Bare Act Search Results

Finance (No.2) Act, 2004 Complete Act

State: Central

Year: 2004

FINANCE (NO.2) ACT, 2004 FINANCE (NO.2) ACT, 2004 22 of 2004 PREAMBLE An Act to give effect to the financial proposals of the Central Government for the financial year 2004- BE it enacted by Parliament in the Fifty-fifth Year of the Republic of India as follows: CHAPTER 1: PRELIMINARY: SECTION : Short Title and Commencement: (1) This Act may be called the Finance (No. 2) Act, 2004. (2) Save as otherwise provided in this Act, (S.2) to (S.60) shall lie deemed to have come into force on the 1st day of April, 2004. CHAPTER 2: RATES OF INCOME-TAX: SECTION 2: Income-tax: (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2004, 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 under Chapter VIII-A of the Income-tax Act, (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.....

Finance (No. 2) Act, 2004 Chapter 3

Title: Direct Taxes

State: Central

Year: 2004

.....interest, commission or brokerage, fees forprofessional services or fees for technical services payable to a resident, oramounts payable to a contractor or subcontractor,being resident, for carrying out any work (including supply of labour forcarrying out any work), on which tax is deductible at source under ChapterXVII_B and such tax has not beendeducted or, after deduction, has not been paid during the previous year, or inthe subsequent year before theexpiry of the time prescribed under sub-section(1) of section 200; Provided that where in respect of any such sum, tax has been deductedin any subsequent year or, has been deducted in theprevious year but paid in anysubsequent year after the expiryof the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previousyear in which such tax has been paid. Explanation.--for the purposes of this sub-clause,-- (i) "commission or brokerage" shall have the same meaning as in clause (i) ofthe Explanation to section 194H; (ii) "fees for technical services" shall have the same meaning as in Explanation 2toclause (vii) of sub-section (1) ofsection 9; (iii).....

Finance (No. 2) Act, 2004 Section 60

Title: Insertion of New Section 277a

State: Central

Year: 2004

After section 277 of the Income-tax Act, the following section shall be inserted with effect from the 1st day of October, 2004, namely:-- "277A. Falsification of books of account or document, etc.: If any person (hereafter in this section referred to as the first person) wilfully and with intent to enable any other person (hereafter in this section referred to as the second person) to evade any tax or interest or penalty chargeable and imposable under this Act, makes or causes to be made any entry or statement which is false and which the first person either knows to be false or does not believe to be true, in any books of account or other document relevant to or useful in any proceedings against the first person or the second person, under this Act, the first person shall be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine. Explanation.--For the purposes of establishing the charge under this section, it shall not be necessary to prove that the second person has actually evaded any tax, penalty or interest chargeable or imposable under this Act.".

The Tripura Value Added Tax Act, 2004 Complete Act

State: Tripura

Year: 2004

.....73 87. Power to Make Rule 73 Chapter "XIV (TRANSITION, REPEAL AND SAVINGS) 88. Transition 74 89. Repeal and Savings 77 THE TRIPURA VALUE ADDED TAX ACT, 2004 An Act to provide for the levy and collection of Value Added Tax at different points of sale in the State of Tripura. Be it enacted by the Tripura Legislative Assembly in the fifty fifth year of the republic of India as follows:- Chapter- I PRELIMINARY 1. Short Title, Extent and Commencement - (1) This Act may be called the Tripura Value Added Tax Act, 2004. (2) It extends to the whole of the State of Tripura. (3) It shall come into force on such date as the State Government may, by notification in Official Gazette, appoint. 2. Definitions - In this Act, unless the context otherwise specifies, (1) ˜Act' means the Tripura Value Added Tax Act, 2004. (2) "Assessee" means any person by whom tax or any other sum of money is payable under this Act and includes every person in respect of whom any proceeding under this Act has been taken for the assessment of tax payable by him; (3) 'Assessing Authority' means an officer of the Finance (Excise & Taxation) Department, authorised to make any assessment under the Act. (4).....

Finance (No. 2) Act, 2004 Chapter 7

Title: Securities Transaction Tax

State: Central

Year: 2004

.....Boards of Revenue Act, 1963(54 of 1963); (4) "derivative" has the meaning assigned to it in clause (aa) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956); (5) "equity oriented fund" means a fund-- (i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than 1 [sixty-five per cent]. of the total proceeds of such fund; and (ii) which has been set up under a scheme of a Mutual Fund: Provided that the percentage of equity share holding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; (6) "Mutual Fund" means a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act, 1961(43 of 1961); (7) "option in securities" has the meaning assigned to it in clause (d) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956); (8) "option premium" means the premium payable by the purchaser of an "option in securities" at the time of such purchase; (9) "prescribed" means prescribed by rules made by the Board under this Chapter; (10) "recognised stock exchange" shall have the.....

