the words "undertaking began to manufacture or produce such articles or things or computer software" shall be substituted ; (ii) the third proviso shall be omitted with effect from the 1st day of April, 2002 ; (b) for sub-section (4), the following sub-section shall be substituted, namely :- "(4) For the purposes of sub-section (1), the profits derived from export of articles or things or computer software shall be the amount which bears to the profits of the business of the undertaking, the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking." ; (c) after sub-section (9),- (i) below Explanation 1, the following proviso shall be inserted, namely:- "Provided that nothing contained in this Explanation shall apply to any change in the shareholding of the company as a result of - (a) its becoming a company in which the public are substantially interested; or (b) disinvestment of its equity shares by any venture capital company or venture.....

Finance Act 2001 Section 7

Title: Amendment of Section 10b

State: Central

Year: 2001

In section 10B of the Income-tax Act,- (a) in sub-section (l), the second proviso shall be omitted with effect from the 1st day of April, 2002 ; (b) for sub-section (4), the following sub-section shall be substituted, namely :- "(4) For the purposes of sub-section (1), the profits derived from export of articles or things or computer software shall be the amount which bears to the profits of the business of the undertaking, the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking." ; (c) after sub-section (9),- (i) below Explanation 1, the following proviso shall be inserted, namely:- Provided that nothing contained in the Explanation shall apply to any change in the shareholding of the company as a result of- (a) its becoming a company in which the public are substantially interested; or (b) disinvestment of its equity shares by any venture capital company or venture capital fund." (ii) in Explanation 2, in clause (iii), for the words "in respect of export", the words "in respect of export by the undertaking" shall be substituted ; (iii).....

Finance Act 2001 Section 42

Title: Amendment of Section 80hhe

State: Central

Year: 2001

In section 80HHE of the Income-tax Act,- (a) after sub-section (1), the following Explanation shall be inserted, namely:- "Explanation.-For the removal of doubts, it is hereby declared that the profits and gains derived from on site development of computer software (including services for development of software) outside India shall be deemed to be the profits and gains derived from the export of computer software outside India.". (b) in sub-section (1B), for clauses (ii), (iii) and (iv), the following clauses shall be substituted with effect from the 1st day of April, 2002, namely:- "(ii) seventy per cent thereof for an assessment year beginning on the 1st day of April, 2002; (iii) fifty per cent thereof for an assessment year beginning on the 1st day of April, 2003; (iv) thirty per cent thereof for an assessment year beginning on the 1st day of April, 2004.".

Hyderabad Export Duties (Validation) Repeal Act, 2001 Complete Act

State: Central

Year: 2001

HYDERABAD EXPORT DUTIES (VALIDATION) REPEAL ACT, 2001 HYDERABAD EXPORT DUTIES (VALIDATION) REPEAL ACT, 2001 An Act to repeal the Hyderabad Export Duties (Validation) Act 1955 Be it enacted by Parliament in the Fifty-second Year of the Republic of India as follows:" SECTION 01: SHORT TITLE. This Act may be called the Hyderabad Export Duties (Validation) Repeal Act, 2001.-1 SECTION 02: REPEAL OF ACT 20 OF 1955. The Hyderabad Export Duties (Validation) Act, 1955is hereby repealed. Central Bare Acts

Finance Act 2001 Chapter IV

Title: Indirect Taxes

State: Central

Year: 2001

.....notification or order, as the case may be, had not been amended, repealed, superseded or rescinded.". Section 114 - Validation of certain action taken Any action taken or anything done or omitted to be done or purported to have been taken or done or omitted to be done under any rule, regulation, notification or order made or issued under the Customs Act, or any notification or order issued under such rule or regulation at any time during the period commencing on and from the 1st day of February, 1963 and ending with the day the Finance Bill, 2001 receives the assent of the President shall be deemed to be, and to always have been, for all purposes, as validly and effectively taken or done or omitted to be done as if the amendment made by section 107 of the Finance Act, 2001 had been in force at all material time and accordingly, notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority,- (a) any action taken or anything done or, omitted to be done, during the said period in respect of any goods under any of such rule, regulation, notification or order, shall be deemed to be and shall be deemed to always have been,.....

The Haryana Murrah Buffalo and Other Milch Animal Breed (Presentation and Development of Animal Husbandry and Dairy Development Sector) Act, 2001 Complete Act

State: Haryana

Year: 2001

.....of the Government or the Board in respect of anything which is in good faith done or intended to be done in pursuance of the provisions of this Act, rules or regulations made or any directions issued thereunder. Power to make regulations. 15. The Board may, with the previous approval of the Government, make regulations not inconsistent with the provisions of this Act and the rules regulations not inconsistent with the provisions of this Act and the rules framed thereunder for the purpose of giving effect to the provisions of this Act. Power to remove difficulties. 16. If any difficulty arises in giving effect to the provisions of this Act or by reasons of anything contained in this Act, the Government may, by order, not inconsistent with the provisions of this Act, remove the difficulty. Power to make rules. 17. (1) The Government may, by notification in the Official Gazette, make rules to carry out the purposes of this Act. (2) In particular and without prejudice to the generality of the foregoing powers, such rules may provide for, - (a) the powers, functions, procedure of conduct of business of the Board and the procedure to generate, maintain and operate.....

Finance Act 2001 Schedule VIII

Title: Eighth Schedule

State: Central

Year: 2001

..... "(iii) where the licensing authority grants an extension of the period for fulfilment of export obligation in terms of, and subject to satisfaction of such conditions as may be specified in a Public Notice of the Government of India in the Ministry of Commerce in this regard, the said period of fulfilment of export obligation may be extended, but shall in no case be extended beyond the 31st March, 2002.". 2. G.S.R. 423(E), dated the 20th April, 1992 (160/92-CUSTOMS, dated the 20th April, 1992) (i) In the said notification, after condition (iii), the following condition shall be inserted, namely,-- 20th April, 1992. "(iv) where the licensing authority grants an extension of the period for fulfilment of export obligation or regularisation of shortfall in export obligation not exceeding 5% of such export obligation, in terms of, and subject to satisfaction of such conditions as may be specified in a Public Notice of the Government of India in the Ministry of Commerce in this regard, the said period of fulfilment of export obligation may be extended, but shall in no case be extended beyond the .....

Protection of Plant Varieties and Farmers-rights Act, 2001 Chapter X

Title: Infringement, Offences, Penalties and Procedure

State: Central

Year: 2001

.....74 - No offence in certain cases The provisions of this Act relating to offences shall be subject to the right created as recognised by this Act and no act or omission shall be deemed to be an offence under the provisions of this Act if such act or omission is permissible under this Act. Section 75 - Exemption of certain persons employed in ordinary course of business Where a person accused of an offence under this Act proves that in the ordinary course of his employment, he has acted without any intention to commit the offence and having taken all reasonable precautions against committing the offence charged, he had, at the time of the commission of the alleged offence, no reason to suspect the genuineness of the act so charged as an offence and on demand made by or on behalf of the prosecutor, he gave all the information in his possession with respect to the persons on whose behalf the offence was committed, he shall be acquitted. Section 76 - Procedure where invalidity of registration is pleaded by the accused (1) Where the offence charged under this Act is in relation to a variety or its propagating material or essentially derived variety or its propagating.....