State : Central
Year : 1968
FINANCE ACT, 1968 FINANCE ACT, 1968 19 of 1968 11th May, 1968 An Act to give effect to the financial proposals of the Central Government for the financial year 1968-69. Be it enacted by Parliament in the nineteenth Year of the Republic of India as follows :- SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called The Finance Act, 1968. (2) Save as otherwise provided in this Act, sections 2-to33-shall be deemed to have come into force on the 1st day of April, 1968. SECTION 02: INCOME TAX (1) Subject to the provisions of sub-sees. (2) and (3), for the assessment year commencing on the 1st day of April. 1968, income-tax shall be charged at the rates specified in Part I of the First Schedule, and, in the cases to which Paragraphs A, B, C and D of that Part apply,..... List Judgments citing this sectionTitle : Finance Act 1968
State : Central
Year : 1968
Preamble1 - FINANCE ACT 1968 Chapter I Section1 - Short Title and Commencement Chapter II Section2 - Income-Tax Section3 - Annuity Deposit Chapter III Section4 - Amendment of Section 2 Section5 - Insertion of New Sections 35B and 35C Section6 - Amendment of Section 37 Section7 - Insertion of New Section 40A Section8 - Amendment of Section 58 Section9 - Amendment of Section 80K Section10 - Amendment of Section 80M Section11 - Insertion of New Section 141A Section12 - Amendment of Section 153 Section13 - Amendment of Section 192 Section14 - Amendment of Section 194A Section15 - Amendment of Section 199 Section16 - Amendment of Section 214 Section17 - Amendment of Section 219 Section18 - Amendment of Section 239 Section19 - Amendment of Section 271 Section20 - Amendment..... List Judgments citing this sectionTitle : Finance Act 1968
State : Central
Year : 1968
THE FINANCE ACT, 1968 [Act No. 19 of 1968] [11th May 1968] PREAMBLE An Act to give effect to the financial proposals of the Central Government for the financial year 1968-69 Be nit enacted by Parliament in the Nineteenth Year of the Republic of India as follows :- View Complete Act List Judgments citing this sectionTitle : Amendment of Section 37
State : Central
Year : 1968
In section 37 of the Income-tax Act, after sub-section (2A), the following Explanation shall be inserted, namely :- Explanation : For the purposes of this sub-section, "entertainment expenditure" includes - (i) the amount of any allowance in the nature of entertainment allowance paid by the assessee to any employee or other person after the 29th day of February, 1968; (ii) the amount of any expenditure in the nature of entertainment expenditure [not being expenditure incurred out of an allowance of the nature referred to in clause (i)] incurred after the 29th day of February, 1968, for the purposes of the business or profession of the assessee by any employee or other person.. View Complete Act List Judgments citing this sectionTitle : Preliminary
State : Central
Year : 1968
(1) This Act may be called the Finance Act, 1968. (2) Save as otherwise provided in this Act, sections 2 to 33 shall be deemed to have come into force on the 1st day of April, 1968. View Complete Act List Judgments citing this sectionTitle : Short Title and Commencement
State : Central
Year : 1968
(1) This Act may be called the Finance Act, 1968. (2) Save as otherwise provided in this Act, sections 2 to 33 shall be deemed to have come into force on the 1st day of April, 1968. View Complete Act List Judgments citing this sectionTitle : Amendment of Section 153
State : Central
Year : 1968
In section 153 of the Income-tax Act, in sub-section (1), for clause (a), the following clause shall be substituted, namely :- (a) the expiry of - (i) four years from the end of the assessment year in which the income was first assessable, where such assessment year is an assessment year commencing on or before the 1st day of April, 1967; (ii) three years from the end of the assessment year in which the income was first assessable, where such assessment year is the assessment year commencing on the 1st day of April, 1968; (iii) two years from the end of the assessment year in which the income was first assessable, where such assessment year is an assessment year commencing on or after the 1st day of April, 1969; or". View Complete Act List Judgments citing this sectionTitle : Amendment of Section 239
State : Central
Year : 1968
In section 239 of the Income-tax Act, for sub-section (2), the following sub-section shall be substituted, namely :- "(2) No such claim shall be allowed, unless it is made within the period specified hereunder, namely :- (a) where the claim is in respect of income which is assessable for any assessment year commencing on or before the 1st day of April, 1967, four years from the last day of such assessment year; (b) where the claim is in respect of income which is assessable for the assessment year commencing on the 1st day of April, 1968, three years from the last day of the assessment year; (c) where the claim is in respect of income which is assessable for any other assessment year, two years from the last day of such assessment year.". View Complete Act List Judgments citing this sectionTitle : Income-tax
State : Central
Year : 1968
In section 2 of the Income-tax Act, in sub-clause (i) of clause (37A), after the word "Salaries", the words, brackets, figures and letter "or sub-section (9) of section 80E from any payment referred to therein" shall be inserted. Section 5 - Insertion of New Sections 35B and 35C After section 35A of the Income-tax Act, the following sections shall be inserted, namely :- 35B. Export markets development allowance. - (1)(a) Where an assessee, being a domestic company or a person (other than a company) who is resident in India, has incurred after the 29th day of February, 1968, whether directly or in association with any other person, any expenditure (not being in the nature of capital expenditure or personal expenses of the assessee) referred to in clause (b), he shall, subject to..... View Complete Act List Judgments citing this sectionTitle : Special Provisions in Regard to Certain Assessments Under the Income-tax Act
State : Central
Year : 1968
(1) Notwithstanding the omission of section 85 of the Income-tax Act by section 33 of the Finance (No. 2) Act, 1967 (20 of 1967), the provisions of the said section 85 shall have, and be deemed always to have, in relation to any assessment for the assessment year commencing on or after the 1st day of April, 1962, and before the 1st day of April, 1968, effect subject to the modification that for the words "by a shareholder in respect of so much of any dividend paid or deemed to be paid to him", the words "by an owner of the shares in respect of so much of any dividend paid or deemed to be paid" were substituted. (2) Notwithstanding the omission of section 85A of the Income-tax Act by section 33 of the Finance (No. 2) Act, 1967 (20 of 1967), the provisions of the said section 85A shall..... View Complete Act List Judgments citing this section