Securities Laws (Amendment) Act, 2004 Chapter II

Title: Amendments to the Securities Contracts (Regulation) Act, 1956

State: Central

Year: 2004

In Section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) (hereafter in this Chapter referred to as the principal Act),- (i) clause (aa) shall be re-lettered as clause (ac) thereof and before the clause (ac) as so re-lettered, the following clauses shall be inserted, namely:- '(aa) "corporatisation" means the succession of a recognised stock exchange, being a body of individuals or a society registered under the Societies Registration Act, 1860 (21 of 1860), by another stock exchange, being a company incorporated for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities carried on by such individuals or society; (ab) "demutualisation" means the segregation of ownership and management from the trading rights of the members of a recognised stock exchange in accordance with a scheme approved by the Securities and Exchange Board of India; (ii) clause (ga) shall be re-lettered as clause (gb) thereof and before the clause (gb) as so re-lettered, the following clause shall be inserted, namely:- '(ga) "scheme" means a scheme for corporatisation or demutualisation of a recognised stock exchange which may.....

Securities Laws (Amendment) Act, 2004 Section 11

Title: Insertion of New Sections 23a to 23o

State: Central

Year: 2004

..... (2) While holding an inquiry, the adjudicating officer shall have power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document, which in the opinion of the adjudicating officer, may be useful for or relevant to the subject-matter of the inquiry and if, on such inquiry, he is satisfied that the person has failed to comply with the provisions of any of the Sections specified in sub-Section (1), he may impose such penalty as he thinks fit in accordance with the provisions of any of those Sections. 23J. Factors to be taken into account by the adjudicating officer.-- While adjudging the quantum of penalty under Section 23-I, the adjudicating officer shall have due regard to the following factors, namely:- (a) the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default; (b) the amount of loss caused to an investor or group of investors as a result of the default ; (c) the repetitive nature of the default. 23K. Crediting sum realised by way of penalties to Consolidated Fund of India.-- All sums realised by way of penalties.....

Securities Laws (Amendment) Act, 2004 Chapter III

Title: Amendments to the Depositories Act, 1996

State: Central

Year: 2004

.....is less. 19G. Penalty for contravention where no separate penalty has been provided.-- Whoever fails to comply with any provision of this Act, the rules or regulations or bye-laws made or directions issued by the Board thereunder for which no separate penalty has been provided, shall be liable to a penalty which may extend to one crore rupees. 19H. Power to adjudicate.-- (1) For the purpose of adjudging under Sections 19A, 19B, 19C, 19D, 19E, 19F and 19G, the Board shall appoint any officer not below the rank of a Division Chief of the Securities and Exchange Board of India to be an adjudicating officer for holding an inquiry in the prescribed manner after giving any person concerned a reasonable opportunity of being heard for the purpose of imposing any penalty. (2) While holding an inquiry, the adjudicating officer shall have power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document, which in the opinion of the adjudicating officer, may be useful for or relevant to the subject-matter of the inquiry and if, on such inquiry, he is satisfied that the person has failed.....

Securities Laws (Amendment) Act, 2004 Section 19

Title: Substitution of New Sections for Section 22

State: Central

Year: 2004

.....shall be substituted, namely:- "22. Cognizance of offences by courts.-- (1) No court shall take cognizance of any offence punishable under this Act or any rules or any regulations or bye-laws made thereunder, save on a complaint made by the Central Government or State Government or the Securities and Exchange Board of India or by any person. (2) No court inferior to that of a Court of Session shall try any offence punishable under this Act. 22A. Composition of certain offences.-- Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), any offence punishable under this Act, not being an offence punishable with imprisonment only, or with imprisonment and also with fine, may either before or after the institution of any proceeding, be compounded by a Securities Appellate Tribunal or a court before which such proceedings are pending. 22B. Power to grant immunity.-- (1) The Central Government may, on recommendation by the Board, if the Central Government is satisfied, that any person, who is alleged to have violated any of the provisions of this Act or the rules or the regulations made thereunder, has made a full and true disclosure in.....

Tax on Lotteries Act, 2004 Chapter VII

Title: Miscellaneous

State: Karnataka

Year: 2004

.....to enter and search such places, including the search of the promoter or person acting on behalf of the promoter found there, where concealment of facts relating to the business are suspected, (e) to seize any accounts, registers or documents from the promoter or other person, where he has reason to suspect that a promoter or other person is attempting to avoid or evade tax or is concealing his tax liability in any manner, after recording such reasons in writing, and give the promoter or any other person from whose custody such accounts, records or documents are seized, a receipt for and, if requested, copies of the same and may retain them in his custody for examination, inquiry, prosecution or other legal proceedings for such period as he considers necessary, (f) to seal any box or receptacle, godown or building or any part of the godown or building in which accounts or lottery tickets are suspected to be kept or stored, where the owner or the person-in-charge of the business or any other person-in-charge of the business or any other person-in-occupation either leaves the premises or is not available or fails or refuses to open any box or receptacle, godown or building or.....