Bare Act Search Results

Finance Act, 2003 Complete Act

State: Central

Year: 2003

FINANCE ACT, 2003 FINANCE ACT, 2003 May 14, 2003 An Act to give effect to the financial proposals of the Central Government for the financial year 2003-2004 BE it enacted by Parliament in the Fifty-fourth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance Act, 2003. (2) Save as otherwise provided in this Act, sections 2 to 103 [except clause (b) of section 92] shall be deemed to have come into force on the 1st day of April, 2003. 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, 2003, 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 VII-Aof theIncome-lax Act, 1961-(43 of 1961) (hereinafter referred to as the Income tax Act) shall be increased by a surcharge for purposes of the Union calculated in each case in the manner provided therein. (2) In the cases to which Paragraph A of Part I of the First Schedule applies, where the assessee has, in the previous year, any net agricultural income.....

Karnataka Value Added Tax Act, 2003 Chapter II

Title: Incidence and Levy of Tax

State: Karnataka

Year: 2003

.....involved in the execution of works contract specified in column (2) of the Sixth Schedule, subject to sections 14 and 15 of the Central Sales Tax Act, 1956(Central Act 74 of 1956), at the rates specified in the corresponding entries in column (3) of the said Schedule.]2 (2) Where goods sold or purchased are contained in containers or are packed in any packing material liable to tax under this Act, the rate of tax applicable to taxable turnover of such containers or packing materials shall, whether the price of the containers or packing materials is charged for separately or not, be the same as the rate of tax applicable to such goods so contained or packed, and where such goods sold or purchased are exempt from tax under this Act, the containers or packing materials shall also be exempt. (3) The State Government may, by notification, reduce the tax payable under sub-section (1) in respect of any goods. 2[subject to such restrictions and conditions as may be specified in the notifications.] 5[(3-A) Any notification issued under sub-section (3), shall be valid until it is cancelled or varied, notwithstanding that the tax payable in respect of any such goods is modified by.....

Value Added Tax Act, 2003 Chapter 2

Title: The Incidence and Levy of Tax

State: Karnataka

Year: 2003

.....liable to be registered, on the sale of taxable goods to him, for use in the course of his business, by a person who is not registered under this Act. Section 4 - Liability to tax and rates thereof (1) Every dealer who is or is required to be registered as specified in Sections 22 and 24, shall be liable to pay tax, on his taxable turnover, (a) in respect of goods mentioned in,- (i) Second Schedule, at the rate of one per cent, (ii) Third Schedule, at the rate of four per cent, and (iii) Fourth Schedule, at the rate of twenty per cent. (b) in respect of other goods, at the rate of twenty five per cent. (2) Where goods sold or purchased are contained in containers or are packed in any packing material liable to tax under this Act, the rate of tax applicable to taxable turnover of such containers or packing materials shall, whether the price of the containers or packing materials is charged for separately or not, be the same as the rate of tax applicable to such goods so contained or packed, and where such goods sold or purchased are exempt from tax under this Act, the containers or packing materials shall also be exempt. (3) The State Government may, by.....

Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Act, 2003 Complete Act

State: Central

Year: 2003

.....the Central Government or the State Government may, by notification in the Official Gazette, authorise one or more persons who shall be competent to act under this Act : Provided that the person so authorised may, if he has reasonable ground for believing that any person has committed an offence under Section 4 -or Section 6 -, may detain such person unless the accused person furnishes his name and address, and otherwise satisfies the officer detaining him that he will duly answer any summons or other proceedings which may be taken against him. (2) Any person detained under sub-section (1) shall forthwith be taken before Magistrate to be dealt with according to law. (3) Any person committing an offence under Section 4 -or Section 6 -shall be triable for such offence in any place in which he may be or which the State Government may notify in this behalf, as well as in any other place in which he is liable to be tried under any law for the time being in force. (4) Every notification issued under sub-sections (1) and (3) shall be published in the Official Gazette, and a copy thereof shall be exhibited for information to the public in some conspicuous place or places as the State.....

Finance Act, 2003 Chapter III

Title: Direct Taxes

State: Central

Year: 2003

.....of April, 2004, namely:-- 'Explanation 2.--For the removal of doubts, it is hereby declared that "business connection" shall include any business activity carried out through a person who, acting on behalf of the non-resident,-- (a) has and habitually exercises in India, an authority to conclude contracts on behalf of the non-resident, unless his activities are limited to the purchase of goods or merchandise for the non-resident; or (b) has no such authority, but habitually maintains in India a stock of goods or merchandise from which he regularly delivers goods or merchandise on behalf of the non-resident; or (c) habitually secures orders in India, mainly or wholly for the non-resident or for that non-resident and other non-residents controlling, controlled by, or subject to the same common control, as that non-resident: Provided that such business connection shall not include any business activity carried out through a broker, general commission agent or any other agent having an independent status, if such broker, general commission agent or any other agent having an independent status is acting in the ordinary course of his business: Provided further that where.....

Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Act, 2003 Section 32

Title: Act Not to Apply to Cigarettes or Other Tobacco Products Which Are Exported

State: Central

Year: 2003

Nothing contained in this Act shall apply to any cigarette or other tobacco products or package of cigarettes or other tobacco products which is exported: Provided that nothing in this section shall be deemed to authorise the export of any package of cigarettes or other tobacco products, not containing the specified warning and indication of nicotine and tar contents to any country if the law in force in that country requires that the same or similar warning and nicotine and tar contents shall be specified on each package of cigarettes or other tobacco products. Explanation.--For the purpose of this section, any cigarette or other tobacco products or package of cigarettes or other tobacco products shall be deemed to be exported before the commencement of this Act, if the necessary steps for export have already been taken notwithstanding that the actual export has not taken place.

Value Added Tax Act, 2003 Section 6

Title: Place of Sale of Goods

State: Karnataka

Year: 2003

.....purchase of goods situated at more places than one, the provisions of clause (a) shall apply as if there were separate contracts in respect of goods at each of such places. (3) Notwithstanding anything contained in the Sale of Goods Act, 1930 (Central Act 3 of 1930), for the purpose of this Act, the transfer of property of goods (whether as goods or in some other form) involved in the execution of a works contract shall be deemed to have taken place in the State, if the goods are within the State at the time of such transfer, irrespective of the place where the agreement for works contract is made, whether the assent of the other party is prior or subsequent to such transfer. (4) Notwithstanding anything contained in the Sale of Goods Act, 1930 (Central Act 3 of 1930), for the purpose of this Act, the transfer of the right to use any goods for any purpose (whether or not for a specified period) shall be deemed to have taken place in the State, if such goods are for use within the State irrespective of the place where the contract of transfer of the right to use the goods is made.

Karnataka Value Added Tax Act, 2003 Section 6

Title: Place of Sale of Goods

State: Karnataka

Year: 2003

.....purchase of goods situated at more places than one, the provisions of clause (a) shall apply as if there were separate contracts in respect of goods at each of such places. (3) Notwithstanding anything contained in the Sale of Goods Act, 1930 (Central Act 3 of 1930), for the purpose of this Act, the transfer of property of goods (whether as goods or in some other form) involved in the execution of a works contract shall be deemed to have taken place in the State, if the goods are within the State at the time of such transfer, irrespective of the place where the agreement for works contract is made, whether the assent of the other party is prior or subsequent to such transfer. (4) Notwithstanding anything contained in the Sale of Goods Act, 1930 (Central Act 3 of 1930), for the purpose of this Act, the transfer of the right to use any goods for any purpose (whether or not for a specified period) shall be deemed to have taken place in the State, if such goods are for use within the State irrespective of the place where the contract of transfer of the right to use the goods is made.

Finance Act, 2003 Section 37

Title: Amendment of Section 80hhc

State: Central

Year: 2003

.....under any other law for the time being in force."; (b) after sub-section (4B) and before the Explanation, the following sub-section shall be inserted, namely:-- "(4C) The provisions of this section shall apply to an assessee,-- (a) for an assessment year beginning after the 31st day of March, 2004 and ending before the 1st day of April, 2005; (b) who owns any undertaking which manufactures or produces goods or merchandise anywhere in India (outside any special economic zone) and sells the same to any undertaking situated in a special economic zone which is eligible for deduction under section 10A and such sale shall be deemed to be export out of India for the purposes of this section."; (c) in the Explanation occurring at the end, after clause (d), the following clause shall be inserted, namely:-- '(e) "special economic zone" shall have the meaning assigned to it in clause (viii) of the Explanation 2 to section 10A.'.

Finance Act, 2003 Schedule II

Title: The Second Schedule

State: Central

Year: 2003

..... "(iv) where the licensing authority grants an extension of the period for fulfilment of export obligation in terms of, and subject to the satisfaction of such condition as may be specified in a Public Notice of the Government of India in the Ministry of Commerce and Industry in this regard and the licence-holder units are affected by the earthquake which took place in the State of Gujarat in the month of January, 2001, then, the said period of fulfilment of export obligation may, notwithstanding anything contained in condition (iii), be extended and be deemed to have been extended beyond the 31st day of March, 2002, but shall in no case be extended beyond the 31st day of March, 2004.". 3rd May, 1990. 2 G.S.R. 423 (E), dated the 20th April, 1992 (160/ 1992-CUSTOMS, dated the 20th April, 1992) In the said notification, after condition (iv), the following condition shall be inserted, namely: -- "(v) where the licensing authority, in respect of a licence-holder unit affected by the earthquake which took place in the State of Gujarat in the month of January, 2001, grants extension of the period for fulfilment of export obligation, in terms.....