State : Central
Year : 1965
FINANCE ACT, 1965 FINANCE ACT, 1965 10 of 1965 11th May, 1965 An Act to give effect to the financial proposals of the Central Government for the financial year 1965-66. Be it enacted by Parliament in the Sixteenth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Finance Act, 1965. (2) Save as otherwise provided in this Act, section 3 to section 67 and section 69 to section 74 shall be deemed to have come into force on the 1st day of April, 1965, and section 68 shall be deemed to have come into force on the 1st day of March, 1965. SECTION 02: INCOME TAX (1) Subject to the provisions of sub-sections (2), (3), (4) and (5), for the assessment year commencing on the 1st day of April, 1965, Income-tax shall be..... List Judgments citing this sectionTitle : Finance Act 1965
State : Central
Year : 1965
Preamble1 - THE FINANCE ACT 1965 Section1 - Short Title and Commencement Section2 - Income Tax Section3 - Annuity Deposit Section4 - Amendment of Section 2 Section5 - Amendment of Section 8 Section6 - Amendment of Section 10 Section7 - Amendment of Section 18 Section8 - Amendment of Section 33 Section9 - Insertion of New Section 33A Section10 - Amendment of Section 34 Section11 - Amendment of Section 36 Section12 - Amendment of Section 37 Section13 - Amendment of Section 40 Section14 - Amendment of Section 43 Section15 - Amendment of Section 47 Section16 - Amendment of Section 49 Section17 - Insertion of New Section 54A Section18 - Amendment of Section 56 Section19 - Insertion of New Section 69B Section20 - Insertion of New Chapter VIA Section21 - Amendment of section..... List Judgments citing this sectionTitle : Amendment of First Schedule
State : Central
Year : 1965
In the First Schedule to the Income tax Act, in rule 3, in clause (c), for the words "but no income tax shall be payable on the annual average of the amount of such interest", the words "but the assessee shall be entitled to a deduction from the amount of income tax with which he is chargeable on his total income, of an amount calculated at the rate of twenty five per cent. on the annual average of the amount of such interest" shall be substituted. View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 1965
(1) This Act may be called the Finance Act, 1965. (2) Save as otherwise provided in this Act, sections 3 to 67 and 69 to 74 shall be deemed to have come into force on the 1st day of April, 1965, and section 68 shall be deemed to have come into force on the 1st day of March, 1965. View Complete Act List Judgments citing this sectionTitle : Amendment of Chapter Xi
State : Central
Year : 1965
In Chapter XI of the Income tax Act, (i) for the heading "SUPER TAX", the heading "ADDITIONAL INCOME TAX ON UNDISTRIBUTED PROFITS" shall be substituted; (ii) sub headings "A. General", "B. Incomes forming part of total income on which no super tax is payable", "C. Rebate of super tax" and "D. Additional super tax on undistributed profits" and sections 95 to 103 (both inclusive) shall be omitted. View Complete Act List Judgments citing this sectionTitle : Annuity Deposit
State : Central
Year : 1965
(1) Save as otherwise provided in Chapter XXIIA of the Income tax Act, annuity deposit for the assessment year commencing on the 1st day of April, 1965, shall be made by every person to whom the provisions of that Chapter apply at the rates specified in the Second Schedule. (2) For the purposes of this section and the Second Schedule, the expressions "adjusted total income", "annuity deposit" and "depositor" have the meanings respectively assigned to them under clauses (1), (5) and (6) of section 280B of the Income tax Act. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 8
State : Central
Year : 1965
In section 8 of the Income tax Act, (i) for the words "For the purposes of inclusion in the total income of an assessee, any dividend", the words, brackets and letter "For the purposes of inclusion in the total income of an assessee, (a) any dividend" shall be substituted; (ii) the following clause shall be inserted at the end, namely : "(b) any interim dividend shall be deemed to be the income of the previous year in which the amount of such dividend is unconditionally made available by the company to the member who is entitled to it.". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 33
State : Central
Year : 1965
In section 33 of the Income tax Act, (i) in sub section (1), for clause (iii), the following clause shall be substituted, namely : "(iii) in the case of machinery or plant installed after the 31st day of March, 1961 (a) where the machinery or plant is installed after the 31st day of March, 1963, and before the 1st day of April, 1966, for the purposes of business of mining coal, thirty five per cent. of the actual cost of the machinery or plant to the assessee, (b) where the machinery or plant is installed before the 1st day of April, 1965, for the purposes of any other business, twenty per cent., (c) where the machinery or plant is installed after the 31st day of March, 1965 (A) for the purposes of business of construction, manufacture or production of any one or more of the..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 40
State : Central
Year : 1965
In section 40 of the Income tax Act, in sub clause (iii) of clause (c), (a) in the proviso (i) after the words, brackets and figure "in sub clause (i)", the words, brackets and figures "or any payment of tax referred to in sub clause (vii)" shall be inserted; (ii) after the words, brackets and figures "clause (iv) or clause (v)", the words, brackets and figures "or any expenditure referred to in clause (ix)" shall be inserted; (b) after the proviso, the following proviso shall be inserted, namely : Provided further that nothing in this sub clause shall apply to any expenditure which results directly or indirectly in the provision of any benefit or amenity or perquisite to an employee whose income chargeable under the head "Salaries" is seven thousand five hundred rupees or..... View Complete Act List Judgments citing this sectionTitle : Amendment of Section 47
State : Central
Year : 1965
In section 47 of Income tax Act, after clause (iv), the following clause shall be inserted, namely : "(v) any transfer of a capital asset by a subsidiary company to the holding company if (a) the whole of the share capital of the subsidiary company is held by the holding company, and (b) the holding company is an Indian company.". View Complete Act List Judgments citing this section