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Finance (No. 2) Act 1977 Section 30

Title: Amendment of Act 27 of 1957

State: Central

Year: 1977

.....Act, 1957, for Part I of Schedule I [being the Part as substituted, with effect from the 1st day of April, 1977, by sub-clause (a) of clause (6) of section 27 of the Finance Act, 1976], the following Part shall be substituted, namely :- PART I (1) In the case of every individual or Hindu undivided family, not being a Hindu undivided family to which item (2) of this Part applies, - RATES OF TAX (a) where the net wealth does not exceed Rs. 2,50,000 1/2 per cent. of the net wealth; (b) where the net wealth exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 Rs. 12,50 plus 1 per cent. of the amount by which the net wealth exceeds Rs. 2,50,000; (c) where the net wealth exceeds Rs. 5,00,000 but does not Rs. 10,00,000 but does not Rs. 3,750 plus 2 per cent. of the amount by which the net xwealth exceeds Rs. 5,00,000; (d) where the net wealth exceeds Rs. 10,00,000 but does not exceed Rs. 15,00,000 Rs. 13,750 plus 2 1/2 per cent. of the amount by which the net wealth exceeds Rs. 10,00,000 : (e) where the net wealth exceeds Rs. 15,00,000 Rs. 26, 250 plus 3 pe cent. of the amount.....

Finance Act 1977 Section 2

Title: Income-tax

State: Central

Year: 1977

.....the assessment year commencing on the 1st day of April, 1977. Explanation : In this sub-rule and sub-rule (2), the expression "section 2 of this Act" means section 2 of the Finance Act, 1976 (66 of 1976), as applied for the purposes of this Act. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 1978, or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than that previous year, in such other period, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 1974, or the 1st day of April, 1975, or the 1st day of April, 1976, or the 1st day of April, 1977, is a loss, then, for the purposes of sub-section (7) of section 2 of this Act, - (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 1974, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the.....

Jammu and Kashmir Court Fees Act, 1977 Complete Act

State: Central

Year: 1977

.....of the parties, it shall not be necessary to impose a fresh stamp. Section 30 Cancellation of stamps No document requiring a stamp under this Act shall be filed or acted upon in any proceeding in any Court or office until the stamp has been cancelled. Such officer as the Court or the head of the office may from time to time appoint shall, on receiving any such document, forthwith effect such cancellation by punching out of the figurehead so as to leave the amount designated on the stamp untouched and the part removed by punching shall be burnt or otherwise destroyed. CHAPTER 6 MISCELLANEOUS Section 31 Repayment of fees paid on applications to Criminal Courts (i) Whenever an application or petition containing a complaint or charge of an offence, other than an offence for which Police officers may arrest without warrant, is presented to a Criminal Court, the Court, if it convict the accused person, shall, in addition to the penalty imposed upon him, order him to repay to the complainant the fee, paid on such application or petition. (ii) In the case mentioned in Section 18, the Court, if it convict the accused person, shall, in addition to the penalty imposed upon him,.....

Finance (No. 2) Act 1977 Schedule I

Title: First Schedule

State: Central

Year: 1977

..... (5) Notwithstanding anything contained in this rule, no loss which has not been determined by the Income-tax Officer under the provisions of these rules, or the rules contained in Part IV of the First Schedule to the Finance Act, 1974 (20 of 1974), or of the First Schedule to the Finance Act, 1975 (25 of 1975), or of the First Schedule to the Finance Act, 1976 (66 of 1976), shall be set off under sub-rule (1) or, as the case may be, sub-rule (2). Rule 10 - Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to be nil. Rule 11 - The provisions of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. Rule 12 - For the purposes of computing the net agricultural income of the assessee, the Income-tax Officer shall have the same powers as he has under the Income-tax Act for the purposes of.....

Finance (No. 2) Act, 1977 Complete Act

State: Central

Year: 1977

.....THERE UNDER (1) The amendments directed in the Fifth Schedule, being amendments to provide for a new appellate authority under the Income-tax Act-,the Wealth-tax Act, 1957-,the Gift- tax Act, 1958- the Companies (Profits) Surtax Act, 1964-andthe Interest-tax Act, 1974-and for matters connected therewith, shall be made in the said Acts. (2) For the removal of doubts it is hereby declared that any action required to be taken, after the commencement of this section, in relation to any appeal disposed of by an Appellate Assistant Commissioner or a Commissioner before such commencement under any. Act referred to in subsec. (1), may be taken as if the amendments directed to be made in that Act by sub-section (1) had not been made. (3) This section shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: SECTION 40: POWER TO EXEMPT FEATURE FILMS ETC. FROM PAYMENT OF EXCISE DUTY (1) The Central Government may. by notification in the Official Gazette, exempt retrospectively from a date not earlier than the 18th day of June. 1977. subject to such conditions as may be specified in the notification, cinematograph films,.....

Finance (No. 2) Act 1977 Chapter III

Title: Direct Taxes

State: Central

Year: 1977

.....in any Indian company which are issued to the public or are listed in a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; (vi) deposits for a period of not less than three years with the State Bank of India established under the State Bank of India Act, 1955 (23 of 1955) or any subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959) or any nationalised bank, that is to say, any corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or any co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank). Explanation 2 : "Cost" in relation to any new asset, being a deposit referred to in clause (vi) or Explanation 1. means the amount of such deposit. (2) Where the new asset is transferred or converted (otherwise than by transfer) into money, within a period of three years from the date of its acquisition, the amount of capital gain arising from the transfer of the.....

Finance (No. 2) Act 1977 Section 18

Title: Insertion of New Section 80hha

State: Central

Year: 1977

..... (2) This section applies to any small-scale industrial undertaking which fulfils all the following conditions, namely :- (i) it begins to manufacture or produce articles after the 30th day of Sept., 1977 in any rural area; (ii) it is not formed by the splitting up, or the reconstruction, of a business already in existence : Provided that this condition shall not apply in respect of any small-scale industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33B, in the circumstances and within the period specified in that section; (iii) it is not formed by the transfer to a new business of machinery or plant previously used for any purposes; (iv) it employs ten or more workers in a manufacturing process carried on with the aid of power or employs twenty or more workers in a manufacturing process carried on without the aid of power. Explanation : Where in the case of a small-scale industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value.....

Finance (No. 2) Act 1977 Schedule III

Title: Third Schedule

State: Central

Year: 1977

.....column against sub-item (2), the entry "Butter, whether pasteurized or not," shall be substituted; (ii) in Item No. 4, - (a) under "I. Unmanufactured tobacco -", for each of the entries in the third column against sub-items (1), (3) and (4), the entry "Twenty rupees." shall be substituted; (b) under "II. Manufactured tobacco -" for the entries in the third column against sub-Items (1), (2), (3)(i), (3)(ii) and (4), the entries "One hundred and seventy per cent. ad valorem.", "Two hundred and seventy per cent. ad valorem.", "Four rupees and sixty paise per thousand.", "One rupee and sixty paise per thousand." and "Two hundred and twenty per cent. ad valorem." shall, respectively, be substituted; (iv) in Item No. 14C, for the entry in the third column, the entry "Fifteen per cent. ad valorem." shall be substituted; (v) in Item No. 14D, for the entry in the third column, the entry "Thirty per cent. ad valorem." shall be substituted; (vi) in Item No. 14DD, for the entry in the third column, the entry "Twenty-five per cent. ad valorem." shall be substituted; (vii) in Item No. 14F, for the entry in the third column, the entry "Sixty per cent. ad valorem." shall be.....

Finance (No. 2) Act 1977 Section 24

Title: Amendment of Section 194

State: Central

Year: 1977

In section 194 of the Income-tax Act, with effect from the 1st day of October, 1977, - (a) in the proviso, for the words "Provided that", the words "Provided further that" shall be substituted; (b) before the proviso as so amended, the following proviso shall be inserted, namely :- "Provided that no such deduction shall be made in the case of any shareholder, not being a company, if - (a) the shareholder is resident in India; (b) the amount of such dividend does not exceed two hundred and fifty rupees, and (c) the shareholder furnishes to the person responsible for paying the dividend a statement in writing in the prescribed form and verified in the prescribed manner declaring that his estimated total income of the previous year in which such dividend is to be included under the provisions of section 8 will be less than the minimum liable to income-tax :".

Disputed Elections (Prime Minister and Speaker) Act, 1977 Chapter III

Title: Presentation of Petitions in Respect of Disputed Elections

State: Central

Year: 1977

.....practice are made in the petition. Section 7 - Contents of petition (1) A petition-- (a) shall contain a concise statement of the material facts on which the petitioner relies; (b) shall set forth full particulars of any corrupt practice that the petitioner alleges, including as full a statement as possible of the names of the parties alleged to have committed such corrupt practice and the date and place of the commission of each such practice; and (c) shall be signed by the petitioner and verified in the manner laid down in the Code of Civil Procedure, 1908 (5 of 1908.), for the verification of pleadings: Provided that where the petitioner alleges any corrupt practice, the petition shall also be accompanied by an affidavit in the prescribed form in support of the allegation of such corrupt practice and the particulars thereof. (2) Any schedule or annexure to the petition shall also be signed by the petitioner and verified in the same manner as the petition. Section 8 - Relief that may be claimed by the petitioner A petitioner may, in addition to claiming a declaration that the election of all or any of the returned candidates is void, claim a further.